Insights
Prescription Drug Reporting Due by December 27, 2022
A new transparency provision requires employer-sponsored health plans and health insurance issuers to annually report information about prescription drugs and health care spending to the federal government. This reporting process is referred to as the “prescription drug data collection” (or “RxDC report”). The first RxDC report is due by December 27, 2022, and covers…
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Could there be money available for your small business through the Employee Retention Credit?
By: Adam Wykle If you are a small business owner, you may be eligible for the Employee Retention Credit (ERC). The ERC is a refundable tax credit that can benefit businesses who kept employees on the payroll during the COVID-19 pandemic. It was part of the original Cares Act Legislation. The ERC was expanded…
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You may be liable for “nanny tax” for all types of domestic workers
You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a…
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Employee Benefit Plan Limits Increase for 2023
Many employee benefits are subject to annual dollar limits adjusted for inflation before the beginning of each calendar year. Due to high inflation rates, many employee benefit plan limits will significantly increase in 2023. Some benefit limits are not indexed for inflation, such as the dependent care FSA limit and the catch-up contribution limit for…
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2022 Year-End Tax Planning Guide
At Suttle & Stalnaker, PLLC we are dedicated to helping you maximize your income through various tax-saving strategies. We are excited to share our 2022 Year-End Year-Round Tax Planning Guide. There are numerous tax developments to consider for the current tax year. However, keep in mind that this resource is intended to provide general suggestions…
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Off-limit interview questions
When interviewing candidates, always make a list of interview questions and make sure every question asks for job-related information that will help in the selection process. Federal and state laws prohibit discrimination on the basis of an applicant’s race, color, national origin, religion, sex, age or disability. Some state laws also prohibit discrimination based on…
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Like every business, a start-up needs a sensible budget
An impressive 432,834 new business applications for tax identification numbers were submitted during October 2022, according to the U.S. Census Bureau. Indeed, despite the relatively higher costs of doing business these days, plenty of start-ups are still launching. One thing that every new company needs, along with a business plan, is a sensible budget. And that…
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Employers: In 2023, the Social Security wage base is going up
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics about Social Security The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees…
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Plan now to make tax-smart year-end gifts to loved ones
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount is adjusted for inflation annually, and for 2022, the amount is $16,000. The exclusion covers gifts that an individual makes to…
Read More401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500
The Internal Revenue Service (IRS) announced on Friday, October 21st that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related…
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