On December 20, 2019, President Trump signed the Further Consolidated Appropriations Act, 2020 (the “Appropriations Act”) that includes the “Setting Every Community Up for Retirement Enhancement Act of 2019” (the “SECURE Act”). The SECURE Act contains 27 provisions which are intended to modernize and expand the availability and effectiveness of retirement plans (including Individual Retirement Accounts or IRAs).
Unfortunately, due to the number of provisions in the SECURE Act, this Article will be limited to provisions with a significant impact on retirement ...
Since 2015, employers and health insurers have been required to report health plan coverage information to the IRS and to individuals. Why? The information is necessary in order for the IRS to administer certain portions of the Affordable Care Act (“ACA”), such as whether (1) a “pay or play” penalty is assessable for noncompliance with the coverage requirements, (2) an individual is eligible for a premium tax subsidy, and (3) the individual mandate penalty is assessable.
Recently issued Notice 2019-63 contains three gifts from the IRS in the form of limited relief to ...