Blog
New Digital Asset Reporting Requirements Imposed in Coming Years
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing Reporting Rules If
IRS Announces 2022 Retirement Plan Limits
The IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective Deferrals The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee
Opportunities and challenges: Business Valuation in the age of COVID-19
Valuation and estate planning go hand in hand. After all, the tax implications of various estate planning strategies depend on the value of your assets at the time they’re transferred. The COVID-19 pandemic has had a significant impact on the value of many business interests and other assets, which may
Brush Up On Tax Rules for Business Holiday Gifts and Parties
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s
Don’t Forget to Use Up Your Flexible Spending Account!
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An Account for Health Expenses A pre-tax contribution of $2,750 to a health
Don’t miss out on the 100% business meals deduction in 2021 and 2022!
Covid-19 has changed our lifestyle, how we do our business, how we spend our free time, how we spend our money, and even how we eat. The pandemic has rocked nearly every company and industry, especially food services. Many restaurants across the U.S. have permanently closed. According to food and
Taxes and Renting Out Your Vacation Home
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation
Social Security Wage Base Will Increase in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background Information The Federal Insurance Contributions Act (FICA) imposes two taxes
COVID-19 Effects on Financial Statements
The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its financial statements? You might not have considered this question since last year if your
DWC Professionals Attain Payroll Certification
Dalby, Wendland & Co. is pleased to announce client accounting services specialists Janna Burk and Mary Nichols have attained Certified Payroll Professional (CPP) designations from the American Payroll Association. The CPP exam is four hours, and attaining certification verifies mastery of payroll knowledge, skills, and abilities. Certification is frequently essential