New Tax Laws Impacting Individuals and Tax-Exempt Organizations
Overview
The U.S. Congress passed new tax law provisions in December 2019 that went into effect on January 1, 2020. Some of those laws involve important changes affecting individuals and tax-exempt organizations, including the SECURE Act that delays the IRA required minimum distributions from age 70-1/2 to 72, relaxing the 529 plan distribution rules, reduction of the tax rate on a child's unearned income, and the postponement of e-filing requirements for qualifying organizations.