New Determination Letter Program for 403(b) Plans
In November 2022, the IRS announced, in Revenue Procedure 2022-40, the expansion of one of their programs for approving retirement plans.
IRS Reminds Employers and Self-Employed Individuals About Deferred Social Security Tax Payment Deadline
The IRS reminded employers and self-employed individuals who chose to defer paying part of their 2020 Social Security tax liability that their second annual installment of the deferred amount is due on December 31, 2022.
401(k) limit increases to $22,500 for 2023 IRA limit rises to $6,500
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.
IRS Announces Inflation Adjustments for 2023
On October 18, 2022, the IRS released various inflation adjusted amounts for 2023.
2023 Social Security Wage Cap Jumps
On October 13, 2022, the Social Security Administration announced the 2023 wage cap for purposes of the Social Security tax.
FASB proposes delay in shift from LIBOR
On April 20, 2022, the Financial Accounting Standards Board (FASB) proposed to defer the sunset date of rate reform rules by two years to December 31, 2024, a year after the new cessation date of the London Interbank Offered Rate (LIBOR).
When to consider ERP?
At most companies, operations management would admit that the use of business software, such as ERP (enterprise resource planning), could be improved. But how - and when?
CHIPS Act Poised to Boost U.S. Businesses
The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufacturing facilities and equipment.
Businesses: Act now to make the most out of bonus depreciation
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly.
PA 2022-23 Budget Approves Corporate Tax Rate Cuts and Other Tax Changes
Enacted on July 8, PA House Bill 1342 (H.B. 1342) makes significant changes to the corporate net income tax laws, including a nine year phase-in of a corporate net income tax (CNIT) tax rate reduction.
Standard Business Mileage Rate will Increase for the Second Half of 2022
The IRS recently announced that it'll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year.
2022 Business Tax Surprises?
Build Back Better may be on the shelf for now but there are still tax changes taking effect in 2022. Following are highlights related to two of such changes that selected businesses should be aware of and planning for.
Implementing the New Accounting Rules for Leases
Private companies must adopt the new lease accounting standard starting in 2022. This article includes important information that companies should be aware of as they update their processes and systems to reflect the changes.
Handle Nonprofit Restricted Gifts with Care
Most non-profits encourage donors to make unrestricted contributions that will give the organization flexibility to use the money where it is needed most. But there will always be some donors who place restrictions on their gifts, and these require a higher level of responsibility.
Robust internal controls are essential today
Internal controls have been a hot button issue during the COVID-19 pandemic, especially as remote working arrangements have become more common. This article discusses the importance of evaluating internal controls over financial reporting.
Your nonprofit may have an internal controls gap
The typical defrauded nonprofit loses $75,000 per fraud incident, according to the Association of Certified Fraud Examiners - and that does not account for the negative publicity and subsequent lost donations and support that often follow fraud.
Should your company buy or lease equipment?
Businesses periodically need to add equipment to grow their operations and replace outdated assets. This article discusses factors to consider when deciding whether to buy or lease equipment, including how recent changes to the lease accounting and federal income tax rules have muddied the waters.
How to pick a qualified employee benefit plan auditor
ERISA generally requires employee benefit plans with 100 or more participants to have their annual reports audited. Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits.