Updates on CARES Act regarding "retirement plan withdrawal" extension in 2021

Forum|Forum|5 years ago
February 3, 2021
2 replies
19 views

Now that we are more than a month in to 2021, I was wondering if there is any clarity on CARES Act extension in 2021 ?

linaj20201

Level 14

The coronavirus relief bill CARE Act passed by Congress incorporates multiple tax provisions and the extension of various expiring provisions. It also covers extensions and expansions of certain earlier pandemic tax relief plans. The relief temporarily allows 100% deductibility of certain business meal expenses. It also expands the $300 charitable contribution deduction for taxpayers who do not itemize, and enacts various disaster tax relief provisions.

To learn more , click here:

https://www.journalofaccountancy.com/news/2020/dec/tax-provisions-in-covid-19-relief-bill-ppp-and-business-meal-deductibility.html

amit2020Author

Level 3

Any updates regarding retirement plan withdrawal ?

I understand that "retirement plan withdrawal of upto 100K" was expired on Dec 30, 2020 however I am curious to know any updates on anything "work in progress" that would possibly carry it over in 2021 ?