The Internal Revenue Service (IRS) has made an announcement on the retirement plan dollar limits and thresholds for 2024. The notice, Notice 2023-75, along with a subsequent news release, was issued on November 1, 2023.
Though the contents of the initial report cannot be accessed in full at this time, an overview of the announcement indicates a change in specific dollar limits and thresholds associated with retirement plans for the forthcoming year. This points to potential revisions in the governing sections of the Internal Revenue Code that pertain to said retirement plans.
Following this announcement, professionals practicing law, particularly those specializing in finance, taxation or corporate law, are advised to familiarize themselves with the newly presented details. As it is likely to direct significant modifications to their present consultations and client advice.
For complete details on this matter, look to the original report by verifying the official Notice 2023-75 and the accompanying news release. Details are summarized in this article shared by Murtha Cullina on JD Supra.
Continue to keep abreast with up-to-the-minute news on tax law changes, IRS announcements and related topics to ensure maximum preparedness for your clients and your practice. As with all financial matters, the smallest change in law can have a significant ripple effect which underscores the importance of staying informed.