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    Welcome to
    Piaker & Lyons
    Certified Public Accountants
  • Binghamton, NY
    About
    Piaker & Lyons
    Here at Piaker & Lyons, we pride ourselves in our vast community involvement.
    Check out our Commitments!
  • Binghamton, NY
    Services
    With over 70+ years with the community.
    We are an established company ready to help you.

In The News

* 2024, 2023, and 2022 Pension Plan Limitations & SS Wage Base
11/15/2023

The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is $23,000 for 2024, $22,500 for 2023 and $20,500 for 2022.

The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is $8,000 for 2024, $7,500 for 2023 and $6,500 for 2022.

The limit on annual contributions to an Individual Retirement Arrangement (IRA) is $7,000 for 2024, $6,500 for 2023 and$6,000 for 2022.  The catch-up contribution to an IRA for individuals aged 50 and over is an additional $1,000.

The limitation for defined contribution plans under Section 415(c)(1)(A) is $69,000 for 2024, $66,000 for 2023 and $61,000 for 2022.

The annual compensation limit under Sections 401(a)(17), 404(l), 408(k)(3)(C) and 408(k)(6)(D)(ii) is $345,000 for 2024, $330,000 for 2023 and $305,000 for 2022.

The dollar limitation under Section 416(i)(1)(A)(i) concerning the definition of key employee in a top-heavy plan is $220,000 for 2024, $215,000 for 2023 and $200,000 for 2022.

The limitation used in the definition of highly compensated employee under Section 414(q)(1)(B) is $155,000 for 2024, $150,000 for 2023 and $135,000 for 2022.

The limitation under Section 408(p)(2)(E) regarding SIMPLE retirement accounts is $16,000 in 2024, $15,500 for 2023 and $14,000 for 2022. The catch-up contribution to a SIMPLE for individuals aged 50 and over is an additional $3,500 for both 2024 and 2023 and $3,000 for 2022.

 

The taxable wage base for Social Security is $168,600 for 2024, $160,200 for 2023 and $147,000 for 2022.

The age for Required Minimum Distributions (RMDs) is 72 in 2022 and 73 if you reach age 72 after December 31, 2022.

History

Piaker & Lyons has over 70+ years with the community. We are well-established, multi-site regional independent certified public accounting firm committed to providing our clients with responsible, value-added services.

Services


We provide a full range of services including:

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Community Involvement

We pride ourselves on our vast community involvement. Collaborating with community members and to advocate and strengthen meaningful community relationships.

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Community Involvement


To View a list of our current commitments.

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