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January 2023 Newsletter
Featured Articles
Highlights of the Secure 2.0 Act of 2022
January 2023
The $1.66 trillion Consolidated Appropriations Act, 2023, was signed into law on December 29, 2022, by President Biden. Included in the 4,155-page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions relating to
Businesses: Important Tax Changes in 2023
January 2023
Here's what small business owners need to know about tax law changes and inflation adjustments for the year ahead.
Standard Mileage RatesIn 2023, the rate for business miles driven is 65.5 cents, up 3 cents from the midyear increase setting
Individual Taxpayers: Tax Changes for 2023
January 2023
Every year, it's a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to
Getting Ready for the 2023 Tax Filing Season
January 2023
Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes smoothly. Let's look at what's new for 2022 and
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
January 2023 Newsletter
Tax Tips
Tax Due Dates for January 2023
January 2023
During January
All employers - Give your employees their copies of Form W-2 for 2022 by January 31, 2023. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee
Tax Credit for Hiring Long-term Unemployed Workers
January 2023
With many businesses facing a tight job market, employers should know about a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. If your business is hiring
Watch Out for Holiday Gift Card Scams
January 2023
There's never an off-season when it comes to scammers and thieves who want to trick people into scamming them out of money, stealing their personal information, or talking them into engaging in questionable behavior with their taxes. While scam
Reporting of $600 Third-party Payments Delayed
January 2023
Due to concerns regarding the implementation timeline, reporting thresholds for third-party settlement organizations that were set to take effect on January 1, 2023, has been delayed. As such, third-party settlement organizations will not be required to report the tax
Standard Mileage Rates for 2023
January 2023
Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be as follows. These rates apply to electric and hybrid-electric automobiles and gasoline and diesel-powered vehicles.
65.5 cents
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
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