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, […]
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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
Overview of Itemized Deduction Changes
Changes to Schedule A as a result of the Tax Cuts and Jobs Act are illustrated below. Check back for additional tax planning opportunities in these areas. Tax Planning Opportunity: Qualified Charitable Distributions
Planning Opportunity: Qualified Charitable Distributions
Age 70½ – Consider making charitable contributions directly from your IRA The Tax Cuts and Jobs Act (TCJA) increased the standard deductions and made significant changes to itemized deductions. The coordination of these changes will result in many taxpayers using the standard deduction and no longer itemizing deductions. We will be providing tax planning opportunities […]
Tax Ramifications of Divorce
There are common tax issues that arise during a divorce. However, during such an emotional time, working through those tax issues could be the furthest thing from someone’s mind. Divorce attorneys are there to help with the physical separation of assets and to handle custody and support arrangements, but the tax implications of the agreements […]
HSA Tax Planning Tips
There can be a lot of confusion surrounding HSA Tax planning. Here are a few things to keep in mind. An HSA does not have to be through an employer. An individual can open an HSA account You must be enrolled in a high deductible plan to contribute to an HSA When looking for an […]
GAAP Reporting for Not-For-Profits is Changing
Not-for-profit (NFP) reporting has remained relatively constant over the past two decades. However, changes are finally coming. These changes are the result of Accounting Standards Update 2106-14 (also known as ASU 2016-14). The updates from this ASU are effective for fiscal years beginning after December 15, 2017. However, early adoption of the ASU is permitted. […]
Business Owners: Are you a landlord… to your business?
Many business owners often operate their businesses using real estate which they also own. While this can be a great strategy to create wealth for the business owner, it also exposes them to liability: legal issues with the operating business could expose the real estate to legal claims and vice versa. One typical solution separates […]