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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 More

Final Regulation Addresses Tax Withholding on Certain Periodic Retirement and Annuity Payments

The IRS has issued a final ... Read More

Guidance for Applying New, Proposed Bonus Depreciations Regs

The IRS has provided guidance to taxpayers that want ... Read More

Guidance on Form W-2 Reporting of Deferred Employee Tax

The IRS has released guidance on its website for ... Read More

Life Expectancy and Distribution Period Tables for RMDs Updated

The IRS has issued final regulations to update the life ... Read More

Proposed Regs Address State and Local Tax Payments by Partnerships, S Corporations

The IRS intends to issue proposed regulations to clarify that ... Read More

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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


Annemarie Aguanno, CPA, Senior Audit/Tax ManagerThe 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

2021 Inflation Adjustments for Pension Plans, Retirement Accounts Released

By: Donald Sager, CPA, Partner


Donald Sager, CPA, Partner 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

Social Security Wage Cap and Benefit Amounts Increase for 2021

By: Thomas Zanata, CPA, Tax Manager


Thomas Zanata, CPA, Tax ManagerFor 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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