2024 Q1 key tax deadlines for businesses and other employers

Below you will find key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. This list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about…

Business mileage rate increases to 67¢ in 2024

The IRS announced that the standard mileage rate for the business use of a car, van, pickup or panel truck will be 67¢ cents (up from 65.5¢ for 2023). The increased tax deduction partly reflects the national…

IRS offers a withdrawal option to businesses that claimed ERTCs

Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but complex, pandemic-related credit — and the potential consequences of an…

IRS suspends processing of ERTC claims

In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit.…

The Social Security wage base is increasing for 2023

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…

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