The IRS issued Notice 2020-68, that provides guidance on the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) that was enacted in December 2019 in a question-and-answer format. Topics included the following:
- Automatic enrollment tax credit for small employers
- Repeal of maximum age for Traditional IRA contributions
- Qualified birth or adoption distributions
- Difficulty-of-care compensation eligible for IRA contributions
- Guidance on timing of amendments
The guidance also advises that the IRS expects to issue revised model IRAs and prototype language addressing the changes made to the relevant Code provisions under the SECURE Act.