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Tuesday, March 16, 2021 In response to last year’s devastating hurricane season and other natural disasters, the Taxpayer Certainty and Disaster Tax Relief Act, which is a part of the Consolidated Appropriations Act, 2021 (the Act), included various relief provisions (similar to those under the Coronavirus Aid, Relief, and Economic Security Act of 2021 (CARES Act)), designed to assist individuals who suffered an economic loss as a result of these disasters. The Act, signed by former President Trump on December 27, 2020, provides individuals with increased access to their retiremen...

To embed, copy and paste the code into your website or blog: On December 27, 2020, President Trump signed the Consolidated Appropriations Act of 2021 (the “Stimulus Act”), which not only gives taxpayers another stimulus payment but changes to retirement plans, including qualified disaster distributions. A Qualified Disaster includes any disaster that occurred between December 28, 2019, and December 27, 2020, and which was declared a disaster by the President during the period beginning January 1, 2020, and ending February 25, 2021. Further, a Qualified Individual is someone: (1) whose pri...

To embed, copy and paste the code into your website or blog: Recently enacted H.R. 133, the Consolidated Appropriations Act, 2021 (“the Act”), is a massive, 5,593-page piece of legislation that includes appropriations for the U.S. government for the upcoming fiscal year and funding for coronavirus emergency response and relief, among many other things. While the Act will be best remembered for making some $900 billion in COVID-19 relief stimulus payments to individuals, for extending unemployment benefits, and for providing relief to small businesses, the new law also includes a series of...

Monday, January 11, 2021 Besides the COVID-19 pandemic, 2020 has also had its share of other disasters, including hurricanes, floods and fires. The Consolidated Appropriations Act, 2021 (the “CAA”) has provisions that are designed to provide tax relief for individuals and employers who have been adversely affected by one of the numerous federally declared “Qualified Disasters”. These provisions of the CAA are found in Sections 301 through 306 of Title III, of Division EE, which is called “The Taxpayer Certainty and Disaster Relief Act of 2020” (the “2020 Tax Relief Act...

To embed, copy and paste the code into your website or blog: The Consolidated Appropriations Act, 2021 (the “Act”) was signed by the President on December 27, 2020, to provide additional COVID-related relief.  The Act has a number of provisions that are relevant to retirement plans, health and welfare plans and health insurance as discussed below. I.          TAX-QUALIFIED RETIREMENT PLANS A.        Use of Retirement Funds for Disaster Mitigation (Act, Division EE, § 302) Taking a similar approach as was done under the Coronavirus Aid, Relief and Economic Security Act (t...