Pub. 11 2022 Issue 6 17 innovations since the advent of the internet. The presentation explained the concept and many others that were important to understand, as well as opportunities and risks in cryptocurrencies in general and Bitcoin in particular. Larry Divers from Cannon Financial wrapped up the second day with his presentations, “Fiduciary Advice Expanded for Retirement Discussions” and “2022 Tax Changes.” The DOL expanded the interpretation of fiduciary advice described in the preamble to the prohibited transaction exemption (PTE 2020-02). In addition, in the preamble to the PTE, the IRS and the DOL announced an expanded interpretation of fiduciary advice which means more financial institutions are fiduciaries for their recommendations to Retirement Investors and, therefore, will need the protection provided by the exemption. This first presentation reviewed the PTE 2020-02 disclosure requirements and outlined how financial professionals in compliance teams can adequately meet them. Several large tax breaks were enacted during the 2021 tax year by the American Rescue Plan, signed into law in March 2021; however, most of those tax law changes expired at the end of 2021. As a result, the Child Tax Credit, Child and Dependent Care Credit, Earned Income Credit, and other popular tax breaks are different for the 2022 tax year. Additionally, this second presentation included a summary of the key provisions of the SECURE ACT 2.0 that is highly likely to have been passed by the time of the conference. Mat t Hoy, Stevens & Brand, presented “Ethics – A Smat tering.” Dr. Roger Tut terow from Kennesaw State University presented the Economic Update to at tendees. Conference sponsors were thanked for their generous suppor t of the 2022 KBA Trust Conference. Bill Ehling, Federated Hermes, kicked of f day two of the Conference with “Economic Assessment and Fixed Income Outlook.” Linda Duessel, Federated Hermes, presented “Cryptocurrencies Demystified.” Larry Divers, Cannon Financial, closed out the Conference with his presentations, “Fiduciary Advice Expanded for Retirement Discussions” and “2022 Tax Changes.”
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