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Nonprofit Basics: Insider Transactions and Nonprofits – What’s the Big Deal?
Correcting Health Savings Account Contribution Errors
The IRS recently announced that many of the key retirement plan limits will increase next year. Notice 2023-75 (Nov. 1, 2023). These limit increases are more modest than the 2023 increases, with some limits remaining the...more
The Commissioner of Internal Revenue announced the 2024 dollar limitations for benefits and contributions that apply to retirement plans. The Social Security Administration increased the Social Security taxable wage base....more
The IRS recently announced that substantially all of the key retirement plan and health and welfare plan limits will increase next year – some significantly due to higher inflation. Notice 2022-55 (Oct. 21, 2022); Rev. Proc....more
Qualified retirement plans will experience unusually sharp increases to compensation and contribution limitations for 2023 compared to adjustments in recent years. On October 21, 2022, the Internal Revenue Service (IRS)...more
On November 4, 2021, the Internal Revenue Service (IRS) released the 2022 dollar limitations that apply to tax-qualified retirement plans. With few exceptions, the 2022 limitations published in Notice 2021-61 have been...more
The IRS recently announced (Notice 2021-61, Nov. 4, 2021) that many of the key pension limits will increase next year – some significantly due to higher inflation. The Social Security Administration and PBGC also recently...more
The Commissioner of Internal Revenue announced the 2022 dollar limitations for benefits and contributions that apply to retirement plans. The Social Security Administration increased the Social Security taxable wage base....more
All IRA owners have until July 15, 2020 to make IRA contributions for 2019 and pay early distribution penalties for 2019, but a few questions remain on deadlines and reporting for IRA providers. ...more
The simple and safe answer to the question posed is “April 15, 2020.” Contributions to traditional and Roth Individual Retirement Accounts (“IRAs”) and Health Savings Accounts (“HSAs”) must be made no later than “the time...more
The SECURE Act: What It Is And What It Is NOT - As part of a large year-end piece of legislation, the provisions known as the Setting Every Community Up for Retirement Security Act (the “SECURE Act”) were enacted into...more
The Internal Revenue Service announced on Wednesday, November 6, that several contribution limits in qualified retirement plans will increase next year. The IRS announced the increases as part of an annual adjustment for...more
The Internal Revenue Service and Social Security Administration have announced the benefit plan and employment tax limits for 2020. Certain limitations will not change for 2020 because they are not subject to annual...more
Seyfarth Synopsis: Many of the limitations that apply to tax-qualified plans, including 401(k) plans, are subject to cost-of-living increases. The IRS just announced the 2020 limits. 401(k) plan contribution limits are...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
On November 1, 2018, the Internal Revenue Service (IRS) announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2019 tax year. ...more
With annual enrollment in full steam ahead mode, we have now received a number of remaining limits from the Internal Revenue Service. Attached is a chart that shows all of the limits for both retirement and welfare benefit...more
The Internal Revenue Service released the 2019 dollar limits for retirement plans, as adjusted under Code Section 415(d). We have summarized the new limits (along with the limits from the last few years) in the chart below...more
The Commissioner of Internal Revenue announced the 2019 dollar limitations for benefits and contributions that apply to retirement plans. Most limits have increased while a few remained the same. ...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