December 22, 2020
Wayne Naegele
Blog Posts
0 CommentsDecember 22, 2020 Dear Clients, Colleagues and Friends, On Sunday night, it was announced that a deal was reached on a $900 billion COVID aid bill, which includes financial assistance and provisions for households and businesses. At the time of this email, the final version of the bill has passed in the House of Representatives […]
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December 15, 2020Tracy TaschBlog Posts0 CommentsProposed Regs Address State and Local Tax Payments by Partnerships, S Corporations The IRS intends to issue proposed regulations to clarify that state and local income taxes imposed on and paid by a partnership or an S corporation are deductible by the partnership or S corporation in computing non-separately stated taxable income for the year […]
Read moreDecember 15, 2020Tracy TaschBlog Posts0 CommentsLife Expectancy and Distribution Period Tables for RMDs Updated The IRS has issued final regulations to update the life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The tables reflect the general increase in life expectancy. The tables would apply for distribution calendar years beginning on or after January 1, 2022, […]
Read moreDecember 15, 2020Tracy TaschBlog Posts0 CommentsGuidance on Form W-2 Reporting of Deferred Employee Tax The IRS has released guidance on its website for employers and employees regarding deferral of employee Social Security tax under Notice 2020-65, I.R.B. 2020-38, 567. In August, the IRS issued Notice 2020-65 in response to a Presidential Memorandum that allowed deferral of the withholding, deposit, and payment of certain […]
Read moreDecember 15, 2020Tracy TaschBlog Posts0 CommentsGuidance for Applying New, Proposed Bonus Depreciations Regs The IRS has provided guidance to taxpayers that want to apply either Reg. §1.168(k)-2 and Reg. §1.1502-68, or want to rely on proposed regulations under NPRM REG-106808-19, for: certain depreciable property acquired and placed in service after September 27, 2017, by the taxpayer during its tax years ending on or after […]
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December 15, 2020Thomas ZanataBlog Posts0 CommentsSocial Security Wage Cap and Benefit Amounts Increase for 2021 For 2021, the Social Security tax wage cap will be $142,800, and Social Security and Supplemental Security Income (SSI) benefits will increase by 1.3 percent. These changes reflect cost-of-living adjustments to account for inflation. 2021 Wage CapThe Federal Insurance Contributions Act (FICA) tax on wages […]
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December 15, 2020Donald SagerBlog Posts0 Comments2021 Inflation Adjustments for Pension Plans, Retirement Accounts Released The IRS has released the 2021 cost-of-living adjustments (COLAs) for pension plan dollar limitations and other retirement-related provisions. Key Unchanged AmountsThe 2021 contribution limit remains unchanged at $19,500 for employees who take part in: 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift […]
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December 15, 2020Annemarie AguannoBlog Posts0 CommentsIRS Releases 2021 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts The IRS has released the annual inflation adjustments for 2021 for the income tax rate tables, and for over 50 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation. 2021 Income Tax BracketsFor 2021, the highest income […]
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