The Presti & Naegele Advantage
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General Resource
Accounting Today has a section of their website dedicated to the impact of COVID-19 and the latest news affecting the industry. You can read more by clicking the link below.
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Latest Tax
Alerts
Check out the latest tax
alert section of our website, full of links and articles for professional and personal tax news. Read
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Final Regulation Addresses Tax Withholding on Certain Periodic Retirement and Annuity Payments
The IRS has issued a final ... Read
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Guidance for Applying New, Proposed Bonus Depreciations Regs
The IRS has provided guidance to taxpayers that want ... Read
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Guidance on Form W-2 Reporting of Deferred Employee Tax
The IRS has released guidance on its website for ... Read
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Life Expectancy and Distribution Period Tables for RMDs Updated
The IRS has issued final regulations to update the life ... Read
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Proposed Regs Address State and Local Tax Payments by Partnerships, S Corporations
The IRS intends to issue proposed regulations to clarify that ... Read
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Presti &
Naegele
Contact us at: Tel:(212)736-0055
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IRS Releases 2021 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts
By: Annemarie Aguanno, CPA, Senior Audit/Tax Manager
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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 Brackets
For 2021, the highest income tax bracket of 37 percent applies when taxable income hits ... Read More
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2021 Inflation Adjustments for Pension Plans, Retirement Accounts Released
By: Donald Sager, CPA, Partner
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The IRS has released the 2021 cost-of-living adjustments (COLAs) for pension plan dollar limitations and other retirement-related provisions.
Key Unchanged Amounts
The 2021 contribution limit remains unchanged at $19,500 for employees who take part in ... Read More
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Social Security Wage Cap and Benefit Amounts Increase for 2021
By: Thomas Zanata, CPA, Tax Manager
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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 Cap
The Federal Insurance Contributions Act (FICA) tax on wages is 7.65 percent each for the employee and the employer. FICA tax has two components:
• a 6.2 percent Social Security tax, also known as Old Age, Survivors, And Disability Insurance (OASDI); and
• a 1.45 percent Medicare tax, also known as ... Read More
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