Check Tampering Fraud in Small Businesses/Organizations

How one trusted employee defrauded a charity and how she got away with it for so long. If your small business or organization maintains a paper checkbook, whether you typically use it or not, you could be at risk of check tampering fraud. Even if you believe your business or organization does not make any…

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Key Social Security Changes for New Year

According to the Social Security Administration, approximately 70 million Americans will see an 8.7 percent increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, according to the SSA, Social Security benefits will increase by more than $140 per month starting in January. Why the big bump? As the…

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Annual Tax Adjustments for 2023

The Internal Revenue Service has released the tax year 2023 annual inflation adjustments for dozens of tax provisions, including the tax rate schedules and other tax changes. Here are some of the key changes. Standard deduction The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700, which is up $1,800…

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Reduce Your Tax Burden by Donating to Charity with Your IRA

The IRS has shared that persons who are subject to required minimum distributions (RMDs) from their IRAs may be able to turn those distributions into a qualified charitable donation (QCD), thus making the distribution non-taxable. Simplified Employee Pension Plans and Savings Incentive Match Plans for Employees’ IRA accounts do not qualify for this treatment, however. Making…

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I Bonds: Protecting Your Portfolio from Inflation

With a rising inflationary environment—the highest in four decades—investors are seeking shelter in low-risk investments to protect their portfolios. As a result, there has been record demand for I Bonds, a nearly risk-free diversification strategy to hedge against market volatility. What are I Bonds? I Bonds are savings bonds issued by the US Treasury. These…

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Intra-Family Loans: Transferring Wealth to Finance Future Generations

Over the past couple of years, the economy has been pulled in all directions. The effects have been seen through record-high home prices, higher interest rates, and inflation. While federal efforts are being made to calm the waters, these economic ripples are chipping away at the ability to enter—and stay in—the housing market. Intra-Family Loan…

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IRS Makes Rare Midyear Mileage Rate Adjustment

The IRS has announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final half of 2022, the standard mileage rate for business travel…

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IRS Notices CP2100 and 2100A Help Payers Correct Backup Withholding Errors

You might get a special error notice if your tax filings include one or more of the forms below: Form 1099-B, Proceeds from Broker and Barter Exchange Transactions Form 1099-DIV, Dividends and Distributions Form 1099-G, Certain Government Payments Form 1099-INT, Interest Income Form 1099-K, Payment Card and Third-Party Network Transactions Form 1099-MISC, Miscellaneous Income Form…

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