Retirement Plan Limits Announced for 2022
The IRS announced in November increases to retirement plan limits for 2022. The 2022 contribution limit for 401(k) plans will increase to […]
Social Security Wage Base Increased
It was announced by the Social Security Administration (SSA) in October that the maximum amount of an individual’s taxable earnings in 2022 […]
Social Security Benefit to Increase in 2022
Approximately 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. […]
SBA Increases EIDL Limit to $2 Million
The U.S. Small Business Administration (SBA) announced major modifications to the COVID-19 Economic Injury Disaster Loans (EIDL) program, including raising the loan […]
IRS Updates Business Travel Per-Diem Rates
The IRS recently issued its annual update of special per-diem rates for substantiating ordinary and necessary business expenses incurred while traveling away […]
Tax Benefits for Charitable Giving Expanded in 2021
Recent legislation includes several provisions to help individuals and businesses who give to charity. The new law generally extends four temporary tax […]
SBA Streamlines Forgiveness of PPP Loans of $150,000 or Less
The Paycheck Protection Program (PPP) provided more than 11.7 million forgivable loans totaling nearly $800 billion to small businesses and other eligible […]
Car and Truck Depreciation Limits Updated for 2021
Whether their business has one company car or a fleet of vehicles, many business owners find company-owned passenger vehicles to be an […]
Do You Have a Household Employee? Are You Sure?
In an effort to capture income from household employees, the tax code requires you to obtain employee information, pay the related state […]
Child Tax Credit Payments Have Begun
The first advance payment from the newly expanded child tax credit was recently sent out by the IRS. Payments are scheduled to […]