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Highlights of the Secure 2.0 Act of 2022

Highlights of the Secure 2.0 Act of 2022

by ABIP | Jan 6, 2023 | Accounting, Business, Individuals, Newsletter, Taxes

The $1.66 trillion Consolidated Appropriations Act, 2023, was signed into law on December 29, 2022, by President Biden. Included in the 4,155-page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions relating to retirement. Let’s take a...
Businesses: Important Tax Changes in 2023

Businesses: Important Tax Changes in 2023

by ABIP | Jan 5, 2023 | Accounting, Business, News, Newsletter, Taxes

Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Standard Mileage Rates In 2023, the rate for business miles driven is 65.5 cents, up 3 cents from the midyear increase setting the rate for the...
Getting Ready for the 2023 Tax Filing Season

Getting Ready for the 2023 Tax Filing Season

by ABIP | Jan 3, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes smoothly. Let’s look at what’s new for 2022 and some key items taxpayers should...
Improperly Forgiven PPP Loans Are Taxable

Improperly Forgiven PPP Loans Are Taxable

by ABIP | Dec 6, 2022 | Accounting, Business, News, Newsletter, Taxes

Recipients of Paycheck Protection Loans (PPP) should be aware that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, they are not eligible to exclude the forgiveness from income. They must, instead, include in income the portion of...
Retirement Contributions Limits Announced for 2023

Retirement Contributions Limits Announced for 2023

by ABIP | Dec 5, 2022 | Business, Individuals, News, Newsletter, Taxes

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2023 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457...
Small Business Taxpayers: The Year in Review

Small Business Taxpayers: The Year in Review

by ABIP | Dec 2, 2022 | Business, News, Newsletter, Taxes

Here’s what business owners need to know about tax provisions for 2022: Standard Mileage Rates Due to inflation, there were two standard mileage rates in 2022: 62.5 cents per business mile driven (July 1-December 31, 2022) and 58.5 per business mile driven...
« Older Entries
  • Highlights of the Secure 2.0 Act of 2022
  • Businesses: Important Tax Changes in 2023
  • Individual Taxpayers: Tax Changes for 2023
  • Getting Ready for the 2023 Tax Filing Season
  • Improperly Forgiven PPP Loans Are Taxable

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