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IRS update

Cost of Living Adjustments for Pension Plans and Retirement-Related Items for 2020

By Sue Peirce, CPA, MTax | Principal, Audit & Assurance On November 6, 2019, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2020 tax year. Changes to the limits are based on the Social Security cost-of-living increases. Below are the new 2020 plan limitations: 2020 …

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Employers Still Required to Offer Health Insurance – Here’s What You Need to Know

by Susan Burnoski, CPA, Director of Audit & Assurance, Senior Manager While the Affordable Care Act (ACA) individual mandate for having health insurance will be eliminated in 2019, the employer mandate to offer health insurance to employees remains. Therefore, employers need to be aware of the reporting requirements to avoid the significant penalties for noncompliance. …

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Charitable Deduction Appraisals Now Finalized by IRS

By Jason Bogniard, MBA, ASA, CVA, EA After ten years of contemplation, The Internal Revenue Service (IRS) issued final regulations related to the substantiation and reporting rules for cash and noncash gifts. The final rules are effective as of July 30, 2018, but in the case of noncash donations, the regulations apply to charitable contributions …

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