Top Federal Tax Issues for 2021 CPE Course: Module 4 (Currently Unavailable)

Author: Klaralee R. Charlton

Top Federal Tax Issues Course Module 4 discusses the changes to retirement plans made by Congress and the IRS shortly before 2020 and later in response to the COVID-19 pandemic. It outlines the changes implemented by the SECURE Act and CARES Act and is designed to give tax practitioners a new perspective on old retirement plan rules to better guide their clients during this uncertain time.

Publication Date: October 2020

Designed For
CPAs, Tax Professionals

Topics Covered

• Legislative history of the SECURE Act and CARES Act
• Retirement plan contribution limits
• Retirement plan withdrawal changes
• Retirement plan loan changes and repayment rules
• Retirement plan amendments for employers
• Employer use of Paycheck Protection Program funds for retirement plans
• Withdrawal options for retirement plan beneficiaries
• Waiver of 2020 required minimum distributions
• Repayment of withdrawn RMDs
• Estate planning with retirement accounts
• Recommendations for employees and employers

Learning Objectives

• Describe the efforts by Congress and the IRS in response to the COVID-19 pandemic
• Describe the retirement distribution changes implemented by the SECURE Act and CARES Act
• Recognize and analyze the options available to employees to use retirement funds for current liquidity needs
• Recognize recommended plan changes to employer retirement plans based on shrinking revenue and employee reductions
• Identify the impact of using government loan proceeds to contribute to retirement plans
• Recommend estate planning techniques to achieve client goals in light of modified withdrawal options

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
None

Advance Preparation
None