Social Security and Medicare tax As of January 1, 2020, the maximum amount of annual earnings subject to Social Security increases to $137,700 (from $132,900 in 2019). There is no limit on the amount of earnings subject to the Medicare tax.
Every business wonders how they can pay less in taxes. Or at least that’s what the firm’s managing partner, David Goldner told me when we sat down on the set of Next Level to chat about tax challenges that growing businesses often face.
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Computer software drives the world. Businesses use software to account for transactions, communicate with colleagues and customers, and design and manufacture new products. One thing is clear: without software, we’d be lost. Accounting for the costs associated with software acquisition, however, can be less than straightforward. In this article, we’ll outline some things a business will need to consider when acquiring or implementing new software for its own use and how to account for those transactions.
On December 20, 2019, the “parking tax” for nonprofits was repealed. The parking tax, otherwise known as the taxation of transportation fringe benefits by nonprofit employers under Section 512(a)(7), was first brought into law with the passing of the Tax Cuts and Jobs Act (TCJA) at the end of 2017.
With the holidays over, tax-minded individuals are now focused on gathering their paperwork to file 2019 returns and project what their tax situation will look like in 2020. Each year, Congress decides to extend or let expire various provisions of the tax law. This article summarizes some of the more commonly-used “extenders” so individuals and business owners may understand the impact of various courses of action.
Nonprofits are required to include a liquidity disclosure in their financial statements. 1 This liquidity disclosure overviews qualitative and quantitative information about how the nonprofit manages its liquid resources. This information can make it easier for someone reviewing a nonprofit’s financial statements to understand the financial health of the organization. Currently, there is no required format on how to present the information in the liquidity disclosure, as long as all of the required elements are included in the disclosure.