{"id":179,"date":"2008-10-19T16:17:32","date_gmt":"2008-10-19T20:17:32","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=179"},"modified":"2008-10-19T20:32:55","modified_gmt":"2008-10-20T00:32:55","slug":"irs-announces-increases-to-simple-plan-limits-for-2009","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2008\/10\/irs-announces-increases-to-simple-plan-limits-for-2009\/","title":{"rendered":"IRS Announces Increases to SIMPLE Plan Limits for 2009"},"content":{"rendered":"<p><span style=\"font-size: 10pt; color: #000000; font-family: Verdana; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;\">In <a href=\"http:\/\/www.irs.gov\/newsroom\/article\/0,,id=187833,00.html\" target=\"_blank\">IR-2008-118<\/a>, the Internal Revenue Service (IRS) announced increases to the limits on SIMPLE plan contributions for 2009. The limitation for SIMPLE plans is codified in <a href=\"http:\/\/frwebgate.access.gpo.gov\/cgi-bin\/getdoc.cgi?dbname=browse_usc&amp;docid=Cite:+26USC408\" target=\"_blank\">\u00a7408(p)(2)(E)<\/a> of the Internal Revenue Code of 1986 (IRC). This section also requires annual adjustments as necessary to keep pace with inflation in a manner similar to that required by <a href=\"http:\/\/frwebgate.access.gpo.gov\/cgi-bin\/getdoc.cgi?dbname=browse_usc&amp;docid=Cite:+26USC415\" target=\"_blank\">IRC \u00a7415<\/a> for retirement plans. For 2009, the SIMPLE plan regular limitation will increase from $10,500 for 2008 to $11,500 for 2009. The age 50 and over catch-up contribution remains at $2,500 for individuals who plan to reach age 50 before the end of 2009. <\/span><span style=\"font-size: 10pt; font-family: Verdana; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;\">Contact <a href=\"mailto:info@visionpayroll.com\" target=\"_blank\">Vision Payroll<\/a> if you have questions on\u00a0changes to the SIMPLE plan contribution limits.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In IR-2008-118, the Internal Revenue Service (IRS) announced increases to the limits on SIMPLE plan contributions for 2009. The limitation for SIMPLE plans is codified in \u00a7408(p)(2)(E) of the Internal Revenue Code of 1986 (IRC). This section also requires annual adjustments as necessary to keep pace with inflation in a manner similar to that required [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[419,243,420,421,418,417,321,422,416],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/179"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=179"}],"version-history":[{"count":1,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/179\/revisions"}],"predecessor-version":[{"id":1894,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/179\/revisions\/1894"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}