Insights

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 salary

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The IRS recently released the 2023 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase yearly to account for rising fuel and vehicle and maintenance costs and insurance rate increases.    Businesses can use the standard mileage rate to calculate the deductible

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The following are guidelines for preparation of 1099’s for 2022. As always, we would be happy to prepare these information returns for you, if you wish. We ask that you complete the attached information sheet and return it to us by January 13, 2023 in order for us to meet filing deadlines. We recommend you

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reminders for 2022 year end tax planning

We have prepared this list of year-end reminders for you. If you would like us to prepare 4th quarter payroll reports, reconciliations & W-2s, please provide the wage information no later than January 9, 2023. This will ensure all W-2’s are provided to your employees by the January 31, 2023 deadline. W-2’s and Wages For

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The Silent Generation and Baby Boomers are incredibly fortunate generations—and so might be their heirs. Cerulli’s U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021 report predicts these generations will transfer $72.6 trillion in assets to heirs and $11.9 trillion to charities through 2045. That’s a lot of money, and it presents a unique opportunity for Gen Xers

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Throughout the year, the Federal Emergency Management Agency (FEMA) will designate incidents that adversely affect residents in the affected areas as disasters. This FEMA designation puts relief efforts in motion, both short and long-term.   While immediate needs like food, water, and shelter are at the top of the list, long-term efforts, like relief options through

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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 important, as they cap the tax benefits that can be realized from retirement plan savings contributions each year and are adjusted to

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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 may receive this form for tax year 2022, something they may not have seen in previous years.    New Form 1099-K Guidelines  For

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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 budget reconciliation process and is expected to pay for itself and decrease the budget deficit.  

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