Recent News

IRS Announces Adjustments to Key Retirement Plan Limits

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs). The annual limit will rise to $14,000, up from $13,500, for Savings Incentive Match Plans for Employees (SIMPLEs) and SIMPLE IRAs. Catch-up contributions. The annual limit on catch-up contributions for individuals age 50 and over remains at $6,500 for 401(k), 403(b) and 457 plans, as...

Use Change Management to Brighten Your Company’s Future

Businesses have had to grapple with unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates and adjust to the economic impact of the pandemic. Now look ahead to the future — what further changes lie in store in 2022 and beyond? One hopes the transformations your company undergoes in the months ahead are positive and proactive, rather than reactive. Regardless, the process probably won’t be easy. This is where change management comes in. It involves creating a customized plan for ensuring that you...

Competitive Intelligence Can Give Your Marketing Campaigns an Edge

It’s understandable and indeed critical to focus a marketing campaign on the strengths and distinctive benefits of the products or services in question. However, something that’s easy to overlook is how your business and its offerings differ from — and are preferable to — the competition. Making this distinction isn’t as simple as, “Well, we’re better because we say so.” When you can present prospective customers with accurate data and solid reasoning behind why your products or services will fulfill their needs better than other options, you’ll stand a much better chance of turning those marketing dollars into revenue. This...

Employers: The Social Security Wage Base is Increasing in 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background Information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers — one for Old Age, Survivors and Disability Insurance, which is commonly known as the Social Security tax, and the other for Hospital Insurance, which is commonly known as the Medicare tax. There’s a maximum amount of compensation subject to the Social Security tax,...

How Much Will Social Security Recipients Collect Monthly in 2022?

Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 70 million Americans will increase 5.9% in 2022, the federal government recently announced. The 5.9% cost-of-living adjustment (COLA) will begin with benefits that more than 64 million Social Security beneficiaries will receive in January 2022. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2021. (The Social Security Administration notes that some people receive both types of benefits.) The COLA amount for 2021 was 1.3% and for 2020, it was 1.6%. The purpose of the COLA, according to the Social Security Administration, is...

Is It Time to Upgrade Your Accounting System?

Timely financial data is key to making informed business decisions. Unfortunately, it’s common for managers to struggle with their companies’ accounting systems to get the information they need, when they need it. Often, it takes multiple, confusing steps to enter and extract data specific to customers and/or projects. Businesses and accounting software solutions evolve over time. So, what worked for your company years ago may not be the optimal solution today. For example, you might prefer a different solution that’s more user-friendly, more sophisticated or customized for your industry niche. Here are four factors — beyond just cost — to...