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Client Alert: Brinker Simpson Tax Prep Process and Deadlines
January 25, 2023

Client Alert: Brinker Simpson Tax Prep Process and Deadlines

We must receive all necessary documentation to prepare your return by April 1, 2023. If a client has not provided their 2022 tax information by April 1, 2023, we make no guarantee that the return...

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December 21, 2022

Tax Calendar: Key Deadlines for Businesses and Other Employers in Q1 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.

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December 21, 2022

New Accounting Standard: Does it Affect Your Nonprofit?

An accounting standard from the Financial Accounting Standards Board (FASB) that took effect in mid-December 2022, could require your not-for-profit organization to act. Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments — was primarily intended for financial institutions. But if your nonprofit adheres to Generally Accepted Accounting Principles (GAAP), you may need to report credit losses on receivables, loans and other financial assets differently than you have in the past.

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November 16, 2022

2022 Year-End Tax Planning For Individuals

With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring or accelerating their tax obligations.

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November 16, 2022

Nine Changes to Watch in ACA Open Enrollment 2023

The 2023 Affordable Care Act (ACA) Open Enrollment period marks the tenth year of Health Insurance Marketplaces opening their doors to new enrollees. This year’s open enrollment season will last from November 1, 2022, to January 15, 2023, in most states, longer in some state-based marketplaces. Even after a decade of operation, there continue to be changes in these markets. Keep an eye on:

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November 16, 2022

What CFOs Need to Know About the IRS Employee Retention Credit Crackdowns

The CARES Act of March 2020, Relief Act of 2021, and American Rescue Plan Act of 2021 provided trillions of dollars in government-backed financial incentives to U.S. companies to help them weather the COVID-19 pandemic. These financial incentives proved extremely valuable at a time when uncertainty about the future of the economy was at its highest.

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November 16, 2022

Learn When and Why You Should Outsource Your Accounting

Today, more and more businesses are outsourcing different areas and departments to run their business leaner. Today's business owners can ultimately outsource anything.

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November 16, 2022

IRS Waives 50% Penalty For Missed 2021 And 2022 RMDs Within the 10-Year Period

Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep funds in their qualified retirement plans. Eventually, these assets must be distributed, and taxes must be paid on those distributions. If a retirement plan owner takes no distributions, or if the distributions are not large enough, then he or she may have to pay a 50% penalty on the required distribution amount that is not distributed.

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November 16, 2022

Tax Breaks After 50 You Can’t Afford To Miss

If you’re 50 or older, there is one benefit to reaching this milestone that you may be overlooking: tax breaks aimed right at you. Now you can contribute more to your Roth or traditional individual retirement account (IRA), to your employer-sponsored plan or to your health savings account (HSA) than you could when you were younger. You can even exclude more income from your tax computations.

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November 16, 2022

The Brinker Simpson Annual Frank Baldino Food Drive

The Brinker Simpson Annual Frank Baldino Food Drive is underway and will run thru Monday, December 5th.

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October 28, 2022

IRS Warns of Third-Party Employee Retention Credit Claims

The Internal Revenue Service is warning employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit.

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