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Check our blog for updates on regulations or resources that can be used to help you and your business achieve your financial goals.


IRS Extends Rollover Deadline for Waived RMDs

Posted by Admin Posted on July 02 2020 CARES Act which was signed into law on March 27, 2020 provided a waiver for 2020 Required Minimum Distributions (RMDs) from retirement accounts.  If you had already taken your 2020 RMD prior to the CARES Act being passed, you were allowed to place it back into the retirement account as long as it was within the 60 day rollover period.  The IRS has since extended the deadline until August 31, 2020 to rollover a 2020 RMD back into the retirement account.

This might be an option for you if you do not need the RMD and want to reduce your 2020 taxes.  If this is something that you would like to consider, please contact us to discuss this in more detail.

Source: IRS Notice 2020–51