The IRS posted an updated Publication 560 relative to Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) for use in preparing 2019 returns. The ‘What’s New’ section highlights the following topics:
- Updated compensation limits
- Updated deferral limits
- Updated contribution and catch-up contribution limits
- The repeal of the maximum age of 70 ½ for making contributions
- The new required starting age of 72 for RMDs
- Updates to credit limits and the credit available for auto enrollment