Source: http://centraliowaapa.org/news.php?id=89
Timestamp: 2018-01-22 19:38:21
Document Index: 618776062

Matched Legal Cases: ['§402', '§401', '§403', '§457', '§457', '§414', '§401', '§1', '§1', '§125']

Issue 6 Des Moines, IA 50301
Social Security 2018 Wage Base Increases
The IRS has announced the changes to the dollar limits on benefits and contributions under qualified retirement plans, as well as other items, for tax year 2018 [IRS Notice 2017-64, 10-19-17; https://www.irs.gov/pub/irs-drop/n-17-64.pdf].
The limitation on the exclusion for elective deferrals under §402(g)(1) (e.g., §401(k) and §403(b) plans) increases to $18,500 (from $18,000).
The limitation under §457(e)(15) concerning elective deferrals to deferred compensation plans of state and local governments and tax-exempt organizations (§457(b) plans) increases to $18,500 (from $18,000).
The limitation under §414(v)(2)(B)(i) for catch-up contributions to §§401(k), 403(b), and 457(b) plans for individuals age 50 or over remains unchanged at $6,000.
The compensation amount under federal regulation §1.61-21(f)(5)(i), concerning the definition of “control employee” for fringe benefit valuation purposes, increases to $110,000 (from $105,000). The compensation amount under §1.61-21(f)(5)(iii) increases to $220,000 (from $215,000).
IRS Announces 2018 COLAs for Transportation Fringes, FSA Deferrals and More
The IRS has released inflation-adjusted tables for 2018 reflecting any increases in the FSA deferral limit, foreign earned income exclusion, and excludable transportation fringes, among other changes [Rev. Proc. 2017-58, 10-19-17; https://www.irs.gov/pub/irs-drop/rp-17-58.pdf].
For plan years beginning in 2018, the dollar limitation under §125(i) on voluntary employee salary reductions for contributions to health flexible spending arrangements is $2,650 (up from $2,600 in 2017).
To be eligible to make contributions to a Medical Savings Account (or to have the employer make the contributions), an employee must be covered by a high deductible health plan. For 2018, a high deductible health plan is a plan with an annual deductible of $2,300-$3,450 for individual coverage ($2,250-$3,350 in 2017) and $4,600-$6,850 for family coverage ($4,500-$6,750 in 2017). Maximum out-of-pocket expenses can be no more than $4,600 for individual coverage (up from $4,500 in 2017) and $8,400 for family coverage (up from $8,250 in 2017).
For 2018, the maximum amount that can be excluded from an employee’s gross income for qualified adoption expenses under an employer’s adoption assistance program is $13,840 ($13,570 in 2017). The maximum amount that can be excluded in connection with the adoption of a child with special needs is $13,840 ($13,570 in 2017).
Proposal for Truncated Taxpayer Identification Numbers on Forms W-2
November 14, 2017 5:30 p.m.
The regular meeting of the Central Iowa Chapter of the American Payroll Association was held at Tursi’s Latin King in Des Moines, Iowa on Tuesday, November 14, 2017.
President, Tori Worley, called the business meeting to order at 5:30p.m. The speaker, Carmen Perez from Global Cash Card made her presentation.
Vice President – Deanne O’Hollearn
Education – Kelsi Vander Meiden
Newsletter- Angela Alsum
Treasurer, Casie Lange, absent - Tori reported our checkbook balance was $14,671.88.
Vice President, Deanne O’Hollearn – absent; Tori reported that 2018 publication orders will be coming out in December. We will bundle the order with the NE chapter to obtain discounts.
Hospitality – Debby Haning reported our next meeting is on December 14th at the Hilton Inn. Kristy Maitre will be the speaker.
Education – Kelsi Vander Meiden – RCH recredits are available at the end of the meeting or can be sent out by email based on attendance tonight.
Newsletter- Angela Alsum - November 16th is the deadline for newsletter submissions.
NPW/Community Development - Gayla Nesbit – this year’s charitable drive will benefit the Courage Store of the Children’s Cancer Connection. A list of needs is provided or gift cards are needed.
Government Liaison, Carol Fisher – absent.
Membership, Sam Skogerboe – Active members = 137; National members = 52. We need a 51% national membership to maintain our status with APA. We are at 38%.
Nominations, Cheri Klyn - no report
Life changes – Kelli Belden is now at Accumold. Gayle Mitchell is now at Niece Trucking, Inc.
Meeting adjourned at 6:30 - submitted by Gayle Mitchell.
This year’s Christmas charitable drive will benefit the Courage Store of the Children’s Cancer Connection. A list of needs is provided or gift cards are needed. Please bring donations and gift cards to the December 14 meeting. Notice all donations need to be $10 or less including gift cards.