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Category: Accounting and Auditing

Retirement Plan Contribution Limits

IRS Announces Retirement Plan Contribution Limits for 2023

Posted on: November 15, 2022 Last updated on: November 15, 2022 Written by: wscpa
Written by: Jonathan Hitter, CPA, MST, CGMA On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are…
Continue reading “IRS Announces Retirement Plan Contribution Limits for 2023”…
Buy/Sell Agreement

Funding a Buy/Sell Agreement with Life Insurance

Posted on: October 4, 2022 Last updated on: October 4, 2022 Written by: wscpa
Written by: David Cooper, CPA Any time multiple owners in a business are active in day-to-day operations, the business owners should have a buy/sell agreement. A buy/sell agreement is a binding contract between co-owners that controls when owners can sell…
Continue reading “Funding a Buy/Sell Agreement with Life Insurance”…
Form 1099-Ks

The New 1099-Ks Are Coming: Are You Ready?

Posted on: September 20, 2022 Last updated on: September 28, 2022 Written by: wscpa
Written by: Jonathan Hitter, CPA, MST, CGMA A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals…
Continue reading “The New 1099-Ks Are Coming: Are You Ready?”…
Inflation Reduction Act

Business Tax Implications of the Inflation Reduction Act (IRA)

Posted on: August 17, 2022 Last updated on: August 17, 2022 Written by: wscpa
The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the…
Continue reading “Business Tax Implications of the Inflation Reduction Act (IRA)”…
A Caucasian woman standing at a gas pump looking perplexed.

IRS Increases Mileage Rates Reimbursements for Second Half of 2022

Posted on: June 16, 2022 Last updated on: July 12, 2022 Written by: wscpa
The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide. The new rates to calculate the deductible costs of operating an automobile for…
Continue reading “IRS Increases Mileage Rates Reimbursements for Second Half of 2022”…
An aerial view of a wood table with a laptop, charts, a calculator and a coffee cup.

The Latest on Lease Accounting: How to Adhere to ASC 842

Posted on: June 8, 2022 Last updated on: September 22, 2022 Written by: wscpa
Written by: Leah Belanger, CPA, MSA The new standard for lease accounting from the Financial Accounting Standards Board (FASB) took effect for private companies with fiscal years beginning after December 15, 2021. While the standard has been in place for about six…
Continue reading “The Latest on Lease Accounting: How to Adhere to ASC 842”…
Three professionally dressed employees smiling and walking down a sunlit hallway.

Are You Up to Date on Travel Deductions as Business Travel Returns?

Posted on: May 18, 2022 Last updated on: June 30, 2022 Written by: wscpa
Business travel is back. COVID restrictions have eased, and in-person conferences are back on the calendar. And as more people return to offices, companies are warming to sending their employees on work trips. For many businesses, it’s been a minute…
Continue reading “Are You Up to Date on Travel Deductions as Business Travel Returns?”…
Various gold crypto coins.

It’s Time to Re-examine the Pros, Cons of Cryptoassets

Posted on: April 20, 2022 Last updated on: September 9, 2022 Written by: wscpa
Written by: Jonathan Hitter, CPA, MST, CGMA From Super Bowl commercials to teenage NFT millionaires — and even Elon Musk’s support of the dog meme-inspired currency Dogecoin — cryptoassets have been making a play for mainstream acceptance. By the end…
Continue reading “It’s Time to Re-examine the Pros, Cons of Cryptoassets”…
A hand pulling a US government check out of an envelope.

Where Is the IRS in Working Through the Backlog?

Posted on: April 19, 2022 Last updated on: September 9, 2022 Written by: wscpa
Written by: Jonathan Hitter, CPA, MST, CGMA You may be wondering about your tax return or refund status and worry the IRS’ backlog will impact you. You’re not alone. The IRS reports it had received 91.26 million 2021 tax year…
Continue reading “Where Is the IRS in Working Through the Backlog?”…
A white stone wall with an "Internal Revenue Service" plaque.

IRS Offers New Details to Prepare Schedules K-2, K-3

Posted on: February 23, 2022 Last updated on: June 14, 2022 Written by: wscpa
The IRS has provided an additional exception for qualified domestic partnerships and S corporations to file their schedules K-2 and K-3 for tax year 2021 to further ease the transition to these new schedules.  The new schedules standardize international tax…
Continue reading “IRS Offers New Details to Prepare Schedules K-2, K-3”…
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