How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified…
Audit Brief: Consider a surprise audit to keep accounting on its toes
One of the best ways to tackle financial statement fraud is to conduct periodic surprise audits. In fact, surprise audits were associated with at least a 50% reduction in both median loss and median duration, according to Occupational Fraud 2022:…
Tax Brief: Social Security Wage Base Increase
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics…
Crypto Brief: Two Cryptocurrencies To Be Regulated as Commodities Per New Bill In the Senate
A bipartisan bill proposed in the Senate named the Digital Commodities Consumer Protection Act was introduced in late July. This legislation clarifies that bitcoin and ether, two popular cryptocurrencies, are classified as commodities, as opposed to securities which are under…