Major Changes in the Tax Law

This page lists the major changes in tax law, starting in 2020.

Taxpayer Certainty and Disaster Tax Relief Act of 2019

Source: Taxpayer Certainty and Disaster Tax Relief Act of 2019

This Act is divided into the following sections:

Here are some of the highlights of this Act that applies to most individuals.

Tax Relief and Support for Families and Individuals

Incentives for Energy Production, Efficiency, and Green Economy Jobs

Extending Certain Provisions Expiring in 2019

Reduces the Unified Tax Credit

Provides Disaster Tax Relief

Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019

Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (SECURE Act) was signed into law on December 20, 2019, with most provisions going into effect January 1, 2020. Most provisions improve the usefulness of retirement accounts for participants and increases the flexibility and reduces the costs of setting up retirement, accounts by employers. It also reduces liability for employers, especially for those who provide a lifetime income product, such as an annuity or other insurance product.

For taxpayers:

For employers: