Social Security & Medicare Tax As of January 1, 2023, the maximum amount of annual earnings subject to the Social Security increases to $160,200 (from $147,000 in 2022). There is no limit on the amount of earnings subject to the Medicare tax. The maximum Social Security tax to be deducted from an employee’s compensation during 2023 will be $9,932.40 (6.2% x $160,200).
The SECURE 2.0 Act of 2022 (“Secure 2.0”) was passed on December 29, 2022 and focuses primarily on enhancing retirement plan incentives for individual taxpayers. Let’s review some key provisions of the bill and how they could impact you and your business.
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Barbara Chalmers, 74, pleaded guilty in December 2022 to an embezzlement scheme of at least $29 million over the past decade. Ms. Chalmers was the bookkeeper for a charitable foundation and multiple companies run by the family of Jim Collins, a prominent Dallas businessman and former congressman. The family operates Collins American Capital Corp., International Family Investors LTD and the James M. Collins Foundation. Let’s look at how she did it and the red flags that were missed along the way.
The new lease accounting standard, Accounting Standards Codification (ASC) 842, is out in full force and there are numerous rules, adjustments and transitions accounting departments need to be made aware of—stat.
If there’s one thing for certain, accounting staff members at businesses and nonprofits have more than a few questions about the new lease standard that’s about to take effect. Implementing the biggest new accounting rule to come our way in decades is no walk in the park. That’s why we’re answering 15 frequently asked questions about the new lease standard.
One of the unexpected consequences of the COVID-19 pandemic is the proliferation of remote employees. If your business has remote employees, there are tax consequences and rules you should be aware of.