Firm News January 2023

Happy New Year

The partners and staff of Kushner LaGraize would like to wish all of our clients and friends a very happy, healthy & prosperous New Year!

Filing Deadline for W-2s, Form 1099-Misc. and Form 1099-NEC

Please be aware that the filing deadline for all Federal W-2s is January 31, 2023. This deadline stands whether filing paper or electronic returns. Please make an effort to distribute these forms to employees before the end of January, so there is time for any potential errors to be corrected before filing these forms with the Social Security Administration. The January 31st deadline also applies to providing recipients with their Forms 1099-MISC and Forms 1099-NEC. Forms 1099-NEC are required to be filed with the IRS by January 31st, and Forms 1099-MISC are required to be filed with the IRS by February 28th if filing by mail and March 31st if filing electronically.

Congrats to Wilson LaGraize, Jr.!

One of our founding partners, Wilson LaGraize, JR, CPA, CRFAC was recently celebrated by the LCPA (Society of Louisiana Certified Public Accountants) and his peers for "50 years of Loyal Membership". Please join us in congratulating Wilson!

Featured Insights

FASB Proposes Changes to Lease Accounting Rules

The Financial Accounting Standards Board recently issued a proposed Accounting Standards Update for Leases (Topic 842). The update addresses related-party arrangements between entities under common control. This video provides an overview of the proposed changes.

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Major provisions of the Inflation Reduction Act of 2022

In August 2022, President Biden signed the Inflation Reduction Act (IRA) into law. Learn about the major provisions related to climate, energy, and taxes and how they may affect you and your business.

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Does your company need an employee benefit plan audit?

An employee benefit plan audit is a periodic and independent examination of a company’s benefit plans that are subject to ERISA. If your company currently offers or plans to offer an employee benefit plan, read this article to learn about audit requirements.

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Bonus depreciation phase-out begins January 2023

100% Bonus depreciation is a tax provision that allows businesses to deduct the cost of certain qualifying property in the year it is placed in service rather than having to depreciate the cost over several years. Unfortunately, the 100% bonus depreciation deduction will begin to phase out after 2022. Learn more about the phase-out schedule and the alternative Section 179 deduction.

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President Signs Omnibus Bill; Including Secure 2.0 Act of 2022

The heavily negotiated omnibus legislative package includes all appropriations for the federal 2023 fiscal year. The act does not include any major tax provisions or tax extenders. However, the omnibus bill does include many retirement changes in the long awaited SECURE 2.0 Act of 2022.

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Kushner LaGraize, LLC, is a full-service accounting and consulting firm located in Metairie, Louisiana, serving clients principally in the greater New Orleans metropolitan area. Our primary mission is to provide business solutions to our clients through personalized and prompt service, and to provide challenging and rewarding career opportunities for our employees.

The firm began serving clients in December 1985 when Messrs. S. David Kushner and Wilson A. LaGraize, Jr. formed a partnership to provide professional accounting services. The firm has since grown to a staff in excess of 55 professionals and support personnel due to our reputation for providing outstanding quality service. New Orleans City Business has continuously recognized our firm as one of the top ten accounting firms in Metropolitan New Orleans.

For more information on how the Kushner LaGraize, LLC can assist you, please call us at (504) 838-9991.