The IRS has released the 2021 Contribution Limits for 401(k) and other retirement plans. IRS Notice 2020-79 was issued on October 26, 2020. Participants of 401(k) and 403(b) Plans will be able to defer up to $19,500, and, if age 50 or older, an additional $6,500 in catch-up contributions. These
SECURE Act
The SECURE (Setting Every Community Up for Retirement Enhancement) Act was signed into law on December 20, 2019. Provisions of the SECURE Act include • expansion of Multiple Employer Plans, • modifications to the rules on Required Minimum Distributions (RMD), • permitting plan withdrawals for birth
COVID-19 and the CARES Act effect on Retirement Plans
Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” President Trump signed the CARES Act making it effective March 27, 2020. Certain provisions of the CARES Act may affect your 401(k), Profit Sharing or 403(b) Plan. These new provisions are optional changes you may make to your
2020 Contribution Limits for 401(k) Plans
The IRS has released the 2020 Contribution Limits for 401(k) and other retirement plans. IRS Notice 2019-59 was issued on November 6, 2019. Participants of 401(k) and 403(b) Plans will be able to defer up to $19,500, and, if age 50 or older, an additional $6,500 in catch-up contributions. For
2019 Dollar Limitations
2019 DOLLAR LIMITATIONS The IRS has announced the retirement plan limitations for 2019. Limitations which apply to Pension Plans (including Profit Sharing and 401(k) Plans) for the Year 2019 are: Annual Compensation Limit for Plan purposes $280,000 (increased from $275,000) Highly
Changes to 401k Plan Hardship Distributions
On 11/9/2018 the IRS released proposed amendments to the 401(K) Plan Hardship Distributions regulations. These amendments result from the Tax Cuts & Jobs Act of 2017 (Tax Act) and the Bipartisan Budget Act of 2018 (Budget Act). The proposed regulations include revisions to the rules for
Can I still set up a retirement plan for my business and get a tax deduction for 2018?
Yes, you can! You can set up a Simplified Employee Pension (SEP) up until the due date of your tax return, including extensions! You must contribute for each eligible employee. You can set up a SEP using IRS Form 5305-SEP. Your contributions are tax deductible, and you are saving for
New Fiduciary Rule Effectively “Killed”
We previously reported that due to a Presidential Memorandum issued on 2/3/17, the Dept. of Labor has granted a 60 day extension to the application of the fiduciary rule and exemptions known as BICE (Best Interest Contract Exemption). The Fiduciary Rule was to go into effect 4/10/2017 but will now