Tax Alert: IRS Issues 2021 Cost-of-Living AdjustmentsBy Avery E. Neumark | December 21, 2020
Did you know that the IRS has adjusted the cost-of-living thresholds for 2021?
The chart below illustrates the year-on-year adjustments to dollar limitations for defined benefit and defined contribution plans, as well as for Social Security.
The 2021 cost-of-living adjustment amounts trend slightly higher than the 2020 amounts. To learn more about how these amounts affect your tax or retirement planning, please contact your Marks Paneth tax advisor.
About Avery E. Neumark
Avery E. Neumark, CPA, JD, LL.M, is a Senior Consultant at Marks Paneth LLP. Mr. Neumark is an attorney with 40 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 roles; he also specialized in... READ MORE +