Companies in the medical and recreational marijuana industry continue to face an uphill battle for access to financial services. Although a number of states have legalized the medicinal and/or recreational use of marijuana, marijuana remains classified as a Schedule I drug subject to the federal Controlled Substances Act. As such, financial services companies that wish […]
MS
On August 17, 2018, the Internal Revenue Service (the “Service”) published a Private Letter Ruling (the “PLR”) describing a unique student loan repayment program in the context of a qualified retirement plan. Proposed Student Loan Repayment Program As described in the PLR, an Employer sponsors a Section 401(k) defined contribution plan that permits elective deferrals. […]
MC
The IRS recently announced changes that make it significantly easier to correct employee deferral mistakes (also known as elective deferrals) in qualified retirement plans. The changes make modifications to the IRS’ Employee Plans Compliance Resolution System (“EPCRS”), which is the IRS’ comprehensive correction program for qualified retirement plans. Automatic Enrollment Correction Relief If a qualified […]
AM
The IRS recently announced cost of living adjustments for 2015. The key dollar amounts for retirement plans (compared to the 2014 dollar limits) are noted below. Maximum Qualified Retirement Plan Dollar Limits 2015 2014 Limit on Section 401(k) deferrals (Section 402(g)) $18,000 $17,500 Dollar limitation for catch-up contributions (Section 414(v)(2)(B)(i)) $6,000 $5,500 […]
AM
On October 31, 2013, the IRS announced the cost-of-living adjustments that will affect the dollar limitations for pension and other retirement plans for the 2014 tax year. Notably, the $17,500 annual contribution limit for employees who participate in 401(k) plans remains the same for 2014. Maximum Qualified Retirement Plan Dollar Limits 2013 2014 Limit […]
GG