The IRS announced cost-of-living adjustments to various retirement plan contributions and benefits. Due to low inflation, many amounts are unchanged. For example, the cap on employee salary reduction contributions to 401(k) plans in 2021 remains at $19,500 (plus another $6,500 for those age 50 or older by the end of the year). But the limit on contributions to profit-sharing plans is $58,000 (a $1,000 more than in 2020). #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.