IRS Announces Relief for Participants Affected by Hurricane Harvey

Announcement 2017-11 provides guidance for participants and beneficiaries affected by Hurricane Harvey including with respect to loans and hardship distributions.

Document Excerpt

This announcement provides relief to taxpayers who have been adversely affected by Hurricane Harvey and who have retirement assets in qualified employer plans that they would like to use to alleviate hardships caused by Hurricane Harvey. In addition, this announcement provides relief from certain verification procedures that may be required under retirement plans with respect to loans and hardship distributions. The relief provided under this announcement is in addition to the relief already provided by the Service pursuant to News Release IR-2017-135 under § 7508A of the Internal Revenue Code (“Code”) for victims of Hurricane Harvey. (For a listing of employee benefit-related acts and deadlines that, under the News Release, were postponed until January 31, 2018, in response to Hurricane Harvey, see the regulations under § 7508A and Section 8 of Rev. Proc. 2007-56, 2007-2 C.B. 388.)

Link

https://www.irs.gov/pub/irs-drop/a-17-11.pdf

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