Description
The SECURE Act (2020) and now SECURE 2.0 (2022) represent the most significant changes to retirement planning since 2001. Arguably, the biggest difference is the retroactive plan adoption provisions. Businesses usually don't have financial results finalized until after the close of the taxable year, and this new extended deadline will give companies extra time to decide whether a retirement plan may be beneficial and, if so, retroactively adopt a new qualified plan to get the benefits of tax deductions for the taxable year just ended. Coupled with the change in available tax credits for adopting new plans, this gives clients a vast opportunity to shelter taxable income with the full benefit of hindsight.
Presenters - Mark W. Clark
Designed For
Designed For: CPAs and financial advisors.
Role Level - Entry-level/Individual contributor; Manager/Senior Manager; Director; Executive/VP; C-Suite; Sole Practitioner; Board
Objectives
- Identifying tax-favored planning opportunities for your clients
Highlights
- An objective look at retirement plan selection
- Pros and cons of different plan types
- Make you an even more valuable resource to your clients
Advanced Prep
None
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Leaders
CALCPE Panel
No Biography Available