The loopholes Congress has targeted are the ‘file and suspend’ and ‘restricted application’ filing strategies. The changes for restricted applications will apply to those who attain age 62 in any calendar year after 2015. Thus, it appears that today’s retirees who are at least 62 years of age by the end of 2015, will still be able to utilize a restricted application. ‘File and suspend’ however is another story. The new legislation will eliminate the most common application of the ‘file and suspend’ strategy.
Impact has always been one of the first, usually the first, to revise its products to reflect changes to regulations and legislation. Not only do we quickly implement the changes needed, we also look for hidden opportunities to help you assist your clients.
Impact is immediately working on software changes that will reflect the legislation as it currently stands and we’ll be constantly monitoring any additional changes required as it moves through Congress. We’ll have further details when the final legislation becomes law.