Insights
The standard business mileage rate is going up in 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car,…
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Secure Act 2.0 Updates Retirement Plans Starting in 2023
The new Secure Act 2.0 legislation expands upon the Secure Act of 2019 with updates to retirement savings plans across the country. Here’s what you need to know. Automatic Enrollment Requirements Plan sponsors of 401(k) and 403(b) plans will be required to automatically enroll eligible employees with a starting contribution of 3% of their…
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Does Your Family Business’s Succession Plan Include Estate Planning Strategies?
Family-owned businesses (both large and small) face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there…
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It’s W-2 time…not so fast!
By: Saundra Uy, CPA, CVA, CGMA W-2s serve the important function of giving an employee a record of their taxable earnings, as well as the federal and state taxes that were withheld by their employer on their behalf. W-2 forms are familiar to most people and are a well-known part of payroll and an individual’s…
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Construction Accounting: 10 Key Practices for Contractors
Construction Accounting is complex and problematic. Compared to “regular accounting,” construction accounting has unique requirements, processes, documents, and procedures. Add in the intricate payroll complications for contractors, where work extends across multiple states, requires prevailing wages, or involves unions. With all the requirements and variables, you can see why construction accounting can be problematic for…
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Managing Stock, Shareholders, and Employee Stock Incentives
By: Randy Cole Many community banks are periodically approached to repurchase outstanding shares due to a variety of reasons that often have nothing to do with the bank, but rather reflect the personal situation of the stockholder, who often lives out of the bank’s market area. As the stock is probably thinly traded, management will…
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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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