{"id":1895,"date":"2009-10-17T14:52:51","date_gmt":"2009-10-17T18:52:51","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=1895"},"modified":"2010-11-01T17:54:56","modified_gmt":"2010-11-01T21:54:56","slug":"irs-announces-adjustments-to-simple-plan-limits-for-2010","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2009\/10\/irs-announces-adjustments-to-simple-plan-limits-for-2010\/","title":{"rendered":"IRS Announces Adjustments to SIMPLE Plan Limits for 2010"},"content":{"rendered":"<p>In <a href=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2009\/10\/ir-2009-094.pdf\" target=\"_blank\">IR-2009-094<\/a>, the <a href=\"http:\/\/www.irs.gov\/\" target=\"_blank\">Internal Revenue Service (IRS)<\/a> announced cost-of-living adjustments to the limits on SIMPLE plan contributions for 2010. 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. Because\u00a0the cost-of-living index in 2009 is lower than in 2008, there will be no increases to the amounts. For 2010, the SIMPLE plan regular limitation\u00a0remains at $11,500. The age 50 and over catch-up contribution remains at $2,500 for individuals who plan to reach age 50 before the end of 2010. Contact <a href=\"mailto:info@visionpayroll.com\" target=\"_blank\">Vision Payroll<\/a> if you have questions on the SIMPLE plan contribution limits or get further information at <a href=\"https:\/\/old.visionpayroll.com\/kb\/important-facts-and-figures\/\" target=\"_blank\">Important Facts and Figures<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In IR-2009-094, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the limits on SIMPLE plan contributions for 2010. 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[419,435,420,421,418,417,321,1063,416],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/1895"}],"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=1895"}],"version-history":[{"count":5,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/1895\/revisions"}],"predecessor-version":[{"id":1899,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/1895\/revisions\/1899"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=1895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=1895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=1895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}