2021 dollar limits and thresholds for 401(k)s and similar plans
The IRS recently announced the 2021 dollar limits and thresholds for retirement plans, reflecting the latest cost-of-living adjustments. Here are some relevant amounts for 401(k)s and similar plans: Annual contributions. The limit on annual contributions to 401(k) and other defined contribution plans will increase to $58,000 (up from $57,000 for 2020). Compensation. The annual limit on compensation that can be taken into account for contributions and deductions will increase to $290,000 (up from $285,000). Elective deferrals. The annual limit on elective deferrals will remain at $19,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pension
Is it time to hire a CFO or controller?
Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just don’t cut it anymore. If you can relate to the feeling, it may be time to add a CFO or controller. But you’ve got to first consider whether your payroll can take on this generally high-paying position and exactly what you’d get in return. The broad role A CFO or controller looks beyond day-to-day financial management to do more holistic, big-picture