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Standard Mileage Rates for 2023

Jan 20, 2023 | Tax Tips

Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be as follows. These rates apply to electric and hybrid-electric automobiles and gasoline and diesel-powered vehicles. 65.5 cents per mile driven...

Reporting of $600 Third-party Payments Delayed

Jan 10, 2023 | Tax Tips

Due to concerns regarding the implementation timeline, reporting thresholds for third-party settlement organizations that were set to take effect on January 1, 2023, has been delayed. As such, third-party settlement organizations will not be required to report the tax...

Watch Out for Holiday Gift Card Scams

Jan 10, 2023 | Tax Tips

There’s never an off-season when it comes to scammers and thieves who want to trick people into scamming them out of money, stealing their personal information, or talking them into engaging in questionable behavior with their taxes. While scam attempts...

Tax Credit for Hiring Long-term Unemployed Workers

Jan 10, 2023 | Tax Tips

With many businesses facing a tight job market, employers should know about a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. If your business is hiring right...

Retirement Contributions Limits Announced for 2023

Dec 20, 2022 | Tax Tips

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2023 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457...

Improperly Forgiven PPP Loans Are Taxable

Dec 20, 2022 | Tax Tips

Recipients of Paycheck Protection Loans (PPP) should be aware that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, they are not eligible to exclude the forgiveness from income. They must, instead, include in income the portion of...