This post summarizes provisions of SECURE 2.0 that retirement plans may need or want to implement for 2024. While no amendments are required for plans heading into 2024, plan operations.
Why you may want to wait before filing your taxes this year MarketWatch 3/13/2021
TAX GUY
We are well into tax season, and ordinarily I would say it’s time to get serious about filing your 2020 Form 1040 if you’ve not already done so. But so far, 2021 has not been much more ordinary than 2020, the year we would all like to forget. Now, with the expected enactment of the Democrats’ American Rescue Plan (Round 3 of COVID-19 related relief and stimulus) any day now, your 2020 return has become a moving target.
Plus, there are some other tax-saving changes that you may qualify for with your 2020 return. Bottom line: if you’ve not yet filed last year’s return, please wait. You don’t want to have to file an amended 2020 return to collect the tax-saving breaks I’m about to explain. Here goes. Claim tax-free treatment for up to $10,200 of 2020 unemployment benefits
A Chronology of COVID-19 Relief for ERISA Plans
In 2020, the employee benefits world was dominated by the COVID-19 pandemic. The following chronology highlights the ongoing relief provided by legislation, regulatory action, and other agency guidance to assist ERISA plan participants, fiduciaries, and sponsors during the ongoing COVID-19 pandemic through November 30, 2020. (Superseded agency guidance has been omitted.) We provide a number of links to articles on our blog, Benefits Law Update, which offer additional information about many of these important regulatory changes.
Much of the guidance is temporary, with effects limited to 2020. However, with the pandemic and the declared national emergency extending into 2021, we anticipate that some of these measures will be renewed or extended, and similar relief may be offered in the year to come.