IRS Announces 2023 Standard Mileage Rates

Accounting

On Dec. 29, 2022, the IRS announced the 2023 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The 2023 standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents per mile…

“SECURE 2.0” Act Becomes Law

Retirement

On Dec. 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, an omnibus bill that includes the “SECURE 2.0” legislation, referred to as such because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.   Key SECURE 2.0 provisions include: Expanding automatic enrollment in 401(k) and 403(b)…