IRS News-Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement

Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans  https://www.irs.gov/newsroom/relief-f https://accountinginstruction.info WASHINGTON — The Internal Revenue Service today released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. This includes expanding the categories of individuals eligible for these types of distributions and loans (referred to as "qualified individuals") and providing helpful guidance and examples on how qualified individuals will reflect the tax treatment of these distributions and loans on their federal income tax filings.