SECURE Act 2.0 Twenty-Eight Key Changes (11-Page Document)
Mr. Siegel clearly explains twenty-eight key changes that are included within SECURE Act 2.0 in this eleven page detailed written description.
Included in the Consolidated Appropriations Act of 2023, signed on December 29, 2022, is the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0. The Act is very wide-ranging in its coverage. It expands coverage of more workers, provides opportunities for increasing retirement savings at low and high income levels, further defers the age at which required minimum distributions must occur, offers relief from excise taxes when various hardships occur, reduces penalties for insufficient plan withdrawals, allows greater protected savings for disabled persons, and much more.
Mr. Siegel clearly explains twenty-eight key changes that are included within SECURE Act 2.0 in this eleven page detailed written description.
Included in the Consolidated Appropriations Act of 2023, signed on December 29, 2022, is the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0. The Act is very wide-ranging in its coverage. It expands coverage of more workers, provides opportunities for increasing retirement savings at low and high income levels, further defers the age at which required minimum distributions must occur, offers relief from excise taxes when various hardships occur, reduces penalties for insufficient plan withdrawals, allows greater protected savings for disabled persons, and much more.
Several cautions to be noted: not all the Act’s provisions are effective immediately. Some are, while others are phased in over several years, or first made effective in subsequent years. Like many tax provisions, some of the benefits of the Act are capped at various levels of income, making them unavailable for higher income taxpayers. This law passed Congress with large bipartisan majorities. Not surprisingly, it can be said to have “something for almost everyone” within it.
Author:
Steven G. Siegel is president of The Siegel Group, a Morristown, New Jersey - based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. Mr. Siegel holds a BS from Georgetown University, a JD from Harvard Law School and an LLM in Taxation from New York University.
He is the author of several books, including: Planning for An Aging Population; Business Entities: Start to Finish; Taxation of Divorce and Separation; Income Taxation of Estates and Trusts, Preparing the Audit-Proof Federal Estate Tax Return, Putting It Together: Planning Estates for $5 million and Less, Family Business Succession Planning, Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts; The Federal Gift Tax: A Comprehensive Analysis; Charitable Remainder Trusts, Grantor Trust Planning: QPRTs, GRATs and SCINs, The Estate Planning Course, The Retirement Planning Course, Retirement Distributions: Estate and Tax Planning Strategies; The Estate Administration Course, Tax Strategies for Closely-Held Businesses, and Tort Litigation Settlements: Tax and Financial Issues.
Mr. Siegel has lectured extensively throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including National Law Foundation, AICPA, CCH, National Tax Institute, National Society of Accountants, and many others. He has served as an adjunct professor of law at Seton Hall and Rutgers University law schools.
The Siegel Group provides consulting services to accountants, attorneys, financial planners and life insurance professionals to assist them with the tax, estate and business planning and compliance issues confronting their clients. Based in Morristown, New Jersey, the Group has provided services throughout the United States. The Siegel Group does not sell any products. It is an entirely fee-based organization.
