If you are an employer, here is an important filing deadline reminder. The law requires you to file a copy of the W-2 forms you give to your employees by January 31st. You are also required to file the W-3 forms. Remember, you need to send these forms to the Social Security Administration. In addition, if [...]
This article was published by the IRS. The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS has also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related [...]
This article was published by the IRS. Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines. What is backup withholding? Business and other payers generally don't withhold taxes from payments reported on Forms 1099 and W-2G. There are, however, situations when a [...]
Tracking your sales and key performance indicators (KPIs) is crucial if you want to save time and grow your business. You need to know how to track your progress toward achieving your business objectives. Looking at things like revenue and profit on a balance sheet can only take you so far; you should continually seek more [...]
This article was published by the IRS. The adoption process can be expensive. Fortunately, the adoption tax credit can help offset some of those expenses. Taxpayers who adopted or started the adoption process last year should review the rules for this credit. Here are some facts to help people understand the credit and if they can [...]
