Included in the year-end spending Omnibus the last Congress enacted just before adjourning for the last time was the SECURE 2.0 Act of 2022, a bill focused on tax-related retirement plan issues. Learn about the provisions in this bill that will be of interest to individuals and businesses.
DESIGNED FOR
CPAs who handle tax compliance and planning engagement for individuals and businesses
BENEFITS
Recognize potential issues and tax planning opportunities found in the SECURE Act 2.0 of 2022 to apply to a taxpayer’s situation.
HIGHLIGHTS
- Expanded and required automatic enrollment provisions in certain 401(k) plans
- A new Saver's Match that can match certain individuals' retirement deferrals up to $2,000
- Increase in the age used to determine the required beginning date for retirement plan distributions, first to age 73 in 2023 and then to age 75 in 2033
- Indexing of IRA catch-up contributions to inflation and an increased amount of catch-up contributions for individuals aged 60-63
- Rollovers from long-term §529 plans to a beneficiary's Roth IRA
- Allowance of a $1,000 emergency personal expense distribution to an employee from a retirement plan
- Raise age by which disability must exist for beneficiary of an ABLE account from age 26 to age 46
- Reduce the penalty on the failure to take a required minimum distribution from 50 percent to 25 percent or 10 percent
- Expansion of the Employee Plans Compliance Resolution System (EPCRS)
COURSE LEVEL
Basic
PREREQUISITES
None