Tax Tips: A look at the SECURE Act impact on retirement and estate plans

February 12, 2020

News

By now most people know that Congress passed and President Donald Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) into law in late 2019. The SECURE Act makes a number of changes to employer- sponsored retirement plans and to IRAs. Some of those changes are mandatory, while others are optional.

These may not sound like dramatic changes, but their impact will be far-reaching, affecting most employers and millions of participants. I note a few of the key changes below, but this is far from a comprehensive list. Check with your company's benefits counsel to determine how the SECURE Act will affect your company's plans. You may also want to talk to your estate-planning attorney if a "stretch IRA" was part of your plan.

Click here to read the full article from Crain's Cleveland Business.

A shift in power almost always brings with it new policies that could impact many things, including your business and your estate. McDonald Hopkins is here you prepare for the changes ahead with two upcoming webinars you don't want to miss.

McDonald Hopkins, a destination law firm for top legal talent, is pleased to announce that Madison Massie has joined the firm's Business Department as an Associate, bringing her knowledge and expertise to the Tax and Benefits Practice Group.

Companies should begin evaluating whether they qualify for an exemption from CTA reporting requirements, and if not, begin preparing reporting information and constructing policies to ensure continued compliance with the CTA.

Tax Tips: A look at the SECURE Act impact on retirement and estate plans

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