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CARES Act Update - June 2020

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed in late March provided considerable relief to taxpayers who did not want to take required minimum distributions (RMDs) from a retirement account. The Act suspended RMDs for 2020 and allowed taxpayers to repay certain previously-taken retirement distributions. On June 23, the IRS issued Notice 2020-51 providing greater clarity and further relief for retirement distributions.

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