Richmond VA Accounting Services Blog | Rue & Associates

Blog

09
Nov

Social Security Administration Sets the Wage Base for 2019

The Social Security Administration declared that the maximum amount of wages on individuals to old age, survivors, and disability insurance tax will increase to $132,900 in 2019. The OASDI tax rate is 6.2 percent, so an employee with wages up to …

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08
Nov

Due Diligence for Tax Preparers are Finalized

Recently the IRS finalized proposed regulations imposing a penalty on tax return preparers who do not follow certain due-diligence requirements when preparing to file returns for taxpayers who are claiming to be head-of-household filing status, the earned income tax credit, …

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05
Nov

Qualified Retirement Plans – Inflation Adjustments

The limit on elective deferral contributions to 401(k) plans, 403(b) plans, most 457 plans will rise from $18,500 in 2018 to $19,000 in 2019, per the IRS. Nevertheless, the contribution limit for those 50 and older remains $6,000. Many other …

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02
Nov

FASB Increases Private Company Consolidation Relief

FBSB announced that private companies with the issuance of a standard proposal to improve consolidation accounting for private companies. They also rewritten for all entities the guidance for determining whether a policymaking fee is a variable interest. This would give …

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31
Oct

The Four Top Tax Strategies to Save You Money

Here are four tax strategies that can help you save money: Use your startup costs as a deduction: The IRS provides a tax break by allowing you to deduct up to $5,000 of your initial startup costs. This allows you …

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