SECURE 2.0 Act of 2022 - 2022's Year End Tax Bill

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  • Location
    • Your Computer
      Your Space
      ISCPA Self Study, ID 00000
  • Credits
    • 2.00
  • Credit Type(s)
    • Taxation (2.00)
  • Vendor
    • Idaho Society of CPAs
  • Level
    • Update
  • Fields of Study
    • Taxes
  • Message
    • On-Demand Details Below - SAVE THIS EMAIL

Description

This event was recorded on 1.9.23 and has not been updated.

You will be required to pass a quiz by 6.1.23 in order to receive CPE credit.

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.  While the bill did not have anything quite as disruptive as the original 2019 SECURE Act's repeal of the stretch IRA, there are a lot of provisions in this bill that will be of interest to individuals and businesses.  Like the original SECURE Act, this bill had wide bipartisan support as it made its way through Congress and is meant to encourage an increase in private retirement savings.

This course provides a comprehensive analysis of the SECURE 2.0 Act of 2022, which is part of a much larger legislative package entitled the Consolidated Appropriations Act, 2023. The principal focus of the Act is to expand retirement coverage and increase retirement savings. As such, the Act has many important changes relating to IRAs and qualified plans.

This long-awaited new legislation alters the landscape of retirement planning for taxpayers of all ages, and there are changes taking immediate effect in January 2023. Make sure you are up-to-date with the latest information available in order to effectively advise your clients on these important changes. In addition, this guidance will be of particular relevance to practitioners’ own retirement planning.

  • Qualifies for IRS CE

Designed For

  • Any accounting and finance practitioner advising clients with respect to new pension and other changes brought about by the SECURE 2.0 Act of 2022

Objectives

  • Understand the latest nuts and bolts rules on retirement for yourself and your accounting and finance clients
  • Competently discuss the current state of retirement planning with your accounting and finance clients

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% to 25% or 10%
  • Expansion of the Employee Plans Compliance Resolution System (EPCRS)

 

Advanced Prep

  • Download PDF manual - view your upcoming events in "My CPE" on website

If you need this reported to the IRS for CE credit, email CPE@idcpa.org

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Leaders

Ed Zollars

Ed Zollars Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals. Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section's representative on three occasions to the AICPA's Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop's Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010. Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA's Accountants Forum in the mid 1990s. He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

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