Tax Alert: IRS Issues 2020 Cost-of-Living AdjustmentsBy Avery E. Neumark | January 9, 2020
Did you know that the IRS has adjusted the cost-of-living thresholds for 2020?
The below chart illustrates the year-on-year adjustments to dollar limitations for defined benefit and defined contribution plans, as well as for Social Security.
The 2020 cost-of-living adjustment amounts trend higher than 2019 amounts, but only slightly. To learn more about how these amounts affect your tax or retirement planning, please contact Avery Neumark or your Marks Paneth tax advisor.
About Avery E. Neumark
Avery E. Neumark, CPA, JD, LL.M., is a Partner in the Tax Group at Marks Paneth LLP. Mr. Neumark is an attorney with more than 35 years’ experience specializing in employee benefits and executive compensation, as well as ERISA, retirement and health and welfare planning, and compensation consulting. He has particular expertise in both for-profit and nonprofit sectors, and in serving high-net-worth individuals. His prior experience in professional services firms includes various leadership and management... READ MORE +