It Is Not Too Late to Build Your 2023 Business Plan
By George Baker, Partner and Executive Coach, Fortune Management Your business needs vision and focus to drive it to its goals. Did you create a vision and goals for 2023? Vision…
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Protect Your Practice from the Many Forms of Fraud
In its Occupational Fraud 2022: A Report to the Nations, the Association of Certified Fraud Examiners estimated that the average organization loses 5% of its annual revenue to fraud. Physician…
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Forms W-2 and 1099-NEC Are Due to be Filed Soon
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers…
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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…
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Federal Tax News for Businesses
1. Court: Farmers Are Partially Allowed Depreciation Write-offs If you’re a business owner hoping to deduct asset depreciation from your gross income, it’s crucial to track the percentage of business…
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Employers Should be Wary of ERC Claims That Are Too Good to be True
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no…
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Year-End Spending Package Tackles Retirement Planning, Conservation Easements
On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting…
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What Do the 2023 Cost-of-Living Adjustment Numbers Mean For You?
The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement…
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Federal Tax News for Individuals
1. Contribute More to Your FSA in 2023 Taxpayers that participate in employer-sponsored health Flexible Spending Accounts (FSAs) can contribute more in 2023. The annual contribution amount will rise to…
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Federal Tax News for Businesses
1. Tax Credit Helps Employers Who Hire Certain Employees If your business is looking to hire, you should know about a valuable one-time tax credit. The Work Opportunity Tax Credit…
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