IRS Inflation-Adjusted Tax Items

March 6, 2023 · Colony Family Offices

In late December, Congress passed a significant omnibus budget bill. Included was the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (“Secure Act 2.0”), which contains various retirement and other changes that practitioners and their clients need to be aware of. It provides new incentives for employers to offer retirement plans to […]

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In late December, Congress passed a significant omnibus budget bill. Included was the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (“Secure Act 2.0”), which contains various retirement and other changes that practitioners and their clients need to be aware of. It provides new incentives for employers to offer retirement plans to their employees and for employees to participate and improve their retirement security.

Secure Act 2.0 aims to help employees and their beneficiaries, owner-employees, small businesses, and retirees, and ease costs, administrative burdens, and penalties for inadvertent mistakes. It will also require most plans to be amended to comply with some of its provisions. The 2023 omnibus bill containing the new provisions was signed into law by President Biden on December 29, 2022. Highlights of the new legislation are included in this memorandum after a summary of the many new IRS inflation adjustments that apply to various tax items in 2023.

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