Monthly Archives: October 2016

IRS Announces 2017 Cost of Living Adjustments

Cost of living adjustments

The IRS just announced the 2017 cost-of-living adjustments. There re numerous adjustments but some of the highlights are discussed below.

The IRA contribution limits remain unchanged at $5,500 with the catch-up still at an additional $1,000, while the IRA phase-out for IRA contributions also climbed by $1,000 to $99,000 to $119,000 (married) and $62,000 to $72,000 (single head of household.)

401(k) contribution limits are also unchanged at $18,000 and $6,000 for catch-ups.…

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New Sick Leave Rules for Federal Contractors

Sick leave

In September 2015, President Obama signed executive order 13706 requiring companies that enter into covered contracts with the Federal Government to provide covered employees with up to 7 days of paid sick leave annually. They are also required to allow this sick leave to be used for family care.   Late last month the Department of Labor issued the rules for this change.…

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