Thanks to L. K. Benson for sharing this blog on updates on tax legislation.
There have been some notable updates on tax legislation recently and we wanted to provide a quick overview here:
SECURE Act Proposed Regulations
On February 23, 2022, the IRS issued proposed regulations to reflect the changes to the Internal Revenue Code made by the SECURE Act. The SECURE Act was signed into law back in December 2019 and I wrote about the changes it contained here. The most significant of those changes was the new 10-year rule for inherited IRAs.
Prior to passage of the SECURE Act, most non-spouse beneficiaries of a retirement account were eligible to “stretch” the distributions from that IRA account over their life expectancy...
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