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Nov 18, 2019
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2020 Plan Limits

The IRS has released the 2020 Plan Limits. Below are a few highlights of the changes. Visit https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to-6500 for the full release. The annual benefit limit under a defined benefit plan under § 415(b)(1)(A) is increased from $225,000 to $230,000. The limitation for defined contribution plans under §[…]

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Dec 27, 2017
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Federal Tax Reform

Some Tax Reform Highlights: • New personal income tax rates • An increase in the standard deduction to $12,000 for single filers and $24,000 for those who are married and file jointly • The elimination of some personal deductions and credits • The capping of the deductions for[…]

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Oct 23, 2017
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2018 Plan Limits

On October 19, 2017, the IRS announced cost of living adjustments affecting dollar limitations for retirement plans for the 2018 tax year. Note some of these limits are affected by the Consumer Price Index (CPI) and did not meet the thresholds for being increased. Below is a quick[…]

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Mar 07, 2017
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2017 Plan Limits

On October 27, 2016, the IRS announced cost of living adjustments affecting dollar limitations for retirement plans for the 2017 tax year.  Note some of these limits are affected by the Consumer Price Index (CPI) and did not meet the thresholds for being increased.  Below is a quick summary[…]

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Mar 01, 2017
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Pension Plan Limitations Announced by the IRS

IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015 IR-2014-99, Oct. 23, 2014 WASHINGTON — The Internal Revenue Service today announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of[...]

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