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Posted by Cyndi Moore | Jun 29, 2020 | Tax, Taxation
In general, a participant must make a deferral election to a non-qualified deferred compensation plan before the beginning of the plan year and the election must remain in effect for the entire plan year. Participants made their...
Read MorePosted by Cyndi Moore | Jan 13, 2020 | Tax, Taxation
As part of the 2020 appropriations act, Congress passed the SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019), which was signed into law by the President on December 20, 2019. The SECURE Act has a...
Read MorePosted by Cyndi Moore | Nov 18, 2019 | Retirement, Tax, Taxation
The IRS has announced the annual limits that will apply to qualified retirement plans in 2020. The key 2020 limits, as compared to the 2019 limits, are: For 401(k) plans, the maximum deferral limit increases by $500 to $19,500...
Read MorePosted by Cyndi Moore | May 20, 2019 | IRS, Tax, Taxation
The IRS recently issued a Chief Counsel Memorandum clarifying when a family member of a 2% shareholder in an S corporation is entitled to a deduction under Section 162(l) of the Internal Revenue Code (the “Code”) for...
Read MorePosted by Cyndi Moore | Jan 11, 2019 | IRS, Tax, Tax Cuts and Jobs Act, Taxation, Uncategorized
Section 45S of the Internal Revenue Code (“Code”), added to the Code by the Tax Cuts and Jobs Act of 2017, establishes a general business credit for an employer who provides paid family and medical leave to...
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