4 ways to address elderly parents in your estate plan

October 28, 2020By Smeriglio Associates LLCNews

Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some older family members, such as your parents or in-laws. They may also need your financial assistance and help with their estate planning. How can you best handle the financial affairs of parents in the later … Read More

2020 – 10/16 – IRS: The Tax Agency’s Computer Security Concerns

October 28, 2020By Smeriglio Associates LLCNews

Certain IRS computers lack adequate security, a recent report said. After an examination of the tax agency’s mainframe computing environment, the Treasury Inspector General for Tax Administration (TIGTA) reported that improvement is needed. “The IRS mainframe platform is not satisfying minimum mainframe security requirements in several key areas,” it stated. TIGTA did confirm that access … Read More

Inventory management is especially important this year

October 27, 2020By Smeriglio Associates LLCNews

As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed the impact on both. However, … Read More

The 2021 “Social Security wage base” is increasing

October 26, 2020By Smeriglio Associates LLCNews

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and … Read More

Social Security Wage Base Increase

October 26, 2020By Smeriglio Associates LLCNews

The Social Security (SS) wage base increases to $142,800 for 2021, up from $137,700. Wages and self-employment income above this threshold aren’t subject to SS tax. The Federal Insurance Contributions Act (FICA) imposes SS tax and a Medicare tax on employees, employers and the self-employed. There’s no threshold for Medicare tax; all wages and self-employment … Read More

IRS: Review Your Tax Withholding

October 23, 2020By Smeriglio Associates LLCNews

With the final quarter of 2020 underway, the IRS is reminding you to review your tax withholding. That can help avoid unexpected shortfalls when you file your tax return, or depending on the adjustment, boost take home pay this quarter. You can view the taxes owed, your payment history and other key details from your … Read More