In recent years, business owners have faced higher expectations regarding financial transparency and government compliance. Many businesses struggle to juggle the day-to-day responsibilities alongside more complicated tasks such as accounting, compliance, finance, and risk management.

The Employee Retention Tax Credit (ERTC) helped employers bolster cash flow and avoided layoffs during the most uncertain periods of COVID. The confluence of state-issued forced business closures and stay-at-home orders created adverse conditions for many companies. The program provided a desperately needed capital infusion to struggling businesses. By the time it ended for most taxpayers on September 30, 2021, it was one of the most valuable tax credits at employers’ disposal, allowing businesses to recoup thousands of dollars per year, per employee.

Citing soaring gas prices, the Internal Revenue Service (IRS) on June 9 announced an increase in the optional standard mileage rate for the final six months of 2022.

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years.

The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to pay their second-quarter tax liability is June 15.

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for filing Form 1099-K, “Payment Card and Third-Party Network Transactions.” Businesses and workers in specific industries may receive more of these forms, and some people may even get them based on personal transactions.

During the early stages of the COVID-19 pandemic, many cash-short small businesses turned to their banks, while others sought help from family and friends. Unfortunately, these sources weren’t enough in all cases. When government aid arrived, it was too late for some companies. For others, government loans and grants helped but didn’t fill the cash shortfall.

The IRS has announced that its “Where’s My Refund?” tool now allows taxpayers to check the status of their two previous years' refunds, in addition to their refunds from the current tax year. Taxpayers can choose any of the three most recent tax years to check their refund status. They'll need their Social Security number or individual taxpayer identification number (ITIN), their filing status and their expected refund amount from the originally filed tax return for the tax year they're checking.

Preparing for a 401k plan audit can be tedious, but you can help prepare for a successful audit with the proper knowledge and tools. 

Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning strategies, but it also raised some questions. The IRS has been left to fill the gaps, most recently with the February 2022 release of proposed regulations that have left many taxpayers confused and unsure of how to proceed.