The IRS has announced the 2024 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines, with increases in many of the limits. The annual limit for elective deferrals to...more
On November 1, 2023, the 2024 calendar year cost-of-living adjustments to the contribution and compensation limits for tax-qualified retirement plans were released by the Internal Revenue Service (IRS) in Notice 2023-75....more
The IRS released its annual update for the cost-of-living adjustments for 2024. Similar to the adjustments made last year, there are widespread increases for 2024. ...more
The SECURE 2.0 Act made sweeping changes to Internal Revenue Code (Code) and ERISA provisions governing employee benefit plans. In a recent letter to the Department of the Treasury and the Internal Revenue Service, the...more
Starting with tax years beginning after December 31, 2022, a small employer can take advantage of significant tax credits under SECURE Act 2.0 (the “Act”) for establishing a new retirement plan. Under the Act, the tax...more
The IRS has announced the 2023 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines, with increases in many of the limits. The annual limit for elective deferrals...more
Avanci’s pool retains its 5th Circuit win, in a slightly different way, after an unusual turn of events where the panel rescinded its prior opinion and issued a new one. The new opinion affirms the district court’s ruling...more
The IRS has announced the 2022 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines, with increases in many of the limits. The annual limit for elective deferrals to...more
The Internal Revenue Service released the cost-of-living adjusted qualified retirement plan limitations effective January 1, 2022. For ease of reference and comparison to prior years, we have placed the adjusted limitations...more
On the heels of 2019’s SECURE Act (Setting Every Community Up for Retirement Enhancement Act), there currently is broad bipartisan congressional support for additional retirement plan legislation providing incentives to...more
In a move that surprised nobody, PIABA recently released an updated study on expungement awards from 2019/2020, and, in the most predictable fashion, they continue to complain that the expungement process is rigged and that...more
On August 26, 2020, the United Kingdom Supreme Court handed down its unanimous combined decision in the cases of Unwired Planet v. Huawei and Huawei v. Conversant. Both cases involved questions of: 1. Whether the...more
On October 26, 2020, the Internal Revenue Service (IRS) updated various dollar limitations that apply to tax-qualified retirement plans for 2021. The new amounts, published in Notice 2020-79, are annually adjusted for cost of...more
The second dramatic change to the expungement process under the proposed rules relates to who will be deciding the expungement request. Thankfully, FINRA will still have arbitrators decide expungement requests, not the...more
The year 2020 has given us yet another reason to utter the phrase, “I remember the good old days.” About two weeks ago, FINRA finally submitted sweeping and significant proposed rule changes to the SEC that, once approved in...more
Congress recently passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the largest package of retirement system reforms in over a decade. Many of the provisions in the SECURE Act...more
There is nothing wrong with free unless there is a hidden cost involved. Small business plans that don’t require filing a Form 5500 is great until you realize the cost in saving for retirement plans....more
On Thursday, December 19, the Senate passed two spending bills to fund the government through September 30, 2020, one of which (H.R. 1865, the “Further Consolidated Appropriations Act of 2020” or the “Act”) contains the...more
Employers, it is time to update your qualified retirement plan administration systems for 2020. On November 6, 2019, the Internal Revenue Service (IRS) announced the 2020 cost-of-living adjustments, also known as COLAs,...more
The Commissioner of Internal Revenue announced the 2020 dollar limitations for benefits and contributions that apply to retirement plans. Most limits have increased, while a few remained the same. The Social Security...more
Small employers have a tough time affording 401(k) plans, that’s a fact. 401(k) plans aren’t cheap and most of the savings touted by multiple employer plans aren’t there. So many companies and governments are offering SEP-IRA...more
On May 23, 2019, the U.S. House of Representatives overwhelmingly passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (H.R. 1994), which is intended to provide greater incentives for...more
The Internal Revenue Service (IRS) has released the 2019 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. ...more
Since 2016, the Internal Revenue Service Tax Exempt and Government Entities Division (TE/GE) has followed a practice of posting “issue snapshots” – technical summaries of tax issues provided for reference purposes – from time...more
On November 27, 2017, the Social Security Administration (SSA) announced that it is adjusting the maximum earnings subject to the Social Security tax for 2018 to $128,400. As we have previously posted, the SSA had announced...more