IRS Extends Relief for Remote Notarization of Spousal Consents
In June, the IRS provided temporary relief that allows for spousal consents for retirement plan loans or distributions to be witnessed remotely through audio visual equipment by a notary public in accordance with a state remote notarization law or by a plan official through December 31, 2020. See our prior blog post here. In recognition of the ongoing COVID-19 emergency, the IRS has issued Notice 2021-03, which extends this relief through June 30, 2021.
Further, Notice 2021-03 includes a request for comments on whether the IRS should make permanent changes to the general requirements that a spousal consent be executed in the “physical presence” of a notary public or a plan official, and if so, what safeguards should be put in place to prevent fraud, coercion or other abuse in obtaining a spousal consent to a loan or distribution. Any changes to the current rules regarding the “physical presence” would be subject to further notice and comment.
While we are pleased to have you contact us by telephone, surface mail, electronic mail, or by facsimile transmission, contacting Kilpatrick Townsend & Stockton LLP or any of its attorneys does not create an attorney-client relationship. The formation of an attorney-client relationship requires consideration of multiple factors, including possible conflicts of interest. An attorney-client relationship is formed only when both you and the Firm have agreed to proceed with a defined engagement.
DO NOT CONVEY TO US ANY INFORMATION YOU REGARD AS CONFIDENTIAL UNTIL A FORMAL CLIENT-ATTORNEY RELATIONSHIP HAS BEEN ESTABLISHED.
If you do convey information, you recognize that we may review and disclose the information, and you agree that even if you regard the information as highly confidential and even if it is transmitted in a good faith effort to retain us, such a review does not preclude us from representing another client directly adverse to you, even in a matter where that information could be used against you.