There are many tax deadlines and requirements this time of year. Don’t forget Employer contributions to a Profit Sharing Plan for a Plan year ending on December 31, 2016 must be deposited into the plan by the due date of your business tax return, including any extensions. If you extend your tax return, you still have the option of filing by the original due date, while still taking advantage of the extra time to deposit the contributions into the plan.
Please refer to the following chart for important limits regarding retirement plans.
|Annual Compensation Limit||270,000||265,000|
|Elective Deferral Max||18,000||18,000|
|Defined Contribution Limits||54,000||53,000|
|Defined Benefit Limits||215,000||210,000|
|Taxable Wage Base||127,200||118,500|
|IRA Contribution Limit||5,500||5,500|
|IRA Catch-up Contributions||1,000||1,000|
If you have questions or want more information about retirement plan dates and limits, please contact Anne Christian, CPA and firstname.lastname@example.org or 314-576-1350.