18 01, 2023

Accounting Considerations for Lean Organizations

By |2023-01-18T16:21:55+00:00January 18th, 2023|Blog|

By Lindsay Andrews, CPA [email protected] Many manufacturers utilize lean techniques to help improve manufacturing processes. In addition to the manufacturing process, the concepts of lean can extend to various other aspects of the business including accounting. There are five principles of lean and each one of these principles has applications to accounting departments.

3 01, 2023

Retirement Plan Changes in 2023: SECURE 2.0

By |2023-01-03T20:55:12+00:00January 3rd, 2023|Blog|

By Tom Culleiton, CPA [email protected] A few days before Christmas, Congress approved a $1.7 trillion spending package which was signed by President Biden on December 29, 2022, making saving for retirement more accessible for many employees. The spending package contains a provision termed “SECURE 2.0” If that sounds familiar, it is because this

18 11, 2022

Federal Tax Changes to Consider Now Before Year-End

By |2023-01-13T17:30:55+00:00November 18th, 2022|Blog|

By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company With the close of 2022 fast approaching, businesses should evaluate several tax law changes that can impact the current year income tax liabilities and the final estimated tax payments. Phase Out of 100% Bonus Depreciation The Tax Cuts and Jobs Act (TCJA) increased

8 11, 2022

PA Department of Revenue Business Online Tax Account Changes

By |2023-01-13T17:31:34+00:00November 8th, 2022|Blog|

By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company Pennsylvania Businesses Will Need to Transition From e-TIDES to myPATH The Pennsylvania Department of Revenue is transitioning all business taxes, including employer withholding tax, sales tax, and corporation taxes into the Pennsylvania Tax Hub (PATH) system requiring business taxpayers to register their accounts

24 10, 2022

IRS Increases Contribution Limits for 2023

By |2022-11-08T05:52:23+00:00October 24th, 2022|Blog|

By Duke Griffith, Supervising Senior [email protected] On Friday October 21, 2022, the Internal Revenue Service (IRS) announced a record increase on the contribution limits for retirements plans for 2023. This largest ever increase on contribution limits is due to rising inflation rates in the United States. Inflation is up approximately 8.2% for the 12-month

13 10, 2022

Leasing Standard Help – Louis Plung Partnership with LeaseCrunch

By |2022-11-08T05:16:56+00:00October 13th, 2022|Blog|

By Lindsay Andrews, CPA [email protected] Implementation and Partnership with LeaseCrunch At Louis Plung, we have worked with a variety of companies that have already implemented the new leasing standard and are available to answer questions, review your leases, and assist with the accounting implementation to make the adoption of this accounting standard as

19 09, 2022

Expansion of the Qualified Small Business Payroll Tax Credit for Increasing Research Activities

By |2023-01-13T17:32:06+00:00September 19th, 2022|Blog|

By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company A lesser-known provision of The Inflation Reduction Act of 2022 is to increase the payroll tax liability offset by research and development (R&D) tax credits for qualified small businesses. Such businesses are usually start-up companies with a history of operating losses. The maximum

25 08, 2022

Understanding Employee Benefit Plan Audits – Top Five Commonly Asked Questions

By |2022-11-08T05:20:49+00:00August 25th, 2022|Blog|

By Lindsay Andrews, CPA [email protected] While employee benefit plan participants want to know that their retirement benefits are secure, plan sponsors have concerns about their fiduciary risks and responsibilities. Thanks to complex regulatory requirements and constantly changing legislation, the challenges of managing employee benefit plans can be complicated and time-consuming. That’s where an employee

17 08, 2022

Inflation Reduction Act of 2022

By |2023-01-13T17:32:44+00:00August 17th, 2022|Blog|

By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company On Tuesday, August 16, 2022, President Biden signed The Inflation Reduction Act of 2022. The Act is a massive climate, health care and tax bill, and is a “scaled-down” successor to the Build Back Better Act, which, after being passed by the House

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