At the forefront of every important financial decision regarding a company is its CFO. They are often credited as the economic backbone of their organization, overseeing complex financial operations, systems analysis, operational optimizations, and providing financial strategies and decision-making. However, an interesting trend is beginning to take place in the marketplace where CFOs are concerned.

The 2023 standard deduction amounts are out. While it will be quite a while before you have to file your 2023 tax return, it's always a good idea to be thinking ahead when it comes to taxes. For many people, the standard deduction is one of the key factors in calculating their ultimate tax bill. That's because it's typically the largest deduction on millions of tax returns each year, and it can determine whether or not you even have to file a return.

Financial decisions you make between now and the end of the year can have a significant effect on how much tax you have to pay next April. This is particularly true if you save for retirement, itemize deductions, or hold investments outside a retirement account.

Any form of identity theft can be costly, unsettling, and take months — sometimes years — to fully recover from and repair. But tax-related identity theft can be particularly disturbing because it involves the IRS, about which many people already harbor suspicion and anxiety.

When President Joe Biden signed the Inflation Reduction Act into law in August, most headlines covered the law’s climate change and health care provisions. However, the law also enhances an often overlooked federal tax break for qualifying small businesses.

The Work Opportunity Tax Credit (WOTC) may help employers in today's tough job market and economy. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). It’s generally limited to eligible employees who begin work for the employer before January 1, 2026.

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology and increase audits of high-income taxpayers. But with proper preparation and planning, you should fare well.

Accounting Standards Codification Topic 842, Leases, requires organizations to report the full magnitude of their long-term lease obligations on their balance sheets — a historic first. For private companies and nonprofits, the changes take effect this year. Public entities adopted the rules in 2019. While the Financial Accounting Standards Board (FASB) conducts its post-implementation review of the new-and-improved lease standard, the guidance is concurrently being adopted by private organizations.

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit.