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A Professional’s Guide to the IRA
Distribution Rules Under the Secure Act
2nd Edition, 2021

By Seymour Goldberg, CPA, MBA (Taxation), JD

Description of this guide


 

Many taxpayers have accumulated a considerable amount of assets in their retirement accounts. These assets may be in their 401(k), another type of qualified plan, a 403(b) arrangement, a 457 governmental plan, a traditional IRA and a Roth IRA.
 

Estate and income tax planning are more important than ever, especially under the Secure Act, when advising a client that has substantial retirement type assets. The manual covers many of the rules that you need to know under the Secure Act for the
client that has retirement assets. IRS Compliance is now a major issue in retirement distribution planning for IRA owners and IRA beneficiaries.

 

The Secure Act has many deadline rules that have to be tracked in order to avoid IRS penalties. You must become familiar with these deadlines.

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This guide includes:

o Overview of the changes in the retirement distribution rules under the Secure Act
o Effective date of changes in the rules 
o Retroactive rules under the Secure Act that you must know
o Over 70 examples on the application of the Secure Act distribution rules
o Special distribution rules for special categories of beneficiaries
o The 10 year rule versus the life expectancy rule plus the 10 year bonus rule
o The federal age of majority rule for children 
o Potential massive IRS penalties for not tracking the new rules 
o Default beneficiary issues and unintended beneficiaries 
o Common Errors in Retirement Distribution Planning 
o Why many beneficiary forms are defective 
o Non-Compliant Trusts and Circular 230 Issues 
o Use of the new Life Expectancy Tables effective January 1, 2022 
o Advantages of Trusts as IRA beneficiary 
o Comment letter to IRS and Treasury regarding post-death Roth IRA distributions to trusts 
o Statute of Limitations issues involving IRA penalties 
o And much more

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Author:

Seymour Goldberg, CPA, MBA, JD (Biography) a senior partner in the law firm of Goldberg & Goldberg, P.C., Long Island, New York, is Professor Emeritus of Accounting, Law and Taxation at Long Island University. He has taught many CLE and CPE programs at the state and national level as well as CLE courses for the American Bar Association, New York State Bar Association, City Bar Center for Continuing Legal Education, NJICLE, local bar associations and law schools. Mr. Goldberg is a member of the Committee on Relations with the IRS of the New York State Society of CPAs. He has been involved in conducting continuing education outreach programs with the IRS. He has authored guides for the American Bar Association, the American Institute of Certified Public Accountants and the Foundation for Accounting Education on IRA issues. Mr. Goldberg is the recipient of Outstanding Discussion Leader Awards from both the AICPA and the Foundation for Accounting Education. His IRA guides can be found in well over 100 law school libraries. He is a former IRS agent.

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Last modified: February 25, 2021