Inflation-Adjusted Retirement Plan Contribution Limits for 2011
Every year, the IRS issues new limits that will apply to retirement plan contributions for the following year. On October 28th, the IRS announced the cost of living adjustments for 2011. Continuing a trend from 2009, there are virtually no changes. Below is a brief list of the 2011 limits, noting whether or not there will be an increase applied:
TIGTA Report Calls for Greater Enforcement in Tax-Exempt Sector
The Treasury Inspector General for Tax Administration (TIGTA) recently cited “tax compliance initiatives” as one of the three biggest challenges facing the IRS in the year ahead. In its report, Management and Performance Challenges Facing the Internal Revenue Service for Fiscal Year 2010 , tax-exempt entities were the only segment of taxpayers specifically identified under the “compliance” category. The report noted “more than $15 trillion in assets currently controlled by tax-exempt organizations or held in tax-exempt retirement programs and financial instruments” and stressed the “importance of maintaining a strong enforcement presence in the tax-exempt sector to ensure charitable organizations are not used for noncharitable or illegal purposes, including financing terrorist activities.” Click here to read the full report.
IRS Announces New Inflation-Adjusted Tax Limits for 2010
Every year, the IRS issues new limits for the following year that apply to retirement plan contributions. On October 15th, they announced the cost of living adjustments for 2010 that apply to all the various plans, and for the first time in memory there were virtually no changes from 2009. This also will apply to recipients of Social Security benefits. Below is a brief list of the 2010 limits, noting whether or not there will be an increase applied: