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Surgent's Critical Update: The SECURE Act and Other Late 2019 Tax Changes (WYNK)

  • 01/16/2020
  • 12:00 PM - 2:00 PM
  • WYNK-2020-01-WEBNR-16-01


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Tax professionals were wondering when the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which contains major changes to IRAs and employer-sponsored retirement plans (employer plans), would finally be passed by Congress and sent to the President for signature. Now we know that this new legislation was enacted in late December 2019, as part of a larger appropriations bill, and contains significant changes relating to IRAs and employer plans as well as some important income tax changes.

Every tax professional dealing with required minimum distributions, estate planning, preparing 2019 tax returns, and setting up retirement plans for small businesses needs to understand this new legislation. Estate plans currently in place as well as estate planning and estate tax planning in general will be affected.

The most significant tax change embodied in this new legislation is the elimination of the “stretch” provision for beneficiaries of IRAs and employer plans in favor of the “10-year rule.” This change potentially impacts millions of taxpayers and could result in making many current estate plans irrelevant or outdated. The program will also address the all-important question: what is the effective date of these critical changes? Tax practitioners must know the answer to this question in order to prepare 2019 tax returns and in order to determine when the “10-year rule” takes effect.

In addition to legislation impacting IRAs and employer plans, the new legislation contains “extender” legislation that reenacts certain tax provisions that had previously expired. The new legislation also contains important changes to certain Affordable Care Act provisions and repeals the parking tax for not-for-profits.

Major Topics:

  • Elimination of the “stretch” IRA for certain IRA and employer plan beneficiaries
  • The 10-year rule for IRA and employer plan required minimum distributions
  • Estate planning and estate tax planning after changes in IRA and employer plan rules
  • Increase in age for required minimum distributions
  • Repeal of maximum age for traditional IRA contributions
  • Changes in multi-employer qualified plans
  • Change allowing part-time, long-term workers to participate in qualified plans
  • Extender provisions that were reenacted
  • Newly enacted income tax provisions
  • Changes related to certain Affordable Care Act provisions

Designed For: Tax practitioners who anticipate advising clients with respect to changes associated with this new legislation as well as any tax professional preparing 2019 income tax returns

Level: Update
Instructor: Mike Tucker, Ph.D., LL.M., J.D., CPA
Developer: Surgent
Area of Study: 2 Taxes (Technical)

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