IRS Update
On Tuesday, October 18th, 2022, the IRS issued Revenue Procedure 2022-38 releasing the annual inflation adjustments for 2023. Congress had codified the annual inflation adjustments as part of the 1981 Reagan tax cuts that went into effect in 1985. Over sixty tax provisions were adjusted including: 2023 Standard Deduction $27,700 for married individuals filing jointly and […]
Financial Accounting Standards Board (FASB) New Standard Related to Leases, ASC 842
After many years of deliberations and delays, the FASB’s new standard related to leases, ASC 842, is ready for adoption. Effective Date For private companies, the standard is effective for fiscal years beginning after December 15, 2021. For a calendar year-end company, this means the standard would be adopted on January 1, 2022. We plan […]