SEP-IRAs: A retirement plan option for small employers
In a historically tenuous time to retain employees, small employers are particularly at risk. Whereas a large employer might be able to shift duties or promote from within to cover the departure of one or more staff members, small employers are often … [Read more...]
Requesting a Tax Court review of an IRS employment tax determination
Employers have long had to grapple with the important distinctions between independent contractors and employees. In short, if the IRS reclassifies an independent contractor as an employee, you could be held liable for back taxes and wages, as well … [Read more...]
2022 – 01/13 – Shining a light on a business vehicle tax break
The 401(k) contribution limit will increase in 2022
The IRS recently announced that the amount individuals can contribute to their 401(k) plans will increase in 2022. The tax agency has also announced other cost‑of‑living adjustments affecting dollar limitations for pension plans and … [Read more...]
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:Elective deferrals. The annual limit on elective deferrals (employee contributions) … [Read more...]
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