Florida Storm Relief

Tax relief is being provided for victims of Hurricane Nicole, which began hitting Florida on Nov. 7, 2022. Individuals qualify for relief if they reside in, or have a business in, affected counties in the covered disaster area. This gives them until March 15, 2023, to file certain individual and business tax returns, including quarterly […]

Employer Tax crimes

Employers that withhold taxes from employees and don’t pay them over to the IRS can face severe penalties. They may even wind up in jail. In one case, a Maryland man was sentenced to three years in prison for not paying employment taxes to the IRS on behalf of his companies’ employees. According to court […]

2023 tax calendar

To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2023

Quarterly Tax Estimate Deadline approaching

The deadline to make a final estimated quarterly tax payment for 2022 is Jan. 17, 2023. Many taxpayers who should be paying taxes this way overlook this important task. That’s why the IRS is urging those who paid too little in 2022 to not miss this deadline and possibly avoid a surprise tax bill or […]

Uncertain Tax Positions

A contested new requirement related to uncertain tax positions (UTPs), or how tax positions affect corporations’ income tax liability, will largely remain intact. In October, the IRS announced changes to UTP reporting. But many affected taxpayers and tax professionals objected to the requirement that they would have to cite “authoritative sources” contrary to the positions […]

The standard business mileage rate is going up in 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, […]

NY Storm Tax Relief

Few places suffered more from destructive storms during the 2022 holiday season than Erie and Genesee counties in New York. The IRS has announced tax relief for residents and businesses affected by the storm that began Dec. 23, 2022. They now have until April 18, 2023, to file quarterly excise and payroll tax returns that […]

Ransomware attacks are on the rise

Ransomware attacks are skyrocketing. In the first half of 2022, there were 236.1 million such attacks reported worldwide, according to Statista. In a recent audit, the Treasury Inspector General for Tax Administration (TIGTA) found that the IRS is doing a good job preventing ransomware attacks against the tax agency. The audit measured the effectiveness of […]

SECURE 2.0 law may make you more secure in retirement

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. SECURE 2.0 is meant to build on the original […]

Secure 2.0 changes participation in pension plans for part-time employees

Are you a part-time worker who isn’t eligible to enroll in your company’s 401(k) plan. In the future, that may no longer be the case. The new SECURE 2.0 law lowers the hurdles for long-term, part-time employees to participate in 401(k) plans. Part-time employees will need to continue to work at least 500 hours before […]