IRS opens determination letter program for 403(b) plans
Revenue Procedure 2022-40, allows 403(b) retirement plans to use the same individually designed retirement plan determination letter program currently used by qualified retirement plans.
Resources
Search Results
Five Steps to Recognizing Revenue in Financials
The FASB and IASB have provided standards for properly recognizing revenue in your financials. Using a five step process, companies recognize revenue based on the value and timing of when control of the goods and services are transferred to the customer. Learn about the standards and how to properly recognize revenue for your company.
Consumer products holiday season insights: Retail holiday shopping expected to be strong this year
The holiday shopping season is expected to continue to show strong nominal spending by consumers.
U.S. October jobs report: Strong growth as labor market remains tight
Total employment increased by 261,000 jobs in October, which brought the total gain in employment this year to 4 million positions.
Fed raises its policy rate by 75 basis points as it prepares to slow pace of hikes
The Federal Reserve increased its policy rate by 75 basis points on Wednesday to a range between 3.75% and 4% as it hinted at slowing the pace of its hikes.
IRS makes statements on CARES Act Employee Retention Tax Credit risks
On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
FOMC preview: Policy rate moving higher as Fed may prepare to slow pace of price stability campaign
We expect the Federal Reserve to increase its policy rate by 75 basis points to a range of 3.75%-4% when it publishes its policy decision on Nov. 2.
Inflation persists as spending rebounds strongly in September
While inflation data came out slightly better than expected, the key wage inflation metric-the employment cost index-remained elevated.
Employee or Independent Contractor?
It's important to correctly classify your workers as either employees or independent contractors. Incorrectly classifying workers can have serious legal and financial consequences. Learn about factors to consider when classifying your workers.
IRS issues inflation adjustments to tax rates and limitations for 2023
The Internal Revenue Service announced that it will be making adjustments for inflation to several key tax provisions for 2023. Learn about the adjustments and how they may affect your taxes next year.
What Is an S-Corp Election?
Business owners often struggle with determining the optimal legal structure and tax treatment for their business. This video will explain an S-Corp tax election and how it may benefit you and your business.
U.S. new home sales fell 10.9% in September
The steep rise in mortgage rates has been the number one reason for the fall in demand.
U.S. housing starts continue to fall amid rate hikes
New housing starts fell by 8.1% in September as the impact of rising mortgage rates worked through the housing market.
Expect More IRS Audits
The Inflation Reduction Act allocated $80 billion to the IRS for hiring additional personnel and improving processes and technology. Learn how this might affect future audit activity and how much time the IRS has to audit you.
Retail sales stay flat as inflation remains elevated
American consumer spending was unchanged in September, held back mainly by auto and gasoline sales as prices at the pump and auto dealers fell on the month.
Inflation remains hot, sticky and elevated, implying another supersized rate hike
Both top-line and core inflation remain hot, sticky and elevated, which implies another rate increase of 75 basis points at the Fed's November meeting.