Update on Secure Act, Secure 2.0 Act, and Proposed Regulations
Author: Klaralee R. Charlton
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Congress seemingly can’t stop tinkering with the rules governing retirement plans in an effort to further encourage taxpayers to save for retirement and incentivize employers to offer savings opportunities to employees. The Securing a Strong Retirement Act dubbed the “Secure Act 2.0” recently passed Congress as part of the year-end omnibus spending bill. This course will focus on the main points of the Act affecting retirement plans for small businesses and taxpayer’s future withdrawal requirements from their retirement plans. This course will provide a history of this legislation, a summary of its main provisions, and planning ideas for clients affected by the Act.
Publication Date: September 2024
Topics Covered
- History of Secure Act and Secure 2.0 Act
- Required Distributions for Employees and Beneficiaries
- Revisions to Catch Up Contributions
- Automatic Enrollment and Escalation Rules
- Student Loan Repayment Oppourtunities
- Part-Time Worker Participation Rules
- Planning Opportunities to Maximize Benefits
Learning Objectives
- Describe how the Secure Act and Secure Act 2.0 passed congress and their primary provisions
- Explain the new increased catch-up contribution rules
- Recognize how to analyze the potential tax impacts related to IRA withdrawals by participants and beneficiaries under the legislation
- Recognize how to recommend tax planning to clients and beneficiaries affected by the Secure Act and Secure Act 2.0
- Identify the changes affecting employer sponsored plans including automatic enrollment requirements and student loan repayment matching options
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Prior knowledge of the Secure Act
Advance Preparation
None
