Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and sold. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law.

Fraud risk assessments have been shown to prevent occupational fraud and limit losses for victimized organizations. These tools have become more prevalent in recent years, according to “Occupational Fraud 2022: A Report to the Nations,” published by the Association of Certified Fraud Examiners (ACFE). But although almost 50% of businesses perform fraud assessments, many owners and managers may be unaware of the value of these procedures and how the assessment process works.

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

Any business can be at risk for fraud, so it is essential to implement measures to protect your interests and those of your employees. Adopting best practices and implementing internal controls is the best way to achieve this.

Over the past decade, policymakers from both parties in Harrisburg have proposed reducing Pennsylvania’s 9.99 percent corporate net income tax (CNIT) rate but could not agree on an approach—until now. With the enactment of HB 1342 as part of the 2022-2023 state budget, lawmakers finally succeeded in cutting what had been the second highest state corporate tax rate in the nation.

The Pennsylvania Department of Revenue is warning business owners in the state that scam artists are impersonating it and sending fraudulent letters in the mail.

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.