The Inflation Reduction Act of 2022 has altered the requirements for the clean vehicle tax credit, particularly for electric vehicles, including fuel cell vehicles. The credit is available for eligible commercial clean vehicles in addition to vehicles that were previously owned. So, what is the clean vehicle tax credit? For starters, the tax credit can…
Read MoreWhether you want to hire a top-level executive or professional staff, R&A is able to handle all aspects of the hiring process for you. We offer a variety of talent acquisition services which can be tailored to your needs. Consultation on best hiring and interview practices Planning meeting with stakeholders to discuss hiring goals and…
Read MoreMany small business owners hire friends and family or have employees who have been with them for years. They may also have vendors they have become close with and do business with regularly. It is easy for small business owners to become lax in their oversight as they trust their employees and other close business…
Read MorePortability is often an effective, go-to estate planning strategy that could make a considerable difference for taxes owed on larger estates, especially with today’s generous exemption amounts. In a recent ruling, the IRS took steps to make filing for portability even easier. More Time to Make the Election Revenue Procedure 2022-32 now grants a surviving…
Read MoreThe term “accounts payable” encompasses almost all the non-payroll payments a business makes. It’s an integral part of your company’s financial statements. If you fail to track billing properly, the ramifications can be costly; compromised vendor relationships can lead to production and supply problems, creating cascading problems. It’s important to get it right. The accounts…
Read MoreBelow are federal payroll tax rates and benefits contribution limits for 2022. Social Security tax In 2022, the Social Security tax rate is 6.2 percent for employers and employees, unchanged from 2021. The Social Security wage base is $147,000 for employers and employees, increasing from $142,800 in 2021. In 2022 self-employed people must pay 12.4…
Read MoreThe Social Security Administration reviews key numbers each year and usually makes adjustments, and this year, the changes are significant. In a recent release, the SSA announced what is and is not changing for 2022. Here are the key changes: The maximum taxable earnings for the Social Security portion rises from $142,800 to $147,000. (There is…
Read MoreEvery day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. The standard applies to any company preparing financial statements under generally accepted accounting principles. Private companies will have to comply with this standard in fiscal years beginning after December 15, 2021, and interim periods…
Read MorePurpose of Form 990 Nearly all the approximately 1.74 million organizations recognized as tax exempt by the IRS must file Form 990 or another form in the same series annually. Churches are not required to file any of the forms in the IRS 990 series. The Form 990 series is intended to make a not-for-profit organization’s…
Read MoreYou want to know the value of your business. R&A can help you with that. Many business owners are faced at some point with the question “What is my company worth?” This question can arise for many reasons including a potential sale of the company, the buyout of a retiring shareholder, shareholder litigation, a divorce, management…
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