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2022 Year-End Reporting Reminders

We have prepared this list of year-end reminders for you. If you would like us to prepare 4th quarter payroll reports, reconciliations & W-2s, please provide the wage information no later than January 9, 2023. This will ensure all W-2’s are provided to your employees by the January 31, 2023 deadline. W-2’s and Wages For …

The Silent Generation and Baby Boomers are incredibly fortunate generations—and so might be their heirs. Cerulli’s U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021 report predicts these generations will transfer $72.6 trillion in assets to heirs and $11.9 trillion to charities through 2045. That’s a lot of money, and it presents a unique opportunity for Gen Xers …

Throughout the year, the Federal Emergency Management Agency (FEMA) will designate incidents that adversely affect residents in the affected areas as disasters. This FEMA designation puts relief efforts in motion, both short and long-term. While immediate needs like food, water, and shelter are at the top of the list, long-term efforts, like relief options through …

On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are important, as they cap the tax benefits that can be realized from retirement plan savings contributions each year and are adjusted to …

A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals may receive this form for tax year 2022, something they may not have seen in previous years. New Form 1099-K Guidelines For …

A merger or acquisition rarely runs smoothly. Having the right professionals on your team and knowing what questions to ask can help ease any tax challenges. Here are eight questions to help transition from separate entities to consolidated or subsidiary status. 1. Will the acquired company merge with the parent (acquiring) organization, or will it …

The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit. …

With inflation rates reaching historical highs and driving up the cost of doing business, business owners are seeking out creative ways to fight inflation. The Series I Savings Bond is one tool that’s been getting some buzz. Also known as I Bonds, these low-risk savings products depend on higher inflation to produce better returns. The …

By law, everyone must pay tax as they earn income. Generally taxpayers must pay at least 90 percent of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two. If they don’t, they may owe an estimated tax penalty when they file. Some taxpayers earn income not …

2022-2023 Scholarship Recipients

Payne Nickles & Company, CPAs is proud to announce the scholarship winners for the 2022-2023 academic years! The annual scholarships are funded through an account established by Payne Nickles & Company, CPAs within the Huron County Community Foundation, and are available to any second, third, fourth- or fifth-year accounting major in Erie, Huron or the …