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.

On August 24, 2022, President Biden announced a student loan forgiveness plan that will forgive up to $10,000 for borrowers who earn less than $125,000 ($250,000 for married couples filing together). For Pell Grant recipients, that amount will increase to $20,000. The historic move will eliminate student debt entirely for 15 million of the 43 million people with federal loans and is expected to decrease monthly payments by an average of $250 for borrowers with a remaining balance on a 10-year payment plan.

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.