If your company is ESOP owned, be sure that management has a good plan for benefit payment reporting, to generate tax savings for participants and to avoid costly errors.
If your organization’s retirement plan has errors—even if you’ve hired a service provider—you are accountable for fixing those errors.
IRS provides tax inflation adjustments for tax year 2020. Learn more at https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. Learn more at https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020
The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases. Learn more at https://www.irs.gov/retirement-plans/cola-increases-for-dollar-limitations-on-benefits-and-contributions