The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2020 (see IRS Notice 2019-59). Most notably, the limitation on annual salary deferrals into a 401(k) plan will increase from $19,000 to $19,500. Other notable limitations are as follows: LIMIT … Continue Reading
As tax time rapidly approaches, taxpayers in states with high state and local income taxes (such as New York) are about to learn, up close and personal, just how much the loss of the deduction for state and local taxes (SALT) will affect their personal tax liability. A little-publicized provision of the New York Tax … Continue Reading
