2019 Tax Provisions: Extenders Bill, ACA Tax Repeal, SECURE Act
Averting another government shutdown, President Trump signed a $1.4 trillion spending package which will fund the government until September 30, 2020. As part of the spending package, there are several tax provisions including an ‘extenders’ bill, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) and the repeal of several Affordable Care Act (ACA) excise taxes. Below are the highlights from the three tax portions of the provision.
This series of provisions expired at the end of 2017, 2018 or set to expire at the end of 2019, have now been retroactively renewed through 2020. It’s worth seeing whether you can go back and amend your tax return for any of these renewed provisions.
Affordable Care Act Tax Repeal
The Affordable Care Act (ACA) enacted several excise taxes to pay for the ACA benefits. Three of these excise taxes are now being permanently repealed.
Setting Every Community Up for Retirement Enhancement Act. This has a multitude of changes to retirement plan rules.
If you have questions on whether any of these provisions affect your past returns or how they may affect future returns, contact your BMF Tax Advisor to discuss potential implications of these various tax provision changes.
John E. Jenkins?>
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