House Democrats Look to Increase SALT Deduction Before 2020

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Though the U.S. House of Representatives continues to work through the ongoing impeachment proceedings, the Chamber has apparently found time to produce a proposed tax bill that would primarily serve to increase (at least, temporarily) the dollar limitation on deductible state and local income taxes (SALT) for individuals. It appears that a House vote to […]

New Updated Required Minimum Distribution Tables

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Taxpayers who have attained the age of 70½ must begin to consider taking distributions from qualified retirement plans, simplified employee pensions (SEPs), Simple IRAs and traditional “non-Roth” IRAs. A required minimum distribution (RMD) is the amount of money that must be withdrawn from a by owners of those plans.  Under the rules, taxpayers must begin […]

IRS Releases 2020 Limits for Pension and Retirement Plans

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The Internal Revenue Service has released cost-of-living adjustments to pension plans and other retirement-related items for 2020 in IR-2019-179. Many of the limits applicable to pension and other retirement plans have increased, however, the limit on annual contributions to an IRA remains unchanged at $6,000. The additional catch-up contribution limit for individuals aged 50 and […]

SSA Announces Increased FICA Coverage Thresholds

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A coverage threshold is an amount of earnings that triggers coverage under the Social Security program. The Social Security Administration (SSA) has announced a new threshold for  “cash” wages paid by an employer for domestic service in the employer’s private household. Employer Social Security tax obligations are an often-missed liability for households engaging individual assistance […]

To Tax or Not to Tax…That is the Question

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With the ups and downs of the financial markets over the last several weeks, it seems that political conversation has turned to the consideration of additional tax cuts as a vehicle for economic stimulus to ward off any recession that might be on the horizon. Recent discussions coming from the Trump administration have touted a […]