The United States Internal Revenue Service (IRS) and Social Security Administration (SSA) have announced the various retirement plan benefit and employment tax limits for 2018. Ally Law member Schwabe, Williamson & Wyatt has prepared a user-friendly synopsis and comparison of the 2017 / 2018 limits and changes for your use.
In many cases, including in regard to 401(k) deferrals, the limitations will not change for 2018 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment. However, other limitations will change because the increase in the index did meet the statutory thresholds. These limitations changes include Health Savings Accounts, Health Care Flexible Savings Accounts, and Social Security Limits to the FICA wage base.
Review the complete listing and speak with your Ally Law member firm tax department to determine how these changes impact you and your business. For more information about our services in this area, contact us at firstname.lastname@example.org.