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NYC Restaurants Can Start Charging Diners a COVID-19 Recovery Charge – NBC New York

Starting this weekend, diners at restaurants and bars in New York City could see an extra charge added to their final bill. Restaurants in the city are now…

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Starting this weekend, diners at restaurants and bars in New York City could see an extra charge added to their final bill.
Restaurants in the city are now allowed to add a COVID-19 recovery charge to diner eating inside or outdoors — takeaway and delivery orders are excluded. Participating restaurants must clearly display any additional costs on their menus.
Last month, the NYC Council approved legislation to add up to a 10 percent COVID-19 Recovery Charge” on a customers total bill. Counci…

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These are your 2021 401(k) and IRA contribution limits – CNBC

The IRS released annual inflation adjustments for 2021 for many tax provisions on Monday, including new income tax brackets and an increased standard deduction….

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The IRS released annual inflation adjustments for 2021 for many tax provisions on Monday, including new income tax brackets and an increased standard deduction. It also announced that contribution limits for 401(k)s and IRAs will not increase next year.
For 2021, 401(k) contribution limits, which are based on cost-of-living adjustments, will remain at $19,500 for individuals, plus an additional $6,500 in catch-up contributions for those 50 or older.
The same limit also applies to 403(b) accounts,…

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Here are the new income tax brackets for 2021 – CNBC

The IRS has released its inflation adjustments for the standard deduction next year, as well as the marginal income tax brackets. Here’s where you stand.

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We still have two months left in 2020, but the IRS has already released a breakdown of next year’s marginal income tax rates.
Each year, the taxman updates its individual income tax brackets to reflect inflation. There are seven brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%.     
These brackets are marginal, which means that different portions of your income up to a specified dollar amount will be taxed at a different rate.
These rates are in effect for 2021 and will affect the returns you file…

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Tesla paid CEO Elon Musk $3 million to provide indemnity for directors and officers against legal claims – CNBC

The highly unusual arrangement had Musk offer up to $100 million from his personal funds in indemnity coverage for officers and directors for 90 days.

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Tesla paid CEO Elon Musk $3 million personally for 90 days worth of an important type of business insurance that indemnifies directors and officers of the company from certain legal expenses, a new filing revealed Wednesday. Tesla has also ended that controversial arrangement, and obtained a more traditional form of this insurance, the filing said.
In April this year, Tesla told shareholders that they would forego directors and officers liability insurance (also known as D&O) for a year. Instead,…

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