[firm] blog logo

IRS Announces 2013 Qualified Pension Plan Limitations

The Internal Revenue Service announced the 2013 cost-of-living adjustments on October 18, 2012. ?áHere are some of the key limits for 2013 that will affect employer qualified retirement plans: The Code section 402(g) limit on elective deferrals for employees who participate in 401(k) and 403(b) plans will increase from $17,000 to $17,500. The Code section 415(c) limit for annual additions under defined contribution plans will increase from $50,000 to $51,000. The Code section 414(v) catch-up contribution limit for employees aged 50 and over who participate in 401(k) and 403(b) plans will remain unchanged at $5,500.?á The Code section 415(b) annual benefit limit under a defined benefit?á plan will increase from $200,000 to $205,000. The Code section 416(i) dollar limit on compensation for defining a key employee in a top heavy plan will remain unchanged at $165,000. The Code section 414(q) dollar limit on compensation for defining a highly compensated employee… Continue Reading

IRS Releases FAQ Relating to Same-Sex Couples

The IRS recently released answers to frequently asked questions regarding taxation of same sex couples.?á In the FAQ, the IRS reinforces its position that provisions of the federal tax law that apply only to married taxpayers or their spouses?ádo not apply to same-sex partners because federal law does not treat same-sex partners as married for federal tax purposes.?á The FAQ can be found here.

October 2012
S M T W T F S
 123456
78910111213
14151617181920
21222324252627
28293031  

Archives