Update on the SECURE 2.0 Act - Connecticut Society of CPAs

Overview

This course provides a comprehensive analysis of the SECURE 2.0 Act, which is part of a much larger legislative package entitled the Consolidated Appropriations Act, 2023. The principal focus of the Act is to expand retirement coverage and increase retirement savings. As such, the Act has many important changes relating to IRAs and qualified plans. This long-awaited new legislation alters the landscape of retirement planning for taxpayers of all ages, and there are changes taking immediate effect in January 2023. Make sure you are up-to-date with the latest information available in order to effectively advise your clients on these important changes. In addition, this guidance will be of particular relevance to practitioners’ own retirement planning.

Objectives

Understand the latest nuts and bolts rules on retirement for yourself and your accounting and finance clients

Competently discuss the current state of retirement planning with your accounting and finance clients

Highlights

Automatic enrollment requirements for 401(k) plans

Change in the credit for small employer pension plan startup costs

$2,000 saver's match

Changes in pooled employer plans

Multiple employer 403(b) plans

Increase in age for required beginning date for mandatory distributions

Indexing IRA catch-up limit

Higher catch-up limit to apply at age 60, 61, 62, and 63

Treatment of student loan payments as elective deferrals for purposes of matching contributions

Application of credit for small employer pension startup costs to employers who join an existing plan

Small immediate financial incentives for contributing to a plan

Withdrawals for certain emergency expenses

Starter 401(k) plans for employers with no retirement plans

Improving coverage for part-time workers

Recovery of retirement plan overpayments

Tax treatment of IRAs involved in a prohibited transaction

Clarification of substantially equal periodic payment rule

Designed For

Any accounting and finance practitioner advising clients with respect to new pension and other changes brought about by the SECURE 2.0 Act of 2022

Prerequisites

None

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy. https://www.ctcpas.org/events/cpe-policies

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Arthur Auerbach, Surgent McCoy CPE, LLC

Leader Bios

Arthur Auerbach, Surgent McCoy CPE, LLC

Arthur Auerbach, CPA, CGMA is an independent tax consultant located in Atlanta, Georgia, specializing in tax consulting and estate and financial planning for individuals and closely held businesses. He is affiliated with the Asbury Law Firm as a consultant. He is a member of the Georgia, Virginia, New York, and Greater Washington CPA societies. Art was appointed to the AICPA Tax Executive Committee for a three-year term beginning February 1, 2018, and ending May 31, 2021. Beginning in May 2021, Art was appointed to be a member of the AICPA Tax Practice and Procedure Committee. He is an active member of the Georgia Society of CPAs and serves on the Georgia Department of Revenue Commissioners Advisory Group, the Financial Literacy Task Force, and Leadership Council, in addition to chairing the GSCPA Federal State Tax Task Force. He is also a member of the Virginia Society’s Tax Committee. He has served as an advisor to the District of Columbia Office of Tax and Revenue and the Tax Commissioners Advisory group in Virginia. Art is a nationally recognized speaker on a variety of tax topics offered for continuing education for CPAs and financial planners. He has authored several publications and articles. Art is licensed in Georgia, Virginia, District of Columbia, and New York, and he is a life member of the American Institute of CPAs.

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