Oftentimes, businesses do not have the ability to hire a team of experts in their accounting department. Many company owners attempt to manage the company books themselves, but this could easily lead to inaccuracies and issues somewhere down the road.

The Senate passed the climate and tax legislation known as the Inflation Reduction Act of 2022 on Sunday. The bill includes an investment of about $370 billion to combat climate change and several major tax provisions, the Washington Post reported.

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it into law shortly. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also known as chips. While the incentives themselves are narrowly targeted, the expansion of semiconductor production should benefit a wide range of industries.

The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private not-for-profit entities that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt the new standard for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Surprisingly, some organizations still haven’t completed the implementation process, however. (Note: The updated accounting rules for long-term leases took effect for public companies in 2019.)

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.

On July 8, 2022, Pennsylvania Governor Tom Wolf signed into law HB 1342 (Act 53), which amends the Tax Reform Code.

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.