Client Login

- Individual Clients
- Business Clients
- Client Employee

Forgot Your Password? Please try logging in with the last password you remember first. (If that fails, you'll be able to reset your password on the next page.)

QuickBooks Online

BOSS™ Accounts Payable Documents Login

Video Meeting

Join a scheduled video meeting with our staff.
Join Meeting
Send Request

Helping you reclaim your time,

so you can be the master of your life

What you need to know about changes to retirement and 529 plans

February 24, 2020

The new budget bill passed by Congress on December 20, 2019 impacted both retirement and college savings plans. While many are still waiting for further guidance from the IRS on several details of the bill, we compiled a short list of the major changes that may affect you.

Retirement plan changes:

  • The rule that restricted deposits to an IRA after the age of 70 and ½ has been repealed. Under the new bill, starting in 2020, any person of any age can make a deposit to an IRA with earned income (e.g., wages or self-employment).

  • The mandatory age to begin distributions has changed from 70 and ½ to 72.

  • Recipients of stipends and fellowships can now use these funds to make IRA contributions.

  • Up to $5,000 can be withdrawn without penalty for the birth or legal adoption of a child up to one year after birth or adoption. Withdrawals are taxable; however, if redeposited within 60 days, funds will not be taxed.

  • If an IRA is inherited from someone who passed in 2020 (other than a spouse and a few other exceptions), funds must now be distributed within 10 years.

  • Long-term part-time workers will be able to join their company’s 401k plan. Except in the case of collectively bargained plans, the law now requires employers maintaining a 401k plan to offer one to any employee who worked more than 1,000 hours in one year or 500 hours over 3 consecutive years.

  • Small business owners can receive a tax credit for starting a retirement plan—up to $5,000.

College saving (529) plan changes:

  • Withdrawals of up to $10,000 during one’s lifetime can be used to repay student loans of an account beneficiary (or their siblings) without tax or penalty, making it a qualified expense.

  • Withdrawals can be made to pay for an apprenticeship program once approved.

  • The tuition and fees deduction has been retroactively restored from 2018-2020.

  • Children with higher interest, dividends or capital gain income are retroactively taxed at their parent’s tax rates rather than the potentially higher trust tax rates.

If you have any questions, please reach out to our firm. We are here to help!

Back to List

Client Testimonials

  • Todd Timmons, Chairman at Reidville Fire District

    "The BOSS program has been an exceptional addition to the Reidville Fire District. It has eliminated the need for administrative staff. The cost of his program directly benefits the District, which allows more funds to..."

    read more
  • David Taylor, CEO and President at the University Center of Greenville

    "Greene Finney, LLP has been the University Center of Greenville's accounting services provider for over six years; handling general ledger, financial reporting, payroll, 401k funding, bank account reconciliations, and tax reporting. They utilize state of the art technology and..."

    read more
  • Tommy Norris, Fire Chief at Poplar Springs Fire Department

    "Prior to implementing BOSS with Greene Finney, we were utilizing a firm that relied on hand delivery of bills and deposits as well as a manual signature every two weeks. Reports were hard to retrieve and were not very user-friendly. Since switching to BOSS with Greene Finney, we have been completely..."

    read more
  • Joel Manning, Finance Manager at Chester Sewer District

    "BOSS is a very cost-effective solution for your back office accounting needs. We get access to highly qualified and well-trained staff that we could not afford to hire directly. Through BOSS, Greene Finney handles..."

    read more

BOSS is the answer to your back office headaches. Our cloud-based solution enables you to hand complex accounting tasks over to us. We work the numbers while providing you 24/7 access to your data—and all at a fixed, affordable monthly fee.

read more

Latest from Our Blog

Help us. Help others.

Tell us about your experience with our firm.

Review Us