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Employee Benefits

IRS Announces Retirement Plan Limitations for 2020

Earlier today the Internal Revenue Service issued Notice 2019-59 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for tax year 2020.  The elective deferral limit for participants who participate in 401(k), 403(b), 457(b) plans and SARSEPs has…

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IRS Does An "About-Face" On HSA Limits

The $50 reduction in the family coverage limit for health savings account (“HSA”) contributions just announced last March is no longer effective.  The good news is that taxpayers can save more for medical expenses in 2018 (up to $6,900), while the challenge for employers and/or service providers…

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How May The New Tax Act Affect Your ESOP?

The Tax Cuts and Jobs Act of 2018 (the “Act”) was signed into law by President Trump on December 22, 2017.  It is heralded as making the most significant changes in corporate taxation in the US in more than 30 years.  The Act makes changes to C corporations, S corporations and other pass-through…

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Bipartisan Budget Act of 2018

As reported in our previous Employee Benefits ALERT, the Tax Cuts and Jobs Act  provided several changes affecting qualified retirement plans.  On February 9, 2018, Congress passed, and President Trump signed into law, the “Bipartisan Budget Act of 2018” (the “Act”).  The Act contains some provisions…

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