General News

Kiddie Tax Rules Rolled Back

Pre-TCJA Kiddie Tax Rules Are Reinstated The so-called “kiddie tax” rules were designed to prevent wealthy families from shifting unearned income (typically from investments) to younger generations to lower a family’s overall tax bill. These rules can potentially apply until the year an affected young adult reaches age 24. Before the Tax Cuts and Jobs…

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SECURE Act Affects Retirement and Tax Planning for Individuals

SECURE Act Affects Retirement and Tax Planning for Individuals On December 20, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. It was part of the Further Consolidated Appropriations Act federal spending package. In general, the SECURE Act is intended to expand opportunities for individuals to increase their retirement…

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What Employers Should Know About the SECURE Act

What Employers Should Know About the SECURE Act The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more employees to participate in 401(k) plans. Here…

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10 Key Tax Breaks for 2020

New Law Provides 10 Key Tax Breaks for Individual Taxpayers A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters. Here are ten breaks that can benefit eligible individuals. 1. Reduced…

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SECURE Act

What do you need to know about the SECURE Act? By Heather Hall Bipartisan SECURE Act for Retirement Plans has been included in End-of-Year Legislation. This has passed as it was tied to the year-end appropriations bill which must pass in order to keep the government running. The provisions outlined below are generally effective for…

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