Last week lawmakers worked diligently to file all their legislation with the Senate Clerk’s office ahead of the Feb. 1 deadline. When legislation is formally filed, it receives a bill
The SECURE Act of 2019 ("SECURE") and the SECURE 2.0 Act of 2022 ("SECURE 2.0") made significant changes in the rules governing tax-qualified and tax-favored retirement plans.
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A proposed rule would make things a little easier for finance teams whose duties get impacted by federally declared disasters.
The new IRS rule,
The who
The regs would create a mandatory 60-day postponement of certain tax deadlines for specific people and organizations, including
businesses that have a principal place of employment in a disaster area
people who reside in a disaster area
relief workers who provide assistance in a disaster area, and
taxpayers whose tax records necessary to meet a certain tax deadline are located in a disaster area.
The why
This rule also aims to clarify the definition of “federally declared disaster.” This term currently includes any disaster determined by the president under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.