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March 11- Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 11. Your employer is required to withhold FICA taxes and income tax withholding for… View Article

March 1 – Farmers and Fishermen File your 2023 income tax return (Form 1040 or 1040-SR) and pay any tax due. However, you have until April 15 (April 17 if you live in Maine or Massachusetts) to file if you paid your 2023 estimated tax by January 16, 2024. March 1 – Applicable Large Employers (ALE)… View Article

Lancaster, PA— Ross Buehler Falk & Company, LLP, a leading public accounting and business advisory firm, is pleased to announce the acquisition of a majority interest in Leid, Lorah, & Company, P.C.  Moving forward, Leid Lorah will be renamed Pennoptic CPAs and Strategic Partners, LLC. “This new affiliate relationship between Pennoptic CPAs and Strategic Partners,… View Article

According to the United States Department of Labor’s Consumer Credit Protection Act (CCPA), wage garnishments are a complex legal process for employers to account for when it comes to employment matters. This article specifically refers to Title III of the Consumer Credit Protection Act. Usually authorized through a court order, a wage garnishment directs an… View Article

The emergence of digital currency is reshaping how businesses operate and account for financial transactions. As accounting professionals navigate this transformative wave, understanding the profound impact of digital currency on business accounting becomes not just relevant but imperative. What is digital currency? Digital currency is a form of currency that exists only in electronic or… View Article

It’s that time of year again: time for year-end tax planning. With the end of 2023 coming fast, the time to act is now. In this article, we’ll look at the moves you can make to optimize your tax situation in 2023 as an individual taxpayer. Itemized Deductions Flexing your timing on itemized deductions is… View Article

The Kiddie Tax was introduced in 1986 to prevent high-income parents from shifting their investment income to their children, who typically fall into lower tax brackets. While the term “Kiddie Tax” isn’t used in the tax code, it does succinctly describe this tax. The tax applies to unearned income, such as dividends, interest, and capital… View Article

In one year’s time, the U.S. inflation rate dropped by more than half, from 8.2 percent in September 2022 to 3.7 percent in September of 2023.   If there is a downside to lower inflation, it’s a lower cost of living adjustment (COLA). This year, the inflation rate plummeted from 6.4 percent in January to the… View Article

Next year, something called Peak 65 is happening. This moniker refers to the fact that more Americans will reach the traditional retirement age of 65 in the same year than at any time in history. Crazy, right? However, many of these people don’t feel like they’ve saved enough to live comfortably after they retire. Here… View Article

In light of our current economy, making sure your money works hard for you is one of the best things to do this year. Here are some ways you can navigate your financial situation, keep tabs on where you are and adjust if you need to.  Shop for a higher return on savings. These days,… View Article