The Internal Revenue Service should take more steps to assure compliance with Covid-19 relief legislation allowing people to take early distributions from their retirement plans, the Treasury Inspector General for Tax Administration recommended Thursday.
The IRS didn’t agree with the recommendations, according to the inspector general report.
Early distributions related to Covid-19 have the potential to be “substantially higher” than in previous natural disasters that have led to tax consequences, the report said.
Unlike other natural disasters that are usually restricted to particular geographic areas, the CARES Act applies to taxpayers nationwide. “We believe the risk of noncompliance and ...
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