October 27, 2022
2023 ADJUSTMENTS FOR SOCIAL SECURITY & IRS LIMITS

The IRS recently announced changes set for next year that will affect cost of living, tax rates, and retirement plan limits.

First, social security beneficiaries are in for good news. Next year, you stand to receive the largest cost-of-living adjustment in 40 years! Roughly 70 million Americans will see an 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments. On average, Social Security benefits will increase by more than $140 per month starting in January.
WHAT DOES SUCCESS LOOK LIKE?

By Lisa Purichia
Partner, Director of Accounting & Retirement Plan Services

For the first time in history, there are five generations of talent in the workforce. Considering this unprecedented phenomenon along with the current labor shortage, the definition of a successful business is now more varied and malleable than ever before. Employees born in 1945 obviously have a vastly different vision of success than those from Generation Z (born in 2001).

As a leader, it's in your hands to not only define success but effectively communicate that to your team members. Your communication must have clarity of purpose and include your mission, core values and connection to the community, among other things.

NEVER LET A CRISIS GO TO WASTE!

By Tom Sponsel, CPA/ABV, CFF
Partner

With COVID and the ever-evolving marketplace around it, the last few years have been quite an endurance test for businesses. But business isn’t just about getting through the daily grind and keeping up with crises. Don’t lose sight of where you’re heading in the long run and the lessons you learned in dealing with the unique challenges you have persevered through!

Never let a crisis go to waste! In other words, dealing with a crisis isn't just about putting out a "fire." It's about making your business fireproof. For example, look at Florida's reconstruction efforts in the wake of Hurricane Ian. New buildings will feature impact-resistant windows and roof straps that enable roofs to withstand 155-mile winds. They'll be stronger not only for possible disasters, but for the future in general.

EMPLOYEE SPOTLIGHT: BETH TERRY

Beth Terry is soon to celebrate her first full year here at Sponsel CPA Group, as she joined the firm in November of 2021. As a Manager in the Audit & Assurance Services department, her duties include audits, compilations, reviews, 401(k) audits and agreed-upon procedures across a broad spectrum of industries.

Prior to joining the firm, Beth earned a bachelor's degree in business administration from Dalton State College and a master's degree in accountancy from the University of Tennessee at Chattanooga.
Welcome Two New Recruits
We want to wish a warm welcome to our two new college recruits! John Pickett (pictured above), a recent graduate of the University of Indianapolis, is now on our Tax Services staff.
Evan Gress (pictured above), a Purdue graduate, is serving the Audit & Assurance Services department. We're thrilled to have both of these talented, young professionals on our growing team!
Our Upcoming Firm Retreat

Just a heads-up that our office will be closed on November 10 and the morning of November 11, as we are taking a firm retreat to work on improving ourselves so we can better serve you! Business operations will resume at 1 p.m. on Friday, November 11.