<p>2008 Pension Plan Limitations Announced</p><p>IRS has released New Release IR 2007-171 which contains the cost of living adjustments for the dollar limitations on benefits and contributions under various qualified pension plans for 2008. Below are some of the more common amounts.</p><p>The defined benefit plan limitation increases from $180,000 in 2007 to $185,000 for 2008. The defined contribution plan maximum increases from $45,000 to $46,000.</p><p>The annual compensation limit for most employer contributions increases from $225,000 to $230,000.</p><p>A year of service for SEP coverage remains at $500 of earnings. Elective deferrals for §401(k), §403(b), §457, and SARSEPs remain at $15,500, with the catch-up amount remaining at $5,000.</p><p>The maximum elective deferrals to SIMPLE plans remains at $10,500, with the catch-up amount remaining at $2,500.</p><p>The release also has the other pension related indexed amounts such as key employee, top heavy, and “control employee” limits.</p><p>A copy of this news release can be found at www.irs.gov/pub/ by clicking on irs-news and then clicking on ir-2007-171. We can also send you a pdf copy of the news release upon request.</p><p>Ashwaubenon Tax Professionals now has DVDs on various topics that qualify for continuing education credits. At the end of this email is a list of the current DVD topics available.</p><p>This text has been shared with you courtesy of: David & Mary Mellem, EAs & Ashwaubenon Tax Professionals, 920-496-1065 (fax 920-496-9111) [email protected], [email protected], [email protected], and [email protected]</p><p>©2007 Ashwaubenon Tax Professionals. No reproduction of this article is permitted without the express consent of Ashwaubenon Tax Professionals, 2140 Holmgren Way, Suite 1040, Green Bay, WI 54304.</p><p>We do not sell, give, or in any way share email addresses with anyone. If you would like to be removed from our email list, send us an email to that effect. If someone else would like to be added to our list, have them send us an email.</p><p>DVDs CURRENTLY AVAILABLE – We have developed several DVDs on various tax topics. Below is our current list with more expected to be developed. Each DVD (other than the Ethics) is approximately 100 minutes in length and qualifies for CPEs upon completion of the CPE exam with at least 70% accuracy. The text can be sent with the DVD as either paper or as a pdf copy. If you are interested, please contact our office for an order form or more information. - AMT - Death (various tax issues including final return, basis, IRD) - Debt Forgiveness - Ethics – Circular 230 – 50 minutes (1 CPE) - Ethics – Beyond Circular 230 – 50 minutes (1 CPE) - Form 1041 - Form 4797 - Net Operating Loss - Retirement Plans - Schedule D</p>