Insights
2023 Health FSA Contribution Cap Rises to $3,050
By Drema Foster, PAFM Employees can put an extra $200 into their health care flexible spending accounts (health FSAs) next year, the IRS announced on Oct. 18, as the annual contribution limit rises to $3,050, up from $2,850 in 2022. The increase is double the $100 rise from 2021 to 2022 and reflects recent inflation. If the employer’s…
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Is Your Paycheck Protection Program Loan Forgiven?
By: Saundra Uy CPA, CVA, CGMA Your business may have been one of the many that took advantage of the Paycheck Protection Program (PPP) Loans. If so, has your business applied for and received PPP Loan forgiveness? If not, read on for more information on applying for PPP Loan Forgiveness to avoid repayment. Of the…
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Generation-Skipping Transfer Tax (GSTT)
What is it? The generation-skipping transfer tax is a federal tax on a gift or inheritance that prevents avoiding estate taxes by skipping a generation. Before this tax was introduced in 1976, wealthy individuals could legally make gifts or bequeath property to their grandchildren without paying any federal estate taxes. The 1976 law closed this…
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2022 AFFORDABLE CARE ACT REPORTING DEADLINES AND POTENTIAL PENALTIES
The Patient Protection and Affordable Care Act (PPACA or ACA) requires certain employers to report to the IRS annually regarding the health care coverage they offer to full-time employees. Under Section 6056 of the Internal Revenue Code, an Applicable Large Employer (ALE) must report information on Form 1095-C that discloses if an employer is subject…
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Navigating the Updated Clean Vehicle Tax Credits
When President Biden signed the Inflation Reduction Act bill into law in August 2022, the Electrical Vehicle (EV) tax credit underwent immediate and long-term changes. Knowing what is coming and how to work with your clients under contract and future customers will be paramount to providing exemplary service and accurate information. The new clean…
Read MoreDOL Proposed Rule: Employee or Independent Contractor Classification
On October 11, 2022, the US Department of Labor (DOL) announced the publication of a notice of proposed rulemaking (NPRM), Employee or Independent Contractor Classification Under the Fair Labor Standards Act in the Federal Register. The proposed rule is scheduled to be officially published in the Federal Register on October 13th and the public will…
Read MoreI-9 audits rise by 300%
If you haven’t reviewed your company’s I-9 forms and processes, now is the time. Employer I-9 audits conducted by the Immigration and Customs Enforcement (ICE) spiked by 300% in recent years. Related immigration arrests (of employees and managers) jumped by 600%. Our HR Consulting team has the knowledge and expertise to help you and your…
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Are Essential Parts of Your Business Being Neglected? Consider Outsourcing
By: Steve Morgan CPA, MBA Whether you own a small business or lead a larger organization, understanding accounting and financial position can be confusing. Most businesses and organizations often have the appropriate staffing to deal with the complexities of specialty operations; however, critical tasks such as budgeting, resource planning, financial management, and long-term strategic financial…
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Year-end tax planning ideas for your small business
Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will likely produce the best results for most businesses, as will bunching deductible expenses…
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The Inflation Reduction Act: Construction Firms
By: Chris Lambert, CPA, CGMA, CCIFP The Inflation Reduction Act of 2022, signed into law on August 16, is designed to address energy, tax, and health policy. The act dramatically increases the Internal Revenue Code (IRC) Section 179D energy-efficient commercial building deduction, making it especially impactful for architecture, engineering, and construction industries and commercial building…
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