On November 1, 2023, the IRS announced the inflation adjusted benefit plan limitations effective in 2024 in Notice 2023-75. The good news is the amount that can be electively deferred into a 401(k) or 403(b) plan increases from the current $22,500 to $23,000. However, the age 50 catch-up contribution remains the same as in 2023
Plan Mistakes are Now More Costly to Correct
By Scott E. Galbreath, J.D., LL.M (Tax) on
Posted in Plan Correction
In January, the IRS announced changes to the fees required for filing under the Voluntary Correction Program (VCP) of the Employee Plans Compliance Resolution System (EPCRS). The VCP program allows employers to voluntarily bring errors in plan documentation or operation to the attention of the IRS, and propose a correction method, and receive a compliance…