From our friends at Business & Estate Advisers, Inc. in Wayzata :
On December 20, 2019 the SECURE Act, which stands for “Setting Every Community Up for Retirement Enhancement” was signed into federal law. This Act includes the most sweeping changes to retirement accounts in more than a decade. Designed to boost retirement savings, most of the changes are taxpayer-friendly measures for business and individuals.
| Individuals
· Required Minimum Distributions (RMDs) · Inherited IRA “Stretch” Provision · IRA Contributions · 529 College Savings Plans · Kiddie Tax · Medical Expense Tax Deduction · Withdrawal for Adoption or Birth |
| Businesses
· Deadline to Adopt a New Retirement Plan · Retirement Plan Tax Credit for Small Employers · Automatic Enrollment Tax Credit · Safe Harbor Election · Part-Time Employee Eligibility · Penalty for Failure to File Retirement Plan Return · Multiple Employer Plans (MEPs) · Annuities in 401(k) |
Per Business & Estate Advisers, Inc. “Consult your tax professional for advice. Information provided as an incidental service to our business as financial advisers.”