Late on Friday December 20th a new 1,770 page bill was signed into law. Deep within the pages of the bill are a number of retroactive tax law changes to current and expired tax laws. These new law extenders are in place for both 2019 and 2020. Here is what you need to know:
2019 Tax Law Changes
Other developments to come
Many other changes are in the bill. These impact retirement accounts and numerous other areas of the tax code for future years. For instance, changes include: eliminating the contribution age limit when funding traditional IRAs, moving the required minimum distribution from age 70½ to 72, penalty-free withdrawals from retirement accounts for new births and adoptions plus much more.
Next week will cover the numerous changes beyond the 2019 tax year!
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
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145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!