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2024 Tax Calendar

2024 Tax Calendar

Below is a summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.

2023 Tax Calendar

2023 Tax Calendar

To help you make sure you do not miss any important 2023 deadlines, here is a summary of when various tax-related forms, payments and other actions are due.

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Tax

IRS Releases PCORI Fees

IRS Releases PCORI Fees

he IRS released the new Affordable Care Act's (ACA) Patient-Centered Outcomes Research Institute (PCORI) fee for plan years that end on or after October 1, 2022, and before October 1, 2023 (see IRS Notice 2022-59).

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New Determination Letter Program for 403(b) Plans

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.

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IRS Reminds Employers and Self-Employed Individuals About Deferred Social Security Tax Payment Deadline

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.

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Tax

401(k) limit increases to $22,500 for 2023 IRA limit rises to $6,500

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.

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IRS Announces Inflation Adjustments for 2023

IRS Announces Inflation Adjustments for 2023

On October 18, 2022, the IRS released various inflation adjusted amounts for 2023.

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Tax

2023 Social Security Wage Cap Jumps

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.

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Tax

FASB proposes delay in shift from LIBOR

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).

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When to consider ERP?

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?

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CHIPS Act Poised to Boost U.S. Businesses

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.

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Tax

Businesses: Act now to make the most out of bonus depreciation

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.

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Tax

PA 2022-23 Budget Approves Corporate Tax Rate Cuts and Other Tax Changes

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.

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Tax

Standard Business Mileage Rate will Increase for the Second Half of 2022

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.

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Tax

New 90-day IRS Pre-Examination Compliance Pilot - Retirement Plans

New 90-day IRS Pre-Examination Compliance Pilot - Retirement Plans

New 90-day IRS Pre-Examination Compliance Pilot - Retirement Plans

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2022 Business Tax Surprises?

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.

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Implementing the New Accounting Rules for Leases

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.

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Handle Nonprofit Restricted Gifts with Care

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.

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Robust internal controls are essential today

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.

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Employee Benefit Plan Inflation Limits for 2022

Employee Benefit Plan Inflation Limits for 2022

The IRS has released 2022 inflation adjustments.

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Your nonprofit may have an internal controls gap

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.

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