We continue our year-end checklist series with these suggestions from our Technologies team.
- As tax season approaches, tax scams will be on the rise! Keep an eye and ear out for suspicious emails and calls, especially those that you aren’t expecting.
- Watch out for social media ads that lead you to fake online stores. If it sounds to good to be true, it just might be. Trust your instincts.
- Year-end Cleanup: now is a good time to go through documents filed on your computer or cloud storage and to clear out the unneeded pictures and videos from your smartphone and tablet.
Staying Safe in 2023
Stay safe online by using a password manager. If you don’t have one, now is the time to take action. We recommend Bitwarden. If you are using a password manager, it’s a good idea to change your master password and review your settings.
If you have any questions about these items or other aspects of your IT needs, contact us online or call 267-381-2025.
With the end of 2022 quickly approaching, we wanted to remind you of a few actions you might consider taking to make the most of your finances.
- A down market is a great time to make the maximum contribution to your retirement account. Confirm your limits based on your income and plan type and check with your CPA, then make a one time pay deferral or contribution.
- Required Minimum Distributions (RMDs) must be out of your account by 12/31/22. With the holidays delaying processing times, be sure you’ve taken enough out early. If you gift to charity, make sure they cash checks prior to year end. Inherited accounts may also have requirements – speak with your advisor and be sure you’re taking what you need.
- Investment markets are a leading indicator in economics; this means the current recession fears may already be ‘priced in’ allowing a little hope for year-end values to recover.
Looking ahead to 2023
Keep in mind, the annual contribution limits for 401(k)s, IRAs, and ROTH IRAs is going up in 2023. If you have automatic pay withholdings or bank transfers, check the new limits (and your income eligibility) and increase your amount. A slight monthly increase will be less noticeable than catching up at the end of the year.
As always, we are here to help. If you have any questions, please contact us online or call 215-723-4881.
Legend
^ National Holiday – Canon Capital/most banks are closed. Allow an extra day for direct deposit services.
+ National Holiday – Most banks are closed. Allow an extra day for direct deposit services.
Calendar Year 2025
^ New Year’s Day – January 1
+ Martin Luther King, Jr. Birthday – January 20
+ President’s Day – February 17
^ Memorial Day – May 26
^ Juneteenth National Independence Day – June 19
^ Independence Day – July 4
^ Labor Day – September 1
+ Columbus Day – October 13
+ Veterans Day – November 11
^ Thanksgiving Day – November 27
^ Christmas Day – December 25
We hope you are looking forward to a festive holiday season. Here is our holiday schedule:
- Tuesday, December 20: Lobby closing at noon for our staff luncheon (staff may be available with an appointment)
- Friday, December 23: Office closing at Noon
- Monday, December 26: Office closed for Christmas holiday
- Friday, December 30: Office closing at Noon
- Monday, January 2: Office closed for New Year’s Day holiday
We wish you and your family a safe, happy, and healthy holiday season.
Our QuickBooks General Ledger interface provides you with online access to your payroll data with every payroll. You instantly save time, reduce errors, and increase flexibility.
Benefits of QuickBooks General Ledger interface include:
- Flexible solution to chart total net pay or each paycheck
- Distribute payroll expenses to multiple accounts and/or departments
- After each payoll, we will instantly generate a file to provide electronic payroll data that you can apply directly to your general ledger.
The Inflation Reduction Act included the hiring of 87,000 new agents at the IRS. With that addition of staff comes the expectation that the number of tax audits (exams) will increase.
- The current state of the IRS
- Records and retention
- Items that can cause an exam
- Basic procedures in an exam
- Options upon exam conclusion
- Impact of year-end legislation, if any
This event is free of charge but you must register to receive the Zoom link.
Please register here by January 24, 2023. After registering, you will receive a confirmation email containing information about joining the meeting.
Find your municipality and tax rate:
munstats.pa.gov/Public/FindMunicipality.aspx
PSD Codes
PSD_CODES_-_2-3-11PUB_3.pdf
American Payroll Association:
americanpayroll.org
IRS – home page:
irs.gov
IRS – forms & publications:
irs.gov/Forms-&-Pubs
Social Security Administration:
ssa.gov
Immigration and Naturalization Service
uscis.gov
Department of Labor:
dol.gov
Pennsylvania Department of Labor & Industry:
dli.state.pa.us
New Jersey Department of Revenue:
state.nj.us/treasury/taxation
Pennsylania Department of Revenue:
revenue.state.pa.us
Berkheimer Associates (Local tax adminstrator):
hab-inc.com
Philadelphia Deparment of Revenue:
phila.gov/revenue/Pages/default.aspx
Department of Community and Economic Development
dced.pa.gov
Keystone Collections Group
keystonecollects.com
Berks Earned Income Tax Bureau
berkseit.com
