2G. Congress Passes 2019 Year-End Tax Legislation: SECURE Act & Disaster Act | View Only Course

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This course includes new and retroactive changes to the Internal Revenue Code addressing Individual, Business & Energy Provisions as follows:

• §1(g) Kiddie Tax Amendment to Changes Made by TCJA
• §25C Nonbusiness Energy Property Credits for Individuals
• §45S Employer Tax Credit for Paid Family and Medical Leave
• §51 Work Opportunity Tax Credit for Businesses
• §108(a)(1)(E) Exclusion from Gross income of Discharge of Qualified Principal Residence Indebtedness and Form 982 Reporting Requirements
• §163(h)(3)(E) Treatment of Mortgage Insurance Premiums as Qualified Residence Interest on Schedule A
• §168(e)(3)(A) Classification of Certain Race Horses as 3-year Property
• §179D Energy Efficient Commercial Building Deduction
• §213(f) Reduction in Medical Expense Deduction Floor Back to 7 1/2% of AGI
• §222 Deduction of Qualified Tuition and Related Expenses Reducing AGI
• §529 Plan Distributions Expanded to Cover Student Loan Debt
• §1391 Empowerment Zone Tax Incentives
• and more

The SECURE Act Legislation includes the following provisions:

• Repeal of the Maximum Age of 70 1/2 for Traditional Individual Retirement Account (IRA) Contributions
• Coordination with Qualified Charitable Distribution (QCD) Rules
• Increase in Age for Required Beginning Date (RBD) for Required Minimum Distributions (RMD)
• §72(t) Penalty-free Plan Withdrawals for Births or Adoptions
• Difficulty-of-Care Payments Treated as Compensation for Purposes of Making Retirement Contributions
• Benefits Allowed for Volunteer Firefighters and Emergency Medical Responders
• Increased Penalties for Failure to File Retirement Plan Returns
• Increased Failure to File Penalty for Income Tax Returns
• Qualified Employer Plans Prohibited from Making Loans through Credit Cards and Other Similar Arrangements
• Expansion of Retirement Savings by Increasing the Auto Enrollment Safe Harbor Cap
• Allows Plans Adopted by Filing Due Date for Year May Be Treated as in Effect as of Close of Tax Year
• Simplification of §401(k) Safe Harbor Rules
• Increase in Credit Limitation for Small Employer Pension Plan Start-Up Costs
• Treat Certain Taxable Non-Tuition Fellowship and Stipend Payments as Compensation for Purposes of Making Contributions to an IRA Plan
• Creation of a Small Employer Automatic Enrollment Credit
• and more

The Disaster Tax Relief Legislation for Prior Periods Includes the Following Provisions:

• Special Disaster-related rules for Use of Retirement Funds Without Penalty Assessment
• Employee Retention Credit of 40% for Employers Affected by Qualified Disasters
• Other disaster-related tax relief provisions including:
• Special Rule for Determining Earned Income for EITC Purposes
• Automatic Extension of Filing Deadlines
• Temporary Suspension of the 60%, 30%, 20%, limitations on Charitable Contributions
• and more