NCCPAP has already been in contact with both the IRS and Congress
regarding this matter. We have proposed (1) that the RMDs for 2020 be
suspended due to the volatile nature of the markets at this time, and
(2) recommended that the factors determining future RMDs be reexamined
if the markets remain in constant fluctuation.
On Friday, NCCPAP issued a press release:
https://bit.ly/2IMFLml--
Very truly yours,
Neil H. Fishman, CPA*, CFE, FCPA, CAMS
*licensed in Florida & New York
President, NCCPAP
Named by ACCOUNTNG TODAY to The Top 100 Most Influential People in the
Profession for 2019
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Original Message------
I would like to suggest that the IRS or President suspend the Required Mininum Distribtutions for at least the rest of 2020. Many of my clients have suffered losses over the past months in their fund, as is typical for all taxpayers. By withdrawing in 2020 they will never be able to recoup those losses when the market turns around. Many do not need the distributions now since so many over 70.5 years of age are still working, but they will be important in the future after "real retirement".
Taking these forced distributions does not help the market either and therefore the economy suffers.
What do you think?
Ellen
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Ellen Zombek
E-Z TAX SERVICES
Stony Brook NY
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