NSAC Happenings and Latest News - Page 99
2018 Pension Plan Contribution Limits Are Announced
The IRS announced that the limit on elective deferral for contributions to 401(k) plans, 403(b) plans, most 457 plans, and the federal government's Thrift Savings Plan will increase from $18,000 in 2017 to $18,500 for 2018. However, the catch-up contribution limit for those 50 and older remains $6,000. Most other inflation-adjusted amounts related to pensions increased from 2017 to 2018. The ability of taxpayers who are covered by workplace ...
Read MoreFASB Releases Hedge Accounting Standard
The Financial Accounting Standards Board has released its long-awaited hedging standard, the final component of its financial instruments convergence project with the International Accounting Standards Board. The accounting standards update has been in the works since 1998, when FASB last issued a standard for hedge accounting activities. After it agreed in 2002 to begin working with the IASB on converging accounting standards, FASB issued two ...
Read MoreWhat's Next for FASB
FASB to work on developing accounting rules to address areas of distinguishing liabilities and equity, financial performance reporting, and segment reporting. After considering feedback on a yearlong agenda consultation project, FASB added these items to its technical agenda:A project on distinguishing liabilities and equity that is designed to improve understandability and reduce complexity without sacrificing the relevance of information ...
Read MoreIRS Updates Special Per-diem Rates for Business Travel
Business travelers who incur expenses while traveling away from home have new per-diem rates to use in substantiating certain of those expenses (Notice 2017-54). The new rates will be in effect from Oct. 1, 2017, to Sept. 30, 2018. The IRS on Tuesday provided the 2017-2018 special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list ...
Read MoreGreetings to all NSAC members from the President!
It is hard to believe that the harvest season is here for many of our members! It does not seem that long ago that we were all talking about the wet/dry, hot/cold weather than seemed to stay around for most of March, April and May. The weather sure can vary a lot in just a few miles across the country! Member Communication As part of the National Board’s strategic initiatives we are looking to increase member communication. Providing ...
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