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News

Many tax provisions appear in year-end coronavirus relief bill

  • 22 December 2020
  • Author: machele
  • Number of views: 1288
  • 0 Comments
The omnibus spending and coronavirus relief bill passed by Congress late Monday includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress Monday evening, and the president is expected to sign it quickly.

COVID-19 relief bill addresses key PPP issues

  • 22 December 2020
  • Author: machele
  • Number of views: 1348
  • 0 Comments
The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses.

2021 inflation adjustments and tax tables issued

  • 28 October 2020
  • Author: machele
  • Number of views: 1490
  • 0 Comments

The IRS on Monday issued the 2021 annual inflation adjustments for many tax provisions, as well as the 2021 tax rate tables for individuals and estates and trusts (Rev. Proc. 2020-45). These adjusted amounts will be used to prepare tax year 2021 returns in 2022.

Many amounts will increase for inflation in 2021. The standard deduction will increase to $25,100 for married individuals filing joint returns or surviving spouses, $18,800 for heads of household, and $12,550 for unmarried individuals (other than surviving spouses) and married individuals filing separate returns.


Inflation-adjusted income ranges for 2021 IRA and 401(k) plans

  • 28 October 2020
  • Author: machele
  • Number of views: 1458
  • 0 Comments
The IRS on Monday announced that the income ranges to determine whether taxpayers are eligible to make deductible contributions to traditional individual retirement arrangements (IRAs), to contribute to Roth IRAs, and to claim the saver’s credit all will increase for 2021 from 2020 (Notice 2020-79). Most other employee retirement plan contribution limits will remain the same.

Guidance issued on payroll tax deferral

  • 31 August 2020
  • Author: machele
  • Number of views: 1727
  • 0 Comments
Late on Friday, the IRS issued much-anticipated guidance on the payroll tax deferral that was ordered by President Donald Trump in a presidential memorandum on Aug. 8 (Notice 2020-65). The notice allows employers to defer withholding on affected employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the first four months of 2021.
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