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The IRS is again pushing off a start date for new legislation by introducing a transition period. Earlier, the IRS declared a one-year delay in the new reporting requirement for Forms 1099-K. The IRS has now announced an administrative transition period for the new catch-up contribution requirements under the SECURE 2.0 Act.
Background
SECURE 2.0 Act—which, as I’ve noted before, sounds like a sequel to an action movie—is a follow-up to 2019’s retirement-heavy legislation. President Biden signed it into law on Dec. 29, 2022, as part of the Consolidated Appropriations Act of 2023. SECURE 2.0 Act made several changes to existing law, including:
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