Howard, Moore & McDuffie

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News

Tax filing season to start Feb. 12, IRS announces

18 January 2021
Author: machele
Number of views: 3323
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The IRS on Friday announced that it will start accepting and processing 2020 tax returns on Friday, Feb. 12. This is later than in most previous years, when tax season has started in January. The IRS says the delay is due to the extra time it needs for programming and testing its systems following the tax law changes made by the Consolidated Appropriations Act, 2021 (CAA 2021), P.L. 116-260, which was enacted Dec. 27.

Many tax provisions appear in year-end coronavirus relief bill

22 December 2020
Author: machele
Number of views: 3432
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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: 3621
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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: 3564
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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: 3806
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.

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