News & Analysis as of

Internal Revenue Service Employee Benefits Social Security Taxes

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Kilpatrick

2021 Health and Fringe Benefit Limits

Kilpatrick on

For calendar year 2021, the Health FSA contribution limit and the parking and transit limits remain the same. Other limits increase only slightly....more

Kilpatrick

2020 Retirement Plan Limits Increase

Kilpatrick on

Yesterday, the IRS increased almost every major retirement plan limit as part of its annual cost of living adjustments. The increased limitations are set forth in the following chart....more

McDermott Will & Emery

Update: IRS Announces Employee Benefit Plan Limits for 2018

McDermott Will & Emery on

On Monday, November 27, 2017, the Social Security Administration announced that the it is lowering the maximum amount of earnings subject to the Social Security tax for 2018 to $128,400. The Social Security Administration...more

Miller Canfield

IRS Retirement Plan Limitations for 2016

Miller Canfield on

The Internal Revenue Service (IRS) has issued the new 2016 retirement plan limitations. In this announcement, the IRS sets forth the limits of the amounts that can be deferred under 401 (k) plans, 457 (b) plans and the...more

Cooley LLP

Alert: IRS Announces Adjusted Plan Limits for 2016

Cooley LLP on

The Internal Revenue Service has announced the 2016 limits that affect the operation of tax-qualified retirement plans, including 401(k) plans, and certain other types of employee benefit plans, including deferred...more

Williams Mullen

Benefit and Contribution Limits for 2016

Williams Mullen on

The Commissioner of Internal Revenue announced yesterday that the dollar limitations for benefits and contributions that apply to retirement plans generally will not change for 2016 because the increase in the cost-of-living...more

McGuireWoods LLP

2016 Benefit Plan Limits and Thresholds: Few Changes from 2015

McGuireWoods LLP on

The Internal Revenue Service (IRS) has announced various 2016 benefit plan limits and thresholds. In most cases, there are no changes from 2015. According to the IRS, in general, the retirement plan limitations will not...more

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