On May 4, 2020, the IRS posted Coronavirus-related relief for retirement plans and IRAs FAQs. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options (i.e. coronavirus-related distributions) and repayment options to retirement plans and IRAs and expands permissible loans from certain retirement plans. The IRS’ post includes 14 questions and answers providing further detail on the relief provided and how to implement provisions of the CARES Act including; Does the IRS intend to issue guidance on section 2202 of the CARES Act?, What is a coronavirus-related distribution?, and How do qualified individuals report coronavirus-related distributions?, among others. The IRS noted they expect to provide more information specifically on how to report the distributions related to coronavirus later this year.
