Late last week, the IRS released its annual update for the cost-of-living adjustments for retirement plans. As predicted based on the overall rate of inflation, there are widespread increases for 2023. As shown below, almost all IRS limits were affected by this year’s cost-of-living adjustments, including catch-up contributions.
Now that ...
The IRS has released the cost-of-living adjustment for the limit on permitted annual salary reduction contributions to health FSAs. The limit of $2,850 for taxable years beginning in 2022 has been increased to $3,050 for 2023. We are still waiting on most of the 2023 COLA for retirement plans, but expect those to be released in the near future and will ...
The IRS issued Notice 2022-53 last Friday to give qualified plan beneficiaries relief from 2021 and 2022 excise tax penalties due to noncompliance with certain provisions of the required minimum distribution (“RMD”) rules. Determining when a participant or beneficiary is required to make a distribution under IRS guidance, and in ...
Earlier this week, the IRS issued a final rule meant to close the “family glitch” for Affordable Care Act (“ACA”) subsidies on the Federal Healthcare Exchange. This “glitch” prevents family members from receiving ACA subsidies if someone in their household has access to an employer-sponsored health plan that meets the ACA’s ...