Many Employee Contribution Limits Remain Unchanged The IRS has announced the cost-of-living adjustments for 2021 that affect amounts employees can contribute to 401(k) plans and IRAs. The following amounts remain unchanged for 2021: The employee contribution limit for 401(k) plans will remain $19,500. The catch-up contribution limit for employees aged 50 and over also remains unchanged at $6,500.…
Maximum Monthly Amounts Remain at $270 The IRS has released Revenue Procedure 2020-45, which includes cost-of-living adjustments for employee qualified transportation fringe benefits for the 2021 taxable year, along with annually adjusted numbers for 2021 for a number of other tax provisions. The combined monthly limit for transportation in a commuter highway vehicle and any transit…
Contribution Limit to Remain the Same in 2021 The IRS has announced that the contribution limit for health flexible spending arrangements (health FSAs) will remain at $2,750 in 2021. For 2020, the contribution limit was also set at $2,750.
Rebuild VA Grant Fund (Rebuild VA) has expanded its eligibility criteria to allow more small businesses and nonprofits to apply. Any small business or nonprofit with $10,000,000 or less in gross revenue OR 250 or fewer employees may now apply. Additional information can be found here. Governor Ralph Northam announced the $70 million for small…
