In times of confusion and uncertainty, it’s important to find a good source for information. I’ve received many summaries from various sources about the effect of IRS Notice 2020-18, which delayed some, but not all, tax filing deadlines. For those of us in planning and estate administration, the deadlines for gift and estate tax returns are not extended, but the deadline for Form 1041 (Income Tax Returns for Estates and Trusts) is extended.
The “Setting Every Community Up for Retirement Enhancement Act of 2019” (“The SECURE Act”) was signed by President Trump on December 20th, 2019, as part of a larger spending bill known as the “Further Consolidated Appropriations Act, 2020.” Probably the most important change for retirement plans is that many inherited retirement accounts will have to be paid out to the beneficiary over a much shorter period of time.
s concerns for our economy grow, some individuals are looking at FDIC coverage for their accounts. According to the FDIC, only 1 bank failed in 2019 and 4 failed in 2018.
The Internal Revenue Service announced the inflation adjustments for tax rates, brackets and exemptions in 2020.