IRS Announces Adjustments to Key Retirement Plan Limits

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights of the retirement plan limits: Elective deferrals. The annual limit on elective deferrals (employee contributions)…

Don’t Forget to Factor 2022 Cost-Of-Living Adjustments Into Your Year-End Tax Planning

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021…

Thinking about Participating in Your Employer’s 401(K) Plan? Here’s How It Works

Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work,…