Like you, Bentley is adapting and changing in response to the COVID-19 pandemic and accompanying economic uncertainty. As we adjust to our new reality, we would like to bring to your attention new tax incentives for charitable giving that were included in the March 2020 Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. The CARES Act, which addresses the far-reaching effects of the COVID-19 pandemic, provides additional tax incentives to encourage charitable giving.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law on December 20, 2019. With significant changes that went into effect on January 1, 2020, the SECURE Act may have an immediate effect on your tax, retirement, and estate planning.
Clocking in at 503 pages, the new tax law became effective on January 1, 2018. The provisions relating to individuals are set to expire at the end of 2025, meaning that unless Congress acts before then to extend the provisions or make them permanent, in 2026 the 2017 law would be back in effect.