How to help clients with retirement relief provided by CARES {PFP Section}
AICPA Personal Financial Planning (PFP) · AICPA & CIMA
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Show Notes
Guest: Robert Keebler, CPA/PFS
Do you have clients who have had coronavirus-related health or financial issues? The CARES Act retirement plan and IRA provisions may be able to provide them with cash flow relief. Use your deep tax knowledge as a CPA financial planner to help your clients make smart planning moves now. Be sure to follow along with the slides included in the resources as you learn from Bob Keebler, CPA/PFS, in this episode. He answers questions from Sections 2202 and 2203 of the CARES Act, including:
- What are the rules for retirement plans and IRAs?
- What qualifies as a coronavirus-related distribution?
- What is the tax impact of taking a coronavirus-related distribution?
- What are the loan relief provisions?
- Are employers required to adopt the distribution and loan rules?
- What planning opportunities should you consider and when should you exercise caution?
Access the related resources from this podcast:
- Find the slides to follow along with the podcast here.
- Read the IRS FAQs that provide more clarity - https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers.
- Visit the COVID-19 section of our PFP Learning Library (aicpa.org/pfp/library) to find related podcasts on RMDs and Roth IRAs.
The episode is brought to you by the AICPA's Personal Financial Planning Section (www.aicpa.org/pfp), the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential (www.aicpa.org/pfs) program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits.
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