January News To Know
Dear Clients & Friends,
Happy 2023! The new year has begun, which means it’s time to start finalizing your 2022 taxes if you haven’t already. Our new Client Collaboration HUB is the perfect place to get started. However, if you are a business, the most pressing issue is ensuring that you meet the dates for 1099 filing, in order to avoid any penalties. For your convenience, we review the deadlines in a simple table below.
A new year can also mean new opportunities. In a recent article in Financial Services Review magazine, our Managing Member, Jeffrey Stuart, has shared his insights into mergers and acquisitions. Specifically, Jeff focuses on the importance of merging cultures as well as financial statements and numbers. (You can read the full article here.) Our expertise in this area has not only benefited our clients, but it has allowed us to grow as well. We are happy to share that we are in the process of bringing a partner firm into the CJBS family this year. More news coming soon.
In addition to preparing for the upcoming tax year, the IRS has put in place significant changes for this year, some of which we have highlighted below, for your convenience. Furthermore, the IRS has been busy digging out of its backlog of taxpayer correspondence, reducing it from 5 million to 400,000. They have also been correcting 14 million tax returns for unemployment benefits in 2020 resulting in an average refund of $1,232 (see article here). To find out if you or your business are affected by any of these changes, please reach out to your CJBS team member, today.
Finally, as we gear up for another tax year, we have highlighted important dates for you to remember (see table below). We know this can be a stressful time for some of our clients and we are here to help. Of course, it’s better to connect with your CJBS team member sooner rather than later, especially if you have any questions or concerns.
Stay safe & healthy,
The CJBS Team