IRS Updates Contributions to 401(k) Plans and IRAs

By: Michael P. Sawicki. Esq.

On November 1, 2023, the Internal Revenue Service announced that that the amount individuals can contribute to their 401(k) plans has increased from $22,500 for 2023 to $23,000 for 2024.

The limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 (SECURE 2.0) to include an annual cost‑of‑living adjustment of $1,000 for 2024.

The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan remains $7,500 for 2024. Therefore, participants in such plans who are 50 and older can contribute up to $30,500, starting in 2024.

The income ranges for determining eligibility to make deductible contributions to traditional IRAs and Roth IRAs each increased for 2024. Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or the taxpayer’s spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. If neither the taxpayer nor the spouse is covered by a workplace retirement plan, the phase-outs of the deduction do not apply. The phase‑out ranges for 2024 are as follows:

  • For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to $77,000 – $87,000, up from $73,000 – $83,000.
  • For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to $123,000 – $143,000, up from $116,000 – $136,000.
  • For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the phase-out range is increased to $230,000 – $240,000, up from $218,000 – $228,000.
  • For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

The deductible limit on charitable distributions for 2024 increased from $100,000 to $105,000.

Details on these and other retirement-related cost-of-living adjustments for 2024 can be found in Notice 2023-75, available on

If you have any questions regarding these updates from the IRS, please contact Batoff Associates. P.A. at 410-864-6211.

Major Corporate Governance Changes are Coming. Are You Ready for Compliance with the Corporate Transparency Act?

By: Michael P. Sawicki, Esq.

Effective January 1, 2024, the Corporate Transparency Act (CTA) goes into effect which will require almost every legal entity incorporated, organized or registered in a state to disclose information related to its owners, officers and controlling persons with the Federal Crimes Enforcement Network (FinCEN). The intent of the CTA is to reduce terrorist financing, money laundering and any other illegal activities. The CTA provides criminal (a $10,000 fine or 2 years in jail) and civil penalties (up to $500 per day) for individuals who knowingly provide false or fraudulent information or who fail to comply with reporting requirements.

Companies who will be required to report under the CTA include domestic and foreign privately held entities. A domestic privately held entity is a corporation, limited liability company, or other entity formed by filing a document with the secretary of state or similar office under the laws of that state. A foreign entity includes any private entity formed under the laws of a foreign country that is registered to do business in any state in the US. There are certain exemptions for large operating companies, SEC reporting companies, insurance companies, tax exempt entities and subsidiaries of exempt companies. A large operating company is exempt if it employs more than 20 full time employees in the US with more than $5 million in gross receipts or sales and operates from a physical office in the US.

Reporting companies formed prior to January 1, 2024, will have one year to comply with the CTA by filing initial reports. Reporting companies created or registered on or after January 1, 2024, will have 30 days upon receipt of their creation or registration documents to file initial reports. FinCEN will be creating an online portal called the Beneficial Ownership Secure System to collect and store reports. Reports filed with FinCEN will not be available to the public or subject to the Freedom of Information Act.

Companies subject to the CTA will be required to provide identifying information for the beneficial owners of the reporting company which is an individual who directly or indirectly either exercises substantial control over a reporting company or owns or controls at least 25% of the ownership interests of a reporting company. The CTA provides factors for determining substantial control (subject to certain exemptions) including: (i) serving as a senior officer of the company, (ii) having authority over senior officers or a majority of the board of directors, (iii) having substantial influence over important decisions, or (iv) having any other type of substantial control over the company.

Companies will be required to report all identifiable information regarding the company as well as the name, DOB, home address, US passport or driver’s license number and an image of the document for each beneficial owner of the company.

Now is the time to review and update your company’s compliance plan and determine if you will be subject to the CTA.

If you have any questions or would like to get more information regarding the Corporate Transparency Act, please contact Batoff Associates, P.A. at 410-864-6211.

Miner Limited, an OnPoint Group Company, Acquires Charles H. Hodges & Son

Charles H. Hodges & Son, Inc. was represented by Justin Batoff of Batoff Associates, P.A. in Baltimore, Maryland. Miner Ltd. / OnPoint Group was represented by Eric Halperin and David Ostermann of Willkie Farr & Gallagher LLP in New York, New York

September 07, 2022 

PERRYSBURG, Ohio–(BUSINESS WIRE)–Miner Ltd., the dock and door division of OnPoint Group, has acquired Charles H. Hodges & Son, Maryland’s oldest and most reputable loading dock specialist. A single-source provider for the design, installation and maintenance of commercial dock and door equipment, Charles H. Hodges & Son has been a partner to both commercial and industrial customers for more than four generations. The company serves businesses across Maryland, DC, and Northern Virginia.

“We are thrilled to have the opportunity to welcome the Hodges team to the Miner family as we expand our reach in a critical market. The team at Hodges serves a well-established customer base and their industry expertise directly aligns with our mission of improving safety and efficiency at the loading dock,” said Miner President, Dave Wright.

A legendary name in the dock and door industry, Hodges installed the first dock leveler on the East Coast in Baltimore in 1954. Today the team is an established leader in this top 30 industrial property market and a top performing distributor for a variety of key product suppliers.

“For more than four generations we have focused on providing customers with the best professional sales, service and installations possible for their loading dock needs. Whether it’s a Fortune 500 company or a family business, we are equipped to meet the full breadth of our customers’ needs—especially now as Miner expands our capabilities and national reach,” said Charles H. Hodges & Son’s President, Jamie Hodges.

Charles H. Hodges & Son, Inc. was represented by Justin Batoff of Batoff Associates, P.A. in Baltimore, Maryland
Miner Ltd. was representing by Eric Halperin and David Ostermann of Willkie Farr & Gallagher LLP in New York, New York

For additional information about Miner and Charles H. Hodges & Son visit or