The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax (OASDI) in 2021 will increase to $142,800. This is up from $137,700 for 2020. In addition, beneficiaries of Social Security and Supplemental Security Income (SSI) will receive a 1.3% cost of living adjustment for 2021. Click here for […]
New Regional Sales and Use Tax in Central Virginia Region
Effective October 1, 2020, the sales and use tax levied in the Central Virginia Region will be 6.0 percent, an increase of .7 percent over the existing 5.3 percent rate. The localities affected include the City of Richmond and the Counties of Charles City, Chesterfield, Goochland, Hanover (including the Town of Ashland), Henrico, New Kent, […]
Employees May Defer Social Security Taxes
Recent Treasury guidance permitting employers to defer employee Social Security taxes has been widely reported in the media. On August 8, 2020, the President of the United States issued a Presidential Memorandum deferring the withholding of and payment of the employee share of social security taxes for the period beginning on September 1, 2020, and ending on […]
Hard at Work… at Home!
Preparation for the Payroll Protection Program
Ten days ago, MUAC began reading and interpreting the Cares Act that was signed into law on Friday. Over the past seven days, we developed a task force to assist clients with each section of the Act and have been daily in contact with banks in our community to ensure the process can be as […]
Doug Urquhart Q&A with VSCPA
Doug Urquhart was interviewed with by the Virginia Society of Certified Public Accountants. Doug shares what he thinks makes our firm unique, and what has gotten us to our 15 year milestone. Read the interview here: https://www.vscpa.com/article/more-numbers-people
Recent Developments Involving the “20% 199A Deduction” and “Qualified Opportunity Funds”
INTRODUCTION The “Tax Cuts and Jobs Act” (TCJA) signed into law in late 2017 represented the most substantial tax reform legislation since 1986. This legislation contained the following two brand new provisions that are attracting tremendous attention: The New 20% Deduction Under Section 199A (“20% 199A Deduction”). This 20% 199A Deduction is one of the […]
2019 Year- End Tax Planning for Individuals
INTRODUCTION With year-end approaching, this is the time of year we suggest possible year-end tax strategies for our clients. 2018 was the first year individuals filed tax returns reflecting major tax changes under the “Tax Cuts and Jobs Act” (TCJA). Now that we have 2018 under our belt, some of the yearend tax strategies for […]
2019 Year-End Tax Planning for Businesses
INTRODUCTIONIt’s that time of year when businesses should start developing year-end planning strategies. 2018 was the first year businesses and their owners filed tax returns reflecting major tax changes under the “Tax Cuts and Jobs Act” (TCJA). Having experienced the impact of TCJA on 2018 returns, the possible impact of the TCJA provisions on year-end […]
Charitable Contribution Legislation
Final regulations have been issued to guide taxpayers on the treatment of charitable contributions that qualify for state credit programs. In June, the US Treasury and the IRS issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive for the donation. […]
