Fine Tune Your Budgeting and Planning Processes for the New Year

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Unlike accountants who are in charge of recordkeeping, financial analysts are charged with examining, analyzing and evaluating the entirety of a corporation’s financial activities and mapping out the company’s financial future. These professionals are under constant pressure to provide more strategic value and insights for their organizations. Read this NetSuite blog post to learn how […]

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 […]

Changes to Form W-4 Coming in 2020

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The Form W-4, the Employee’s Withholding Allowance Certificate, determines the amount of Federal Income Taxes to be withheld from an employee’s paycheck. The IRS encourages everyone to use the Tax Withholding Estimator to perform a quick paycheck checkup to protect against having too little tax withheld and facing an unexpected tax bill. After being delayed a […]

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 A required minimum distribution (RMD) is the amount of money that must be withdrawn from a by owners of those plans.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 […]

CFOs Are Still Buried in Spreadsheets

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In NetSuite Brainyard’s recent white paper, “State of the CFO Role,” 186 CFOs respondents said they spend an average of 2.25 hours in spreadsheets every day. That’s more time in spreadsheets than any other software in their toolkits. In some ways, that’s never going to change. CFOs  love the ability to export and manipulate data […]

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 […]