CPA_Practice_Advisor_March_2020 - 16
FEATURE
New SECURE Act Expands
Retirement Savings Opportunities
By Mike D'Avolio, CPA, JD
ON DEC. 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE) was signed into law. Overall,
this new legislation loosens the rules surrounding retirement
plans, and expands the opportunities for taxpayers and families
to save for retirement. Many of the measures go into effect
beginning in tax year 2020.
Tax practitioners can consider
sharing this information with their
clients and meeting with them to take
advantage of the retirement planning
opportunities - never a bad thing! Here
is a summary of the higher-impact
provisions of the SECURE Act.
16
MARCH 2020 ■
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REQUIRED MINIMUM DISTRIBUTION AGE RAISED FROM
70½ TO 72
Prior to 2020, participants in employersponsored retirement plans (401(k)
plans, for example), traditional IRAs
and individual retirement annuities
needed to begin taking required minimum distributions (RMDs) from their
plans by April 1 of the year following
the year they turned 70½ years old.
Under the SECURE Act and for distributions required to be made after Dec.
31, 2019, the age at which individuals
must start taking distributions from
these retirement plans has increased
from 70½ to 72.
* Rationale: The existing rule attempts to
get taxpayers to spend their retirement
savings during their lifetime instead
of transferring wealth to beneficiaries
through estate planning.
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CPA_Practice_Advisor_March_2020
Table of Contents for the Digital Edition of CPA_Practice_Advisor_March_2020
From the Editor
From the Trenches
5 Benefits That Elevate the Most Successful Accounting Firms
Technology in Practice
Time & Billing Systems
The ProAdvisor Spotlight
The Staffing & HR Advisor
The Leadership Advisor
New SECURE Act
Apps We Love
Marketing Your Firm
The Millennial Advisor
How to Quickly Register for Sales Tax
Gig Workers Fill the Void
Flexible Work Arrangements
AICPA News
Bridging the Gap
CPA_Practice_Advisor_March_2020 - 1
CPA_Practice_Advisor_March_2020 - 2
CPA_Practice_Advisor_March_2020 - From the Editor
CPA_Practice_Advisor_March_2020 - From the Trenches
CPA_Practice_Advisor_March_2020 - 5
CPA_Practice_Advisor_March_2020 - 5 Benefits That Elevate the Most Successful Accounting Firms
CPA_Practice_Advisor_March_2020 - 7
CPA_Practice_Advisor_March_2020 - 8
CPA_Practice_Advisor_March_2020 - Technology in Practice
CPA_Practice_Advisor_March_2020 - Time & Billing Systems
CPA_Practice_Advisor_March_2020 - 11
CPA_Practice_Advisor_March_2020 - 12
CPA_Practice_Advisor_March_2020 - The ProAdvisor Spotlight
CPA_Practice_Advisor_March_2020 - The Staffing & HR Advisor
CPA_Practice_Advisor_March_2020 - The Leadership Advisor
CPA_Practice_Advisor_March_2020 - New SECURE Act
CPA_Practice_Advisor_March_2020 - 17
CPA_Practice_Advisor_March_2020 - Apps We Love
CPA_Practice_Advisor_March_2020 - Marketing Your Firm
CPA_Practice_Advisor_March_2020 - The Millennial Advisor
CPA_Practice_Advisor_March_2020 - How to Quickly Register for Sales Tax
CPA_Practice_Advisor_March_2020 - Gig Workers Fill the Void
CPA_Practice_Advisor_March_2020 - Flexible Work Arrangements
CPA_Practice_Advisor_March_2020 - AICPA News
CPA_Practice_Advisor_March_2020 - Bridging the Gap
CPA_Practice_Advisor_March_2020 - 26
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