On Friday, June 19, 2020, the IRS released Notice 2020-50 which provides additional guidance regarding the coronavirus-related distributions (“CRDs”) and coronavirus-related loans and loan repayment delays (“CR Loan Relief”) made available to certain retirement plan participants affected by COVID-19 under the CARES Act. The notice expands, and in some cases modifies, previous guidance issued by
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Coronavirus
IRS Answers Some FAQs on Coronavirus-Related Distributions and Loans
On May 4, 2020, the IRS provided guidance on coronavirus-related distributions (“CRDs”) and coronavirus-related loans and loan payment delays (“CR Loan Provisions”) in the form of FAQs. In those FAQs, the IRS answered a few of the questions that many practitioners, administrators, and employers have been asking:
- Does a spouse’s loss of income trigger eligibility
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IRS Issues Coronavirus Relief for High-Deductible Health Plans
On March 11, the IRS issued Notice 2020-15. The new guidance permits high-deductible health plans (HDHPs) to pay for 2019 Novel Coronavirus (COVID-19) testing and treatment without a deductible (or with a deductible below the minimum annual deductible otherwise required), and without jeopardizing the plan’s status as an HDHP. This is significant guidance for…