The SECURE ACT

The SECURE ACT

The final weeks of 2019 brought the second major piece of tax legislation in the past 24 months, as the SECURE Act (The Setting Every Community Up for Retirement Enhancement Act), which was passed in the House over the summer, finally made its way through the Senate and was signed into law by the President. The legislation may have significant repercussions for individuals engaged in retirement and estate planning.

Attached we have highlighted the key provisions

Qualified Opportunity Zones in Virginia

Qualified Opportunity Zones in Virginia

Tax-Deferral Opportunity on the Sale of Low-Basis Assets:

Are you considering selling stock, real estate, or a business that has substantially appreciated in value? Are you concerned with the capital gains tax that will accompany those sales?

The December 2017 Tax Cuts and Jobs Act (TCJA) provides a new tax incentive and potential solution for investors to defer, if not eliminate, capital gains tax on the sales of assets in exchange for investments back into Qualified Opportunity Zones (“QOZs”) across the Commonwealth.  Click here for more details