The $2 trillion stimulus bill named the CARES Act was passed and signed into law on Friday March 27th.   The CARES Act contains provisions for both individuals as well as new loan and stimulus programs for businesses.


The CARES Act contains tax provisions for individuals including a tax credit rebate of $1,200 per individual and $500 per child that are phased out for taxpayers with adjusted gross income over $75K for individuals ($150K for married filers). 

Individuals can check the status of their stimulus payment and if needed can update direct deposit info with the IRS HERE.

You can see a summary of the various tax provisions HERE.

The CARES Act also contains several provisions related to retirements accounts including the waiver of the Required Minimum Distribution (RMD) for the 2020 tax year.  The American Retirement Association has provided a summary/FAQ of the various retirement account provisions that can be accessed HERE.

AUGUST 31, 2020 Deadline to Roll Back RMD's Taken for 2020

The IRS recently  issued new guidance regarding Required Minimum Distributions (RMD) for the 2020 tax year that may be of interest to you. You can find the IRS news release HERE.

Long story short: RMDs are not required for 2020.  If you have already taken your RMD, you have until August 31, 2020 to put it back in the IRA and not pay tax on the RMD.  This is an exception to the normal 60-day rollover rule.

As a reminder, in March 2020, the CARES Act was passed that suspended the Required Minimum Distribution for 2020. This applied to anyone that was required to take a distribution from their IRA or other defined contribution plans (does not apply to defined benefit plans). For taxpayers who had not taken their RMD at the time the CARES Act was passed, they just had to let their advisor know not to distribute the money during the year.

Things were a little more complicated for taxpayers who had already taken their RMD  before the CARES Act was passed.  For many of those taxpayers, the 60-day rollover period had passed and they could no longer roll their RMD back into their IRA. Under the new relief, the recipient may repay the RMD to the distributing IRA, even if the repayment is made more than 60 days after the distribution, provided the repayment is made no later than August 31, 2020. As a result, all taxpayers who took an RMD in 2020 now have until August 31 to roll the funds tax-free back into the account.

The notice also provides that this repayment is not subject to the one rollover per 12-month period limitation and the restriction on rollovers for inherited IRAs.

Please call us for more information or clarification.


There are many new loan programs and potential tax credits available to small businesses.  These new programs have been outlined by the US Senate Committee on Small Business & Entrepreneurship and can be found in The Small Business Owner’s Guide to the CARES Act.

The Department of Treasury has released the Paycheck Protection Program application on their Website. You can find more details of this program on their website under the section "Assistance for Small Businesses".

You can find the application for this loan here - PPP APPLICATION.  The accompanying borrower guide can be found here - BORROWER GUIDE.

The time allowed to utilize the PPP Funds has been extended from 8 weeks to 24 weeks as a result of an extension bill that was signed into law on June 5, 2020.

The US Chamber of Commerce has also released a Small Buisness Guide and Checklist that walks through the loan process in a simplified easy to understand manner. 

These loans are administered through local banks.  You should contact you bank immediately to see if they are aware of these programs and if they can process the loan.