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Please Click HerePosted on November 2, 2018 by Mary Ellen Schill
On November 1, 2018 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. The vast majority of the limits shown below have increased from last year. Qualified Plan Limit Cost-of-Living Adjustments 401(k) and 403(b) elective deferral limit 2018-$18,500 2019-$19,000 $200,000 compensation limit 2018-$275,000 2019-$280,000 $160,000 defined benefit limit 2018-$220,000 […]
Posted on June 1, 2018 by Mary Ellen Schill
If it seems like the IRS just announced the 2018 limits, you are not mistaken. Just over a month ago the IRS declared a do over for the 2018 limits, see The IRS Says Never Mind – You Can Have Your Higher HSA Limit! With the arrival of 90 degree temperatures in Wisconsin, it is […]
Posted on April 30, 2018 by Mary Ellen Schill
I previously blogged about how unusual it was for the IRS to implement a retroactive change to a previously announced limit. As you may remember, the $6,900 limit on HSA contributions for a taxpayer eligible for a family high deductible health plan (HDHP) previously announced May 4, 2017 was reduced on March 5, 2018 to $6,850, […]
Posted on March 7, 2018 by Mary Ellen Schill
It is unusual for the IRS to implement a retroactive change to a previously announced limit (whether it be qualified plan limits or HSA limits). Especially when the change is a reduction in the amount that taxpayers can save/contribute. But who would disagree that 2018 has been a bit unusual. On March 5, 2018 the […]
Posted on December 15, 2017 by Mary Ellen Schill
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2018, and the increased rates reflect the increase in gasoline prices. Effective January 1, 2018, the optional standard mileage rates will increase to 54.5 cents per mile for […]
Posted on December 13, 2016 by Mary Ellen Schill
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2017, and the reduced rates reflect the continued decrease in gasoline prices. Effective January 1, 2017, the optional standard mileage rates will decrease to 53.5 cents per mile […]
Posted on September 14, 2016 by Steven P. Lipowski
When business partners form a company and get started in their new venture, optimism and opportunity are usually in full supply. At that point, it is only natural to avoid thinking about some difficult questions about the business. One key, and all too frequent mistake, is the failure to discuss and plan for how a […]
Posted on August 11, 2016 by Matthew D. Rowe
Like many industries worldwide, the legal world finds itself in an era of transformation. After decades of rapid growth, the demand for traditional legal services has slowed enormously since 2008. A number of factors drive this sea change—two of the most important are the influence of technology and globalization. The Influence of Technology on the Law […]
Posted on May 2, 2016 by Mary Ellen Schill
The Internal Revenue Service on April 29th announced the cost-of-living adjustments for the HSA contribution limits and for High Deductible Health Plan (HDHP) deductibles and out-of-pocket maximums for 2017. HSA/HDHP Requirement Cost-of-Living Adjustments Limit on HSA Contributions – Self-only HDHP 2016 – $3,350 2017 – $3,400 Limit on HSA Contributions – Family HDHP 2016 […]
Posted on December 21, 2015 by Mary Ellen Schill
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2016, and the reduced rates reflect the decrease in gasoline prices. Effective January 1, 2016, the optional standard mileage rates will decrease to 54 cents per mile for […]