AICPA Tax Insider: Changes to Retirement Savings Rules (Mar. 5, 2020)

SECURE Act changes rules to encourage retirement savings: By Dave Strausfeld, J.D.
The recently enacted Setting Every Community Up for Retirement Enhancement Act of 2019 modifies some rules for retirement accounts and employer plans. 
Supreme Court overturns consolidated group tax refund allocation rule: The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.
Optimal choice of entity for the QBI deduction: By Beth Y. Vermeer, CPA, Ph.D.; Brian R. Greenstein, Ph.D.; and Mark B. Persellin, CPA, Ph.D.
The Sec. 199A qualified business income deduction adds a new consideration to the form of entity analysis because the deduction available to a business owner may vary depending on a business’s entity form. Find out the differences in calculating the deduction for S corporations and LLCs in a variety of scenarios. 
Seize the increased basic exclusion amount: By Erin N. Thompson, CPA
Those in a position to make larger gifts have an opportunity to seize the increased basic exclusion amount before it expires, but don’t forget some long-standing gift planning strategies, such as taking advantage of the annual gift exclusion. 
Crime doesn’t pay — and may be taxable under Subpart F: By Nelson Yates, J.D., LL.M.
Certain Code provisions penalize the U.S. parent of a controlled foreign corporation where it paid a bribe to a government official and, had that bribe been paid directly by the U.S. parent, the payment would have violated the Foreign Corrupt Practices Act, by causing the payment to be immediately taxable to the U.S. parent. 
Cafeteria plan compliance: By Linda Franks, CPA
The choices for employees under cafeteria plans can be many, but the recipes for employers are exact. As a result, many small businesses have not applied the rules properly, making benefits that should be tax free to employees taxable.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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