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.
Learning Objectives
• Identifying tax-favored planning opportunities for your clients
Major Topics
• An objective look at retirement plan selection
• Pros and cons of different plan types
• Make you an even more valuable resource to your clients
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