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2022 Q4 tax calendar: Key deadlines for businesses and other employers

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. Note:…

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Year-End Tax Planning Tips for Investors

Savvy investors know that taxes can have a big impact on their returns. And while tax considerations should generally take a back seat to sound investment strategies, as you review your investment options think about moves that can slash your tax bill. Here are a few ideas to consider as we approach the end of…

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Tax Tips – September/October 2022

Now is a good time to check your FSA balance If your employer provides you with a flexible spending account (FSA) for health care expenses, it’s a good idea to check your account balance. Also, familiarize yourself with the terms of your employer’s plan to see if it allows you to carry over some of…

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Year-End Tax Planning for Businesses: Flexibility Can Be a Virtue

For most businesses, year-end tax planning involves a delicate balancing act, and the more flexibility that is built into the plan, the better. That’s because the tax code is in a constant state of flux, which makes it challenging to identify the most effective strategies. For example, a general rule of tax planning says that…

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Using agreed-upon procedures to target specific items of concern

Your CPA offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial information. What’s covered? Agreed-upon procedures can cover various items. For example, a CPA could provide a statement about the reliability of a company’s accounts receivable,…

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Inflation Reduction Act 2022 Overview: What You Should Know

What is the Inflation Reduction Act? On August 16, 2022, President Joe Biden signed the Inflation Reduction Act (hereafter the Act) into law.  The bill introduced a number of measures to decrease household costs for the average American, while additionally making efforts to lower prescription drug prices for Medicare recipients and cut down domestic greenhouse…

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Why auditors prefer in-person interviews to assess fraud risks

Auditing standards require financial statement auditors to identify and assess the risks of material misstatement due to fraud — and to determine overall and specific responses to those risks. Here’s why face-to-face meetings are essential when assessing these risks. Audit inquiries Fraud-related questions are a critical part of the audit process. The AICPA requires auditors…

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Is your income high enough to owe two extra taxes?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT This tax applies, in addition to income tax, on your net investment income. The NIIT…

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Are your risk-management practices keeping up with the times?

Risks abound in today’s uncertain marketplace. Nearly two-thirds of senior finance leaders said that the volume and complexity of corporate risks have changed “mostly” or “extensively” in the past five years, according to a new report published by the American Institute of Certified Public Accountants (AICPA) and North Carolina State University. Surprisingly, this report, 2022…

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An “innocent spouse” may be able to escape tax liability

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes…

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