November 2, 2018
Authored by: Keith Kehrer
IRSAC expands to cover more areas of the IRS; IRPAC and ACT to join centralized advisory committee in 2019
The IRS announced that the Internal Revenue Service Advisory Committee’s (IRSAC) role will expand in 2019 to have a wider portfolio and will incorporate the Information Reporting Program Advisory Committee (IRPAC) and the Advisory Committee on Tax Exempt and Government Entities (ACT). Although ACT will no longer exist, the IRS emphasizes that TE/GE issues will remain a priority area in the expanded IRSAC.
401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000
The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.