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ARTICLE · 22 NOVEMBER 2012

IRS Permits Plan Loans And Distributions In Hurricane Sandy Aftermath

Day Pitney LLP
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On Friday, November 16, the Internal Revenue Service (IRS) issued guidance that provides relief to taxpayers affected by Hurricane Sandy. Specifically, IRS Announcement 2012-44 (http://www.irs.gov/pub/irs-drop/a-12-44.pdf) relaxes procedural and administrative rules for plan loans and hardship requests for taxpayers who have been adversely affected by Hurricane Sand.

United StatesTax
David Doyle
David Doyle
Anubhav Gogna
Anubhav Gogna
Kathy Lawler
Kathy Lawler
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On Friday, November 16, the Internal Revenue Service (IRS) issued guidance that provides relief to taxpayers affected by Hurricane Sandy. Specifically, IRS Announcement 2012-44 (http://www.irs.gov/pub/irs-drop/a-12-44.pdf) relaxes procedural and administrative rules for plan loans and hardship requests for taxpayers who have been adversely affected by Hurricane Sandy. In order to qualify for this relief, withdrawals must be made from a "qualified employer plan" on or after October 26, 2012, but no later than February 1, 2013.

1. Who is eligible for relief?

Only participants and certain family members who live or work in localities identified by FEMA for Individual Assistance due to Hurricane Sandy are eligible for relief under Announcement 2012-44. Participants who live outside designated localities may take a loan or hardship distribution to assist their family members who live within localities identified by FEMA for Individual Assistance. For the most up-to-date

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