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November 2023

HT2 PORTAL UPGRADE COMING SOON!

PORTAL UPDATE! Your NetClient CS portal is getting an upgrade! Our firm partners with Thomson Reuters to provide the platform for this portal. On November 17, 2023, there will be an update that will improve your sign-in experience and security. 


 What you need to know:


  • You’ll need to create a new username and password. To do this, you’ll need your current NetClient CS login ID and password. If you’ve saved these details to your browser, please memorialize them.


  • The sign-in page will look different but will function the same way. This video showcases the new experience.


  • You’ll need to enable two-factor authentication. There are several options available to verify your identity when you log in. We recommend using the Auth0 Guardian mobile app, which is free on the Apple App Store for iOS and Google Play Store for Android. Learn more about two-factor authentication. Or, you can link your account to your telephone number to receive text messages in order to access your client portal.



These changes will be occurring on November 17, 2023. Contact us with any questions you might have regarding this update.

NEW PER DIEM BUSINESS TRAVEL RATES

KICKED IN ON OCTOBER 1, 2023

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates that became effective October 1, 2023. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidentals when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)

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CAN YOU DEDUCT 2024 BONUSES THIS YEAR?

You may be familiar with the rule that permits a business to deduct employee bonuses this year if it pays them within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that benefits your business and your employees: You enjoy a tax deduction this year, while your employees needn’t report the income until next year.


These tax benefits aren’t always available, however, so it’s important to understand the requirements. Here’s a quick review.


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THE SOCIAL SECURITY WAGE BASE FOR EMPLOYEES AND SELF-EMPLOYED PEOPLE IS INCREASING IN 2024

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax.


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