The Setting Every Community Up for Retirement Enhancement (or “SECURE”) Act went into effect on January 1, 2020, and the Coronavirus Aid, Relief, and Economic Security (or “CARES”) Act was signed into law on March 27, 2020. Due to the recent changes, Clients with IRA trusts might be affected due to outdated language and need to be updated as soon as possible since previous advice given by an attorney, accountant, or financial advisor is most likely outdated or incorrect and needs to be revised. This proves that the Tax Planning as a continuing process. As a tax practitioner or consultant, professionals have to be prepared to support their clients in such a situation.
The webinar will highlight how these acts will impact your clients' retirement and estate plans. The webinar will go through the significant changes covering the key considerations including:
- 401(k)s for part-time employees
- IRA contributions for graduate students
- Penalty-free withdrawals for student loan debt
- Penalty-free withdrawals for birth or adoption
- Annuities in 401(k) plans
- IRA contribution age limits eliminated
- Required Minimum Distributions (RMDs) increased to age 72
- Elimination of the “Stretch” IRA
- RMDs waived for 2020
- Unlimited deduction for charitable planning
- Exceptions to 10% penalty up to $100,000
- No RMDs in 2020
- PPP and EIDL loans/advances
This will be a key-value provider for the CPAs, EAs, Tax Professionals, and other finance professionals in guiding their clients about how to save in their retirement plans and correct the negative effects.