Increase in Social Security Wage Base, Wage Caps and Benefit Amounts Announced for 2023

The Social Security Administration recently announced their annual inflation changes to the Social Security wage base, annual wage cap, and benefit amounts that will be effective January 1, 2023. These 2023 inflation increases are the largest percentage increases since 1981 and the fourth-largest increase ever for the Social Security program.

2022-11-11T16:22:26-05:00November 11, 2022|Categories: Tax: Business, Tax: Individual|Tags: , |

IRS Warns of Employee Retention Credit Fraud

The IRS recently warned employers to beware of advertisements and solicitations that promise tax refunds that seem too good to be true. They promise business owners lucrative tax refunds from the Employee Retention Credit through filing amended payroll tax returns.

2022-11-07T15:31:48-05:00November 7, 2022|Categories: Tax: Business|Tags: , , |

IRS Announces Significant Annual Inflation Adjustments for over 60 Tax Provisions for 2023

The IRS announced its annual inflation adjustments on October 18 in Revenue Procedure 2022-38.  As expected due to soaring inflation over the past year, the tax adjustments are significant this year with most adjustments increasing around 6 to 7 percent.   

2022-10-26T09:15:08-04:00October 25, 2022|Categories: Tax: Individual|Tags: , |

IRS Provides Tax Relief and Tax Filing Postponement for Taxpayers in North Carolina and South Carolina due to Hurricane Ian

IRS announces new Hurricane Ian tax relief and a new February 15, 2023 tax deadline for all individuals and businesses in both North Carolina and South Carolina. 

2022-10-06T13:04:38-04:00October 6, 2022|Categories: Tax: Business, Tax: Individual|Tags: , |

Inflation Reduction Act and Its Impact on ACA Healthcare Premium Tax Credits

Millions of Americans will avoid paying more for healthcare next year, thanks to the Inflation Reduction Act. Employers need to be aware of potentially higher penalties related to the family glitch, and individuals can take steps to project income and avoid paying back excess tax credits.

2022-09-22T15:22:09-04:00September 23, 2022|Categories: Tax: Individual|Tags: , , |

Changes to ERC Deductions for North Carolina Employers and Expansion of NC Business Recovery Grant Program for Phase Two Applications

North Carolina’s legislature recently changed state tax laws governing employers’ ability to deduct the employee retention credit from state taxable wages and significantly expanded eligibility for a business grant program with an application deadline of June 1, 2022.

High Inflation with Inventory? Consider a LIFO Election for the 2022 or even the 2021 Tax Year if You Received an Extension

When inflation is high, certain companies could use it as an opportunity to save on taxes. Electing LIFO for the 2021 tax year might be a smart move, but time is running out. It’s also not too early to begin evaluating LIFO calculations for 2022.

2022-03-20T10:29:35-04:00March 16, 2022|Categories: Accounting, Tax: Business|Tags: , , |

S-Corporation Shareholders May Need to File Form 7203 with 2021 Taxes

For the first year, some S-corporation shareholders will be required to include Form 7203 with their individual or trust tax returns. With shareholder basis continuing to be a major IRS audit focus, shareholders need to make sure they are consistently tracking their basis on Form 7203 with all the required annual adjustments.

2022-06-15T16:15:09-04:00February 17, 2022|Categories: Tax: Business, Tax: Individual|Tags: |
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