Senior Associate Attorney Heidi Sherman and tax attorney Jonathan Mishkin discuss the CARES Act (Corona-virus Aid Relief & Economic Security Act) and how it impacts Oregon families. CARES was signed March 27, 2020 with the intent of providing emergency assistance for individuals, families, and businesses impacted by the COVID-19 pandemic. The Federal Government and the IRS have implemented a number of changes that might impact parties in the midst of a divorce.
Watch the video below to learn more about the tax implications of CARES, including how the IRS views benefits received, which parent is entitled to receive the stimulus payment for the children if parties are living separately, and whether parties experiencing adverse financial circumstances can use retirement assets for living expenses without penalties.
This publication does not, and is not intended to, provide tax or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax or accounting advice. To schedule a consultation with one of the lawyers at Jill Brittle Family Law Group, please call our office at 503-445-1575.