Accounting & Auditing,Financial Tid-Bits,Tax

On March 27, President Trump signed another coronavirus (COVID-19) relief law titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Among other things, the CARES Act provides recovery rebates of up to $1,200 for singles and $2,400 for married couples filing jointly (plus $500 per qualifying child) subject to income-based phaseouts. It also waives the 10% penalty tax on early retirement account withdrawals for COVID-19-related distributions and temporarily waives the required minimum distribution rules for certain retirement accounts. Contact us for more information.

Share This :


Have Any Questions?

Your company is unique, and we may not be able to answer your specific questions within a blog post. Contact us and let our experts find the solution that’s right for you.