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Three Key Supply Chain Management Questions for 2023
Manufacturers will continue to face supply chain headwinds in 2023, a cause for concern following a turbulent few years. Economic uncertainty, supply shortages, rising costs and frustrated customers threaten to impede growth. Some supply chain industry pundits would...
5 Steps to Becoming Sales and Use Tax Compliant
Most U.S. states require businesses to collect and remit sales and use taxes even if the business has no in-state physical presence, only an economic presence within their state. Remote sellers, licensors of software, and other businesses that provide services or...
2023 Tax Deadlines
Individual Deadlines: January 17, 2023 4th Quarter 2022 estimated tax payment due. April 3, 2023 Required minimum distribution due if you turned 72 in 2022. April 18, 2023 Tax day April 18, 2023 Deadline to File Form 4868 and request an extension. April 18,...
How To Protect Employees’ Private Information
Personal identifiable information is defined as the personal information of an individual that can be used to identify them. According to the Department of Labor, PII can be in the form of either direct or indirect information. Examples of direct forms of PII include...
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...
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...
Voluntary Correction Programs for Benefit Plans
Qualified retirement plans — including 401(k) plans — are required to comply with specific rules, which are enforced by the Internal Revenue Service. These rules include guidance on: Developing and maintaining a written, up-to-date plan document. Operating the plan...
IRS increases mileage rate for remainder of 2022
IRS increases mileage rate for remainder of 2022 The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of...
2023 HSA and EBHRA Contribution Limits
The Internal Revenue Service has released the 2023 cost-of-living adjusted limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (EBHRAs). Please click the below link for more details....
Deciding Between a Compilation, Review or Audit
Deciding Between a Compilation, Review or Audit Even a successful, privately held small business may be asked for an audited financial statement by a banker, investor, creditor or buyer. These third parties often want some assurance that the financial statements...