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Economic Relief for Individuals

July 16, 2020

We have created this page in order to provide instant access to the latest news and updates in this area. Please continue also to visit our Coronavirus Resource Center and CARES Act page for news relating to additional topics that may be of interest.

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Alerts

  • CARES Act: IRS Issues New Retirement Plan Guidance for the 2020 Waiver of Minimum Required Distributions July 16, 2020

    On March 27, 2020, the President signed into law the Coronavirus, Aid, Relief and Economic Security (CARES) Act. We previously reported on the CARES Act provisions relevant to employer-sponsored retirement plans that delivered certain relief in connection with the Coronavirus pandemic (see our March 30, 2020 Hodgson Russ Employee Benefits Alert here.) Click on the title to read the full alert.

  • CARES Act: IRS Issues New Retirement Plan Guidance for Coronavirus-Related Distributions and Plan Loan Relief July 9, 2020
    On March 27, 2020, the President signed into law the Coronavirus, Aid, Relief and Economic Security (CARES) Act. We previously reported on the CARES Act provisions relevant to employer-sponsored retirement plans that delivered certain relief in connection with the Coronavirus pandemic (see our March 30, 2020 Hodgson Russ Employee Benefits Alert here.) Recently released IRS Notice 2020-50, which focuses on the relief under CARES Act Section 2202, addresses coronavirus-related distributions (CRDs), the temporary increase to the allowable plan loan amount, and the delayed due date of plan loan repayments payable during the period beginning on March 27, 2020 and ending on December 31, 2020. Click on the title to read the full alert.
  • New York Follows Other States in Allowing Security Deposits to be Applied Toward Rent May 11, 2020
    After weeks of speculation and much public interest, New York State finally joined several other states in providing relief for renters. On May 7, New York Governor Andrew Cuomo issued Executive Order 202.28 (the “Order”), which allows landlords and tenants to apply tenant security deposits toward rent payments, bans late fees for the late payment of rent, and extends the moratorium on evictions and foreclosures until August 20, 2020. Click on the title to read the full alert.
  • New Jersey Allows Security Deposits to be Used for Rent – Will New York Follow? May 4, 2020
    As states grapple with how to handle the burden on individuals impacted by COVID-19 shut downs, some lawmakers are pushing for extreme measures like a national moratorium on rent payments with rent forgiveness. Although those measures are unlikely to gain enough traction to move forward, states have begun to find other ways to provide relief to renters. Click on the title to read the full alert.
  • IRS Announces Pandemic Relief for U.S./Foreign Residency Determinations April 22, 2020
    On April 21, Treasury and the IRS issued welcome guidance that provides U.S. income tax relief for nonresident individuals who may be present in the United States indefinitely as a result of COVID-19 travel disruptions, including travel bans, government-mandated lockdowns, and canceled flights. Click on the title to read the full alert.
  • COVID-19 Federal, State and Local Tax Employer Relief Efforts Update April 17, 2020 (originally published March 21, 2020)
    The unprecedented COVID-19 pandemic has triggered a wide variety of relief efforts from the Federal, state, and local governments. This update will provide insight into several of these relief efforts, and discuss the effect they might have on employers coping with the impact of the Coronavirus on their business operations. Click on the title to read the full alert.
  • CARES Act Update: IRS Issues Guidance on Federal Tax Changes April 14, 2020
    This is an update to our March 27, 2020 alert summarizing the various federal tax law changes enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Since, the IRS has been working furiously to issue guidance addressing those federal tax law changes, and we expect further guidance will be issued. Notable recent IRS guidance impacting the business federal tax law changes is addressed below. Click on the title to read the full alert.
  • IRS Notice 2020-23 Provides Additional Deadline Extension Relief April 10, 2020
    On April 9, 2020, the Internal Revenue Service (IRS) issued Notice 2020-23, which amplifies relief set forth in multiple recently issued IRS notices by providing additional relief to taxpayers affected by COVID-19. The Notice also provides the IRS with additional time to perform certain actions. Here are some of the highlights of Notice 2020-23. Click on the title to read the full alert.
  • NY Executive Order Allows Estate Planning Documents to be Executed Virtually April 8, 2020
    On April 7, 2020, Governor Andrew Cuomo issued Executive Order 202.14, which provides necessary flexibility for individuals to execute estate planning documents while still practicing social distancing. Click on the title to read the full alert.
  • CARES Act Impact on Bankruptcy Law April 8, 2020
    Business owners and individuals facing the impacts of COVID-19 should be aware of some important changes the Coronavirus Aid, Relief, and Economic Security (CARES) Act makes to the United States Bankruptcy Code. Click on the title to read the full alert.
  • Trump Signs CARES Act – Federal Tax Law Changes March 27, 2020
    Earlier today the House of Representatives passed what was, in effect, the Senate version of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) previously passed by the Senate on March 25, 2020.  Shortly thereafter, President Trump signed the CARES Act into law. Click on the title to read the full alert.
  • IRS People First Initiative Provides Administrative Collection and Other Relief March 26, 2020 
    On March 25, 2020, the Internal Revenue Service (IRS) unveiled its “People First Initiative” in an effort to help people facing the challenges of COVID-19 issues. The IRS is taking unprecedented action to ease the burden on people facing tax issues by adjusting some of its normal processes and automated collection systems through July 15, 2020. Click on the title to read the full alert.
  • A Time for Reflection: Estate Planning During a Market Downturn March 25, 2020
    The global outbreak of COVID-19 has resulted in unprecedented public safety and economic turbulence.  In response, the U.S. government is aiming to counter the economic fallout by slashing federal interest rates and proposing trillion dollar stimulus packages.  While all Americans are certainly anxious in light of the economic instability, as former President John F. Kennedy once said: “In a crisis, be aware of the danger - but recognize the opportunity.” Click on the title to read the full alert.
  • IRS Issues HDHP Coronavirus Relief March 16, 2020
    The IRS issued Notice 2020-15 providing that a high deductible health plan (HDHP) will not fail to be a HDHP for allowing first dollar coverage for benefits associated with the testing and treatment of COVID-19.  Click on the title to read the full alert.