Additional developments from the March 2020 Client Alert
CARES Act Enacted
The Coronavirus Aid, Relief, and Economic Security Act was signed into law on March 27. The Act provides a variety of direct aid and tax relief to individuals and businesses.
Temporary Suspension of Minimum Required Distributions
The Act suspends for 2020 minimum required distributions from qualified plans and individual retirement accounts.
Relaxed Charitable Income Deduction Limits for 2020
The Act allows individuals to claim a deduction of up to 100% of adjusted gross income for cash contributions made in 2020 to public charities, other than supporting organizations and donor advised funds.
For additional insights into the business and legal implications of the COVID-19 pandemic, please visit our Knowledge Center.
