IRS: 2021 Marginal Income Tax Rates

November 10, 2020By Smeriglio Associates LLCNews

The IRS has issued the 2021 marginal income tax rates. The top tax rate remains 37% for single taxpayers with incomes greater than $523,600 ($628,300 for married couples filing jointly). The other rates are: 35%, for incomes over $209,425 ($418,850 for married couples filing jointly); 32% for incomes over $164,925 ($329,850 for married couples filing … Read More

Nonprofits: Internal audits still matter

November 9, 2020By Smeriglio Associates LLCNews

Fraud doesn’t simply take a vacation during crises, such as the COVID-19 pandemic. If your not-for-profit’s internal controls aren’t effective, crooked individuals can find ways to exploit them and steal from your organization — even if they’re working remotely. Other threats, such as financial shortfalls, might also loom. So it’s important to continue to schedule … Read More

IRS: 2021 Annual Inflation Adjusted Amounts

November 9, 2020By Smeriglio Associates LLCNews

The IRS has announced most 2021 annual inflation-adjusted amounts. These adjustments generally apply to tax returns filed in 2022. The standard deduction for married couples filing jointly will rise to $25,100, up $300 from 2020. For single taxpayers and married individuals filing separately, it will increase to $12,550, up $150. The Alternative Minimum Tax exemption … Read More

IRS: National EIP Registration Day

November 7, 2020By Smeriglio Associates LLCNews

Time’s almost up to receive an Economic Impact Payment (EIP). Eligible taxpayers must register by Nov. 21. To encourage people to be ahead of the deadline, the IRS has set Nov. 10 as “National EIP Registration Day,” promoting EIP information in 35 languages. These resources inform taxpayers who don’t normally file tax returns that they … Read More

Don’t forget about making a portability election

November 6, 2020By Smeriglio Associates LLCNews

Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. For 2020, the exemption amount is $11.58 million, and the IRS just announced that that amount will increase to $11.7 million for 2021. To secure these … Read More

IRS: Employer Taxable Treats?

November 6, 2020By Smeriglio Associates LLCNews

Are holiday treats from employers taxable? With employees working from home during the holiday season, some employers may want to stay connected to them by providing them with small goodies. For example, Halloween treat bags or a coupon for a free pumpkin from a local farm. Generally, such gifts fall under the “de minimis fringe … Read More

How effectively does your business manage risk?

November 5, 2020By Smeriglio Associates LLCNews

From natural disasters and government shutdowns to cyberattacks and fraud, risks abound in today’s volatile, uncertain marketplace. While some level of risk is inevitable when operating a business, proactive owners and executives apply an enterprise risk management (ERM) framework to manage it more effectively. Evolving framework The Committee of Sponsoring Organizations of the Treadway Commission … Read More

PBGC: 2021 Premium Rates

November 5, 2020By Smeriglio Associates LLCNews

The Pension Benefit Guaranty Corporation (PBGC) has released its 2021 premium rates. The PBGC is a government agency that collects insurance premiums from employers that sponsor defined benefit plans. The 2021 flat premium rate for PBGC’s single-employer plan termination insurance program will be $86 per participant, up from the 2020 premium rate of $83. The … Read More