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Happy New Year! As the hustle of the 2023 tax season gets going, here are a few reminders affecting small business this month.

Banks will be closed on Monday, January 15th Bank closures may affect the timing of Direct Deposit, ACH, and other financial transactions.

Nebraska Minimum Wage increased to $12.00 per hour Effective January 1, 2024, the Nebraska Minimum Wage is $12.00 per hour for non-exempt employees. In accordance with an initiative passed by voters in November of 2022, the minimum wage will increase $1.50 each year through 2026, followed by an annual cost of living increase beginning in 2027. The minimum hourly wage for tipped employees is $2.13 per hour. Employers are responsible for ensuring that wages and tips combined equal at least the minimum wage.

Timely Handoff Commitment The IRS is accepting tax returns as of January 29th this year. Partnership and S-Corporation tax returns are due March 15 Schedule C and Individual tax returns are due April 15 Upon completion of your December month-end, we will provide your 2023 tax information to you, and your CPA.  To allow adequate time for the tax preparation process, the information that Bell Solutions has been provided through February 5th will be handed over to your tax preparer on February 15th, so that the income tax process may begin.

Final Documentation is Due January 10th Supporting documentation is due on December 10th each year; including receipts, W9s, income reports, asset purchases, and other financial data needed to support your small business financials. Final Documentation for December is due now. The closing date of your bank, credit card, and loan accounts will depend on the timing of your year-end close. All accounts must be reconciled through the end of 2023, before your year end packet can be completed.

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