Legislation: AICPA Supports Passage of Disaster Retirement Savings Act (IRC §72)

Oct. 22, 2021, 5:00 AM

AICPA October 22 publicly released comments supporting S. 2583, the Disaster Retirement Savings Act, that would permanently remove financial penalties for individuals impacted by natural disasters who choose to use retirement funds to cover unexpected expenses associated with those disasters. While natural disaster impact the nation throughout the year, the current tax system does not provide fair and reliable tax relief for such victims, the AICPA stated. While the AICPA would like to have individuals be allowed up to five years to repay any amounts withdrawn, the group recognizes that the bill’s three-year repayment period is the typical time allowed ...

To read the full article log in. To learn more about a subscription click here.