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FICA Taxes › 401k › Internal Revenue Service

Federal Insurance Contribution Act (FICA) Taxes are United States federal payroll taxes levied to fund the Social Security and Medicare system. FICA Taxes burdens are divided between employers and employees and... more +
Federal Insurance Contribution Act (FICA) Taxes are United States federal payroll taxes levied to fund the Social Security and Medicare system. FICA Taxes burdens are divided between employers and employees and are currently set at 12.4% for Social Security and 2.9% for Medicare. less -
Foley & Lardner LLP

To 457(b) or Not to 457(b): Five Rules You Must Follow to Keep Your 457(b) Plan Compliant

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Recruiting and retaining top executives can be challenging for non-governmental tax-exempt organizations such as Code §501(c)(3) organizations, private universities, and certain healthcare organizations (Nonprofits). Not only...more

Foley & Lardner LLP

And The Crowd Goes Wild: IRS Delays SECURE 2.0 Roth Catch-Up Rule Until 2026

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While most of the country was gearing up for the U.S. Open, retirement plan sponsors and service providers collectively celebrated a big win on August 25 when the IRS delayed the new Roth catch-up rule until January 1, 2026. ...more

Best Best & Krieger LLP

New Guidance - Secure 2.0 Roth Treatment of Catch-up Contributions

Best Best & Krieger LLP on

On August 25, 2023 the Internal Revenue Service issued Notice 2023-62, which provides a critical 2-year delay in the enforcement of new retirement plan Catch-up Contributions rules passed under the Secure 2.0 Act of 2022....more

Warner Norcross + Judd

IRS Delays Roth Catch-up Requirement to 2026

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The SECURE Act 2.0, enacted on December 29, 2022, is the most significant piece of legislation affecting retirement plans in many years. One provision in the Act causing headaches for plan sponsors, payroll providers and...more

Proskauer - Employee Benefits & Executive...

IRS Offers Two-Year Transition Period to Implement SECURE 2.0 Roth Catch-Up Requirement

Proskauer - Employee Benefits & Executive... on

On Friday, the IRS released Notice 2023-62, which addresses certain pressing implementation issues related to the SECURE 2.0 requirement that catch-up contributions for participants with FICA wages of more than $145,000...more

Jackson Lewis P.C.

Just Catching-Up? Plan Sponsors Receive Eagerly Awaited Reprieve from Roth Catch-Up Implementation

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With a multitude of questions surrounding implementation and administration, late on a summer Friday afternoon, the IRS issued Notice 2023-62 (Notice), providing Plan Sponsors with a transition period until 2026 to implement...more

Foley & Lardner LLP

Diving into SECURE 2.0: More Changes That Will Help Make 401(k) Plan Administration Simpler and Other Possible Changes of Which to...

Foley & Lardner LLP on

The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...more

Jackson Walker

Payroll Tax Relief and Latest Developments in Retirement Plans and Benefits

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Payroll Tax Relief Under CARES Act, FFCRA, and Executive Order - While the Coronavirus Aid, Relief, and Economic Security (CARES) Act permitted employers to defer depositing the portion of the FICA taxes the employer pays...more

Pullman & Comley, LLC

IRS Announces Cost of Living Adjustment (COLA) Limits for 2020 Applicable to Retirement Plans

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The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2020. Many...more

BCLP

IRS Releases 2020 Adjusted Qualified Plan Limitations

BCLP on

The Internal Revenue Service released the cost-of-living adjusted qualified retirement plan limitations effective January 1, 2020. For ease of reference and comparison to prior years, we have placed the adjusted limitations...more

Pullman & Comley, LLC

IRS Announces Cost of Living Adjustment (COLA) Limits for 2019 Applicable to Retirement Plans

Pullman & Comley, LLC on

The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2019. ...more

Foley & Lardner LLP

How Do I Report Non-Qualified Plan or Severance Payments to a Former Employee? Hint: You Should Probably Use a W-2, Not a 1099!

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Employers commonly make payments to former employees for a number of reasons. Two of the more routine payments are those from a non-qualified deferred compensation plan (such as payments from a supplemental executive...more

Snell & Wilmer

IRS Audit Techniques Guide Provides Helpful Reminders for Sponsors of NQDC Arrangements

Snell & Wilmer on

Last summer the Internal Revenue Service updated its Audit Techniques Guide (“ATG”) for nonqualified deferred compensation arrangements. While the ATG provides little instruction on how the IRS will review nonqualified...more

Sherman & Howard L.L.C.

2016 Retirement Plan Contribution Limits

Sherman & Howard L.L.C. on

The IRS has issued the contribution and benefit limits in effect for 2016. Most of these limits remain the same as in 2015. The following chart details the compensation, contribution and benefit limits for 2016. All limits...more

Bradley Arant Boult Cummings LLP

IRS Updates Guide to Auditing Nonqualified Deferred Compensation Plans

Bradley Arant Boult Cummings LLP on

The Internal Revenue Service (IRS) recently updated its “Nonqualified Deferred Compensation Audit Techniques Guide.” The Guide provides a framework for the IRS to audit nonqualified deferred compensation (NQDC) plans. Since...more

Proskauer Rose LLP

The ERISA Litigation Newsletter - February 2014

Proskauer Rose LLP on

The employee benefits issues to be considered by the U.S. Supreme Court continue to be of great significance to plan sponsors and fiduciaries. This month we review the Court's employee benefit decisions from 2013 and also...more

Perkins Coie

Year 2014 IRS Dollar Limits

Perkins Coie on

The IRS announced the Year 2014 cost-of-living adjustments for various provisions affecting employee benefit plans. The following table shows certain Year 2014 limits and those from prior years. ...more

King & Spalding

American Taxpayer Relief Act of 2012: Expanded Roth Conversions and Other Benefit and Retirement Related Provisions

King & Spalding on

On January 2 , 2013, President Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8) (the “Relief Act”) into law. While the principal intention of the Relief Act was to avert the key elements of the “fiscal cliff” by...more

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