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IRS Releases 2021 Benefit Plan limit Cost-of-Living Adjustments

The Internal Revenue Service (IRS) has released IRS Notice 2020-79, announcing cost-of-living adjustments regarding the 2021 limits for retirement plans and IRS Rev. Proc. 2020-45, announcing cost-of-living adjustments regarding 2021 limits for health and welfare plans. The Social Security Administration (SSA) also announced an increase in the Social Security wage base for 2021 and an … Continued

Advance Informational Copies of 2017 Form 5500 Annual Return/Report | MI Benefit Advisors

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) released advance informational copies of the 2017 Form 5500 annual return/report and related instructions. Specifically, the instructions highlight the following modifications to the forms, schedules, and instructions: IRS-Only Questions. IRS-only questions that filers were not required to … Continued