6 Accounting Trends to Watch in 2023 – AZ Big Media
The accounting industry is rapidly evolving and firms that don’t adapt risk being left behind. Here’s what experts say are six trends to watch in the accounting industry in 2023.
Insights
Highly Compensated Employees May Be Eligible for Overtime
It seems contrary to long-standing policy, but in a recent ruling, the Supreme Court decided that in certain situations, highly compensated employees (HCEs) can earn overtime pay.
2023 Electric Vehicle Tax Credits
If you buy a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit of up to $7,500.
Pace & Company, PC Joins Wallace Plese + Dreher
Effective January 1, 2023, Pace & Company, PC joined Wallace Plese + Dreher. For more than 25 years, Pace & Company, PC provided tax planning and advice to corporations, partnerships, individuals, and estates and trusts in Arizona and throughout the U.S.
2023 AZ Big 100 Wallace Plese + Dreher
Wallace Plese + Dreher named one of 50 companies to watch shape Arizona’s economy in 2023.
Arizona Form A-4 Effective January 31, 2023
All Arizona employers must provide the new tax rate options to their employees by January 31, 2023, either electronically through an online portal, fillable form, or paper form.
2023 Wallace Plese + Dreher Employee Promotions
Effective January 1, 2023, Wallace Plese + Dreher promoted several employees. Learn about their diverse backgrounds and experience.
2023 Mileage Rates
In June 2022, the IRS made a rare midyear adjustment to mileage deductions because of rising gas costs. For 2023, the IRS increased the number again.
Arizona Tax Changes and Filing Due Date
Taxpayers have until Tuesday, April 18, 2023, to file their 2022 tax return since April 15, 2023 falls on a federal holiday. If filing an extension, the extended due date to file the income tax return is October 16, 2023 because October 15, 2023 falls on a Sunday.
Phoenix ZooLights
Wallace Plese + Dreher’s employees enjoyed a unique holiday experience at the Phoenix ZooLights.
2022 Charitable Donations
If you expect to itemize deductions in 2022, you may benefit from contributions to qualified charitable organizations. As long as you make a donation in 2022, it is deductible on your 2022 return, including charging the donation to a credit card on December 31.
New Lease Accounting Standard
Effective for 2022, private companies that issue financial statements prepared under U.S. GAAP are required to conform to a new lease accounting standard affecting their 2022 financial statements. Changes from the new lease accounting standard should be reflected in annual financial statements issued in 2023.