Late 2019 Tax Legislation, including the SECURE Act Self-Study Webinar (2.5 Hours)

Overview: 

On December 20, 2019, President Trump signed bipartisan tax legislation into law. This legislation features the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which is largely designed to provide improvements to retirement savings and income in retirement. All tax compliance professionals, including CPAs providing advice to business owners, will want to become familiar with the provisions and implications of the SECURE Act prior to the start of the tax season.

In addition to the SECURE Act, this self-study webinar will explain the recent renewal of over two dozen expired or soon to be expired tax extenders, which were generally extended through 2020, along with the repeal of certain tax-related provisions of the Affordable Care Act (ACA).

You’ll explore provisions including:

  • Extending the start date for Required Minimum Distributions (RMDs)
  • Eliminating the 70½ age limit for contributions to an IRA
  • Allowing participants of 401(k), IRA, or other retirement accounts to make up to $5,000 penalty-free withdrawals following the birth or adoption of a child
  • Shortening the distribution period for non-spouse inherited IRAs to a 10-year maximum
  • Requiring 401(k) plans to offer participation to qualifying part-time employees
  • Adding a new tax credit for small employer retirement plans
  • Increasing the credit for small employer pension plan start-up costs
Objective: 

To help all tax compliance professionals, especially those involved in retirement and financial planning, to become familiar with the provisions and implications of the SECURE Act prior to the start of the tax season. In addition, this self-study webinar will explain the recent renewal of tax extenders and repeal of certain tax-related provisions of the Affordable Care Act (ACA).

Emphasis: 
  • Extending the start date for Required Minimum Distributions (RMDs) to the year the owner turns 72 from 70½
  • Eliminating the 70½ age limit for contributions to an IRA
  • Allowing participants of 401(k), IRA, or other retirement accounts to make up to $5,000 penalty-free withdrawals following the birth or adoption of a child
  • Shortening the distribution period for non-spouse inherited IRAs to a 10-year maximum
  • Requiring 401(k) plans to offer participation to qualifying part-time employees
  • Adding a new tax credit for small employer retirement plans
  • Increasing the credit for small employer pension plan start-up costs
  • Recent renewal of over two dozen expired or soon to be expired tax extenders
  • Repeal of certain tax-related provisions of the Affordable Care Act (ACA)

Recognize the legislation’s impact on certain ACA-related taxes

Identify the date most tax extenders were extended through

Identify the amount of money in a 529 plan that may now be used to repay the beneficiary’s student loans

Recognize the maximum credit now available to an employer for establishing an employer pension plan

Recognize the characteristics of the new mandatory 401(k) annual disclosure of projected income

Recognize the new required beginning distribution date from a traditional IRA

Identify the amount that can be withdrawn from retirement plans penalty-free when used for qualified birth or adoption distributions

Identify the expanded available default rates under a Section 401(k) automatic enrollment safe harbor plan

Identify the dates applicable to the new qualified disaster distributions relief

Recognize the new distribution period for non-spouse inherited IRAs
 

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Price: 
$109.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Basic.

CPE Credit: 
2.50
NASBA Field of Study: 
Taxation