January 10, 2020
Congress has recently passed significant changes to retirement savings law that will affect individuals, small businesses and employees, and could have a major impact on estate planning.
The retirement savings bill, known as the SECURE Act, (an acronym for the “Setting Every Community Up for Retirement Enhancement”) was included as part of the massive government spending bill that was approved by Congress in a flurry of last-minute deal-making in mid-December. The 1,773-page bill was one of two bills to fund government operations averting a government shutdown. The shutdown would have taken place on December 20 when a temporary agreement to fund the government was set to expire. The bill was approved by the House of Representatives on December 17, and the Senate followed suit on December 19. President Donald Trump signed it into law on December 20.
Key provisions in the retirement savings portion of the bill include:
Since this new law includes the most significant changes to retirement savings regulation which has occurred in years, it is important individuals and small business owners carefully consider how these changes will affect them in 2020 and beyond.
Your tax and financial advisors here at Lewis Group, CPAs are available to answer your questions and to help you navigate the ever-changing tax laws. We look forward to helping you achieve your retirement and estate planning goals.
We understand that everyone is concerned about Coronavirus. And we are as well, which is why we are taking precautions to keep our clients and our staff safe.
Electric Vehicles (EV) are becoming more common in our society and a couple of months ago, Congress recognized this growing area by extending a tax credit available on costs associated with the installation of an EV charging station in your home. The available credit is the smaller of 30% of the cost or $1,000 and there are specific requirements that must be met in order to qualify for the credit which include:
Thanks to Loowit Brewing Company for the beer and Purta Studios Photography for the video. We love giving away beer each year to our amazing clients as a way to say thank you for your business!