Income Ranges for Determining IRA Eligibility Change for 2021

The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted today on Highlights of changes for 2021: The income ranges for...

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IRS Provides Tax Inflation Adjustments for Tax Year 2021

The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustments. Highlights...

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Virtual Sage 100cloud Conference presented by VBCC

Vrakas/Blum Computer Consulting, Inc. (VBCC) has been selling and implementing Sage products for over 25 years and is one of the top Sage resellers in the Midwest region. Sage 100cloud helps growing companies with accounting, manufacturing, distribution, inventory...

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Millions of Taxpayers Receive a Tax Refund Interest Payment

IRS Tax Update: In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds. These interest payments averaged about $18....

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2020 Payroll Tax Deferral Order

The President issued an executive order deferring payroll taxes beginning September 1, 2020.  As the COVID-19 (coronavirus) pandemic continues to surge in multiple regions of the United States, the economy continues to flounder. While some economic recovery has...

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Do you qualify for a home office deduction?

With many taxpayers working remotely, the IRS recently released Tax Tip 2020-98 detailing qualifications for a home office deduction. The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working...

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