The SECURE Act was signed into law on December 20, 2019. While the biggest news from this Act are the changes to retirement plans, including increasing the age at which RMDs begin and removing restrictions for IRA contributions, one of the lesser covered effects was the inclusion of so called “extender” deductions. This is a group of deductions that had expired, mostly at the end of 2017, that were retroactively reinstated for tax years 2018 and in some cases beyond. This means, that for certain taxpayers, you may be eligible for deductions on your 2018 return that could not have been claimed when you originally filed.
Here is a quick summary of the extenders, and some comments on the possibility of amending returns:
If you had any of these deductions in 2018, it’s possible that these retroactive changes might make amending your return beneficial. We can look over your specific situation to see if there would be any benefit to making a change.
Watson & Associates, PA, Certified Public Accountants is a full-service professional CPA firm founded in 2002. We provide personalized, professional service to each of our clients.
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