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 | Suzanne LoBiondo, CPA
516-791-1303
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 | Chris Cheeseman, CPA
516-791-1303
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Dear Clients and Friends,
November brings autumn leaves, colder temperatures, and turkey dinners! It also brings thoughts of year-end tax planning. We welcome your questions and are happy to prepare tax projections for you. Feel free to contact us for further information.
We at C&L have a lot to be thankful for this  Thanksgiving, and hope that you do too. Wishing all of you a happy and healthy Thanksgiving season.
Very truly yours,
Suzanne LoBiondo and Christopher Cheeseman
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| COLA Increases for 2014 |
The Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases. The IRS announced on October 31, 2013 cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2014.
Please see the COLA Increases Table for prior years' dollar limitations and Internal Revenue Code references.
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2014
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2013
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2012
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IRAs
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IRA Contribution Limit
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5,500
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5,500
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5,000
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IRA Catch-Up Contributions
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1,000
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1,000
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1,000
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IRA AGI Deduction Phase-out Starting at
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Joint Return
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96,000
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95,000
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92,000
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Single or Head of Household
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60,000
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59,000
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58,000
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SEP
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SEP Minimum Compensation
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550
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550
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550
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SEP Maximum Contribution
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52,000
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51,000
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50,000
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SEP Maximum Compensation
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260,000
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255,000
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250,000
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SIMPLE Plans
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SIMPLE Maximum Contributions
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12,000
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12,000
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11,500
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Catch-up Contributions
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2,500
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2,500
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2,500
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401(k), 403(b), Profit-Sharing Plans, etc.
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Annual Compensation
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260,000
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255,000
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250,000
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Elective Deferrals
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17,500
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17,500
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17,000
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Catch-up Contributions
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5,500
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5,500
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5,500
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Defined Contribution Limits
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52,000
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51,000
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50,000
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ESOP Limits
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1,050,000
210,000
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1,035,000
205,000
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1,015,000
200,000
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Other
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Highly Compensated Employee Threshold
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115,000
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115,000
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115,000
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Defined Benefit Limits
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210,000
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205,000
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200,000
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Key Employee
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170,000
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165,000
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165,000
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457 Elective Deferrals
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17,500
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17,500
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17,000
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Control Employee (board member or officer)
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105,000
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100,000
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100,000
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Control Employee (compensation-based)
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210,000
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205,000
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205,000
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Taxable Wage Base
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117,000
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113,700
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110,100
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C&L Tax and Accounting Services LLP is a boutique CPA firm that specializes in meeting the tax and accounting needs of individuals and small businesses. Our experienced tax and accounting professionals offer clients insightful and strategic tax planning and compliance services that maximize savings year after year.