There are a few new rules and numbers to keep in mind regarding retirement plans as legislation passed by Congress 2020 includes changes affecting millions of American retirees. The Setting Every Community Up For Retirement Enhancement Act, known as the SECURE Act, was signed into law by the president on December 20th. Provisions of the law are intended to facilitate …
Year End Tax Actions to Consider
It’s been two years since the last major tax changes were made by congress in 2017, but some of the changes were slow to be defined and understood. Here are some that affected most individual taxpayers to consider as we reach the end of the year. Withholdings and Estimates Withholdings and estimated taxes should be verified before year end, as …
Stretch IRA Rules May Change – Retirement Planning
A widely used method to defer taxes and benefit your children or grandchildren with your unused retirement funds is about to change as new rules are being imposed on distribution of funds from Inherited IRAs, also known as Stretch IRAs. Both the House of Representatives and the Senate have drafted their own versions of the new rules. The House has …