A variety of tax limits that affect businesses are indexed on an annual basis. As a result of high inflation, many of these limits have increased more than usual for 2023.  Here are a few that businesses should keep in mind for 2023:   Social Security tax For 2023, the amount of employee earnings subject to […]

When businesses report their finances, they often use accounting estimates determined by management. For example:   When auditors evaluate the amounts reported on these financial statements, how do they determine whether those amounts are reasonable?  Methods used to evaluate accounting estimates As part of their standard audit procedures, external auditors evaluate accounting estimates. These accounting estimates […]

CPA firms don’t just do audits and tax returns. They’re also available to help with your everyday accounting needs, from advisory services to payroll and sales tax filing.  Is it time for your business to outsource its accounting needs? Here are five reasons you should hire a CPA.  1. Professional insights When you outsource your […]

Does your small business have a retirement plan? Even if it doesn’t, you may start to see beneficial changes as a result of the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0), which was signed into law in December 2022.  Built upon the original SECURE Act of 2019, SECURE 2.0 will take […]

On January 23, the IRS opened the 2023 individual income tax return filing season for accepting and processing returns for the 2022 tax year.  If you typically file closer to the mid-April deadline (or if you file for an extension), you may want to consider filing your taxes earlier this year. And it’s not just […]

One of the primary goals of estate planning is to pass along as much of your wealth and assets as possible to your family, which involves protecting your estate from gift and estate taxes. One way to do this is by giving gifts during your lifetime.  Considering the inflation-adjusted $12.92 million gift and estate tax […]

Do you have a child or grandchild currently attending college? Congratulations!  To help cover the costs of post-secondary education, you may have saved up over the course of several years in a tax-favored account, such as a 529 plan. Once your child is enrolled in college, though, you may be able to claim a number […]

Built on the original SECURE Act of 2019, the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022.  The SECURE Act of 2019 made major changes to retirement provisions, including the required minimum distribution (RMB) rules. Here are some additional changes you should be aware […]

National gas prices are lower than they were a year ago, but the optional standard mileage rate used for calculating deductible costs of business vehicles will be higher in 2023.  The IRS recently announced a cents-per-mile rate of 65.6 for the business use of an automobile, which applies to electric and hybrid-electric vehicles, as well […]