About Sonya Foster

This author has not yet filled in any details.
So far Sonya Foster has created 824 blog entries.

New Digital Asset Reporting Requirements Imposed in Coming Years

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing Reporting Rules If

2021-11-30T16:04:06-07:00November 30th, 2021|

IRS Announces 2022 Retirement Plan Limits

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

2021-11-30T15:50:51-07:00November 30th, 2021|

Opportunities and challenges: Business Valuation in the age of COVID-19

Valuation and estate planning go hand in hand. After all, the tax implications of various estate planning strategies depend on the value of your assets at the time they’re transferred. The COVID-19 pandemic has had a significant impact on the value of many business interests and other assets, which may

2021-11-30T16:06:41-07:00November 17th, 2021|

Social Security Wage Base Will Increase 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

2021-10-26T10:42:30-06:00October 26th, 2021|

COVID-19 Effects on Financial Statements

The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its financial statements? You might not have considered this question since last year if your

2021-10-26T10:01:38-06:00October 26th, 2021|
Go to Top