IRS Employee Plans Videos - Helping Small Business Owners and Employees.The article offers information on the video created by Internal Revenue Service (IRS), to help small business owners and their employees comply with their retirement objectives....
The IRS Changes Bringing Smiles to Employee’s and Plan Admin’s Faces Don’t make the mistake of glossing over the newest retirement plan rules and regulations going into effect in 2020. The IRS has recently released a variety of new standards that directly (and positively) impact qua...
On November 1, 2024, the Internal Revenue Service released the 2025 retirement plan contribution limits and other key numbers for investment accounts. While contribution limits for employer sponsored plans like the Thrift Savings Plan (TSP) are increasing in 2025, IRA contributions will remain the ...
The IRS and Social Security Administration have announced adjusments and limits to various employer-sponsored retirement and welfare benefit plans for 2021.
IRSreleaseda number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significantincreases. The table below provides an overview of the key adjustments for qualified retirement plans....
Employee Benefits Alerthere.) Recently released IRS Notice 2020-51, which focuses on the relief under CARES Act Section 2203, addresses the waiver of 2020 minimum required distributions (MRDs) payable by IRAs, qualified defined contribution retirement plans, governmental 457(b) plans, and 403(a)/...
Box 13:Your employer checks the applicable box that pertains to you as an employee. Statutory employeemeans employees whose earnings are subject to Social Security and Medicare taxes but not federal income tax withholding. Retirement planmeans you participated in your employer’s retirement plan during...
Publication 590 explains that a SIMPLE IRA is similar to a 401(k) plan in that an employer deducts contributions from employees’ paychecks and deposits them directly into the retirement account. The employer also has to make matching contributions to the plan for the benefit of the employee. ...
Regulations respond to both of these questions. Exempt organizations, individual retirement plans (IRAs) described in Section 408(e) and employee plans with UBTI should review the new Proposed Regulations closely, as they apply to all of these types of entities. Comments on the Proposed Regu...
Understanding a Key Employee The Internal Revenue Service also uses theterm "key employee." The IRS uses this term concerning company-sponsored defined contribution retirement plans. It refers:12 to an employee who owns more than 5% of the business, ...