2022 tax

2022 Tax Inflation Adjustments Impacting Businesses

January 20, 2022

Many tax limits that affect businesses are annually indexed for inflation, and several have increased for 2022. Here’s a rundown of tax inflation adjustments that may impact your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at $147,000 (up from $142,800 in…

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cybersecurity guidance

Employee Benefit Plans: Is Your Cybersecurity Program Up to Par?

January 18, 2022

Have you put the Department of Labor’s (DOL) cybersecurity guidance into practice yet? If not consistent with the DOL’s guidance, plans, service providers, and fiduciaries should begin taking prudent steps to implement the necessary safeguards to protect a plan’s assets and data. In April 2021, the DOL issued guidance providing tips and best practices to…

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deadline extended

2022 Tax Season: Here’s When You Can Start Filing Your Tax Returns

January 12, 2022

The IRS will begin accepting and processing 2021 federal tax year returns on Monday, January 24, 2022. The filing deadline to submit 2021 federal tax returns or an extension to file and pay tax owed is Monday, April 18, 2022, for most taxpayers. The January 24 start date for individual tax return filers allows the…

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tax credit

How To Defer Tax With a Like-Kind Exchange

January 10, 2022

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind…

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tax deadline

Tax Calendar: Key Deadlines for Businesses and Other Employers in Q1 2022

January 5, 2022

Here are some of the key tax-related deadlines impacting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. January 17 (The usual deadline of January 15 is a Saturday) Pay the final installment of 2021 estimated…

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Tax Depreciation Rules

Standard Mileage Rates Go Up in 2022

January 3, 2022

After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business is going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup, or panel truck is now…

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