January 26, 2023
YOUR TALENT POOL MAY BE BIGGER THAN YOU THINK

By Eric Woodruff, CPA, CCIFP
Partner, Director of Audit & Assurance Services

One of the biggest obstacles companies currently face is a record-high shortage of talent. In this recent study, 75 percent of the 40,000 employers surveyed reported having difficulty hiring due to the low labor force. And that demographic represents people working in a wide range of industries across 40 countries and territories — from education, health and government to manufacturing, restaurants and retail.

While the global talent shortage is definitely a troubling issue, overcoming it is far from an impossible feat. In fact, this challenge is a valuable opportunity to open yourself up to recruitment strategies and certain types of employee candidates you’ve never considered before.
2023 PROJECTED TO BE A RISKIER YEAR

As you enter the new year, it’s important to understand the risks your business faces. In a recent blog article for the National Association of Corporate Directors (NACD), Jim DeLoach — managing director of the global consulting firm Protiviti — provided a thorough breakdown of critical uncertainties we encourage our Central Indiana clients to keep in mind.

Here are a few risk factors DeLoach highlights that we think you should prepare for over the next 12 months:
NEW PARTNER: LIZ BELCHER

Liz Belcher, who has been with the firm since its founding, is the latest addition to Sponsel’s Executive Leadership Team, which now consists of six Partners.

A graduate of Indiana University’s Kelley School of Business, Liz joined the Tax Services department in 2009 and rose to the role of Senior Manager, assisting fellow Partner and Director of Tax Services Nick Hopkins.
Indiana Income Tax Credit for 529 Contributions
 
Indiana taxpayers with an active CollegeChoice 529 Education Savings Plan may be in for some perks this tax season. Those who made contributions to this kind of account may receive a state income tax credit equivalent to 20 percent of their education savings — up to $1,000 per year ($500 for married filing separately) through December 31, 2022. Contributions by Indiana taxpayers made on or after January 1, 2023, will also qualify for this credit, with a new maximum of up to $1,500 ($750 for married filing separately). For more information on this tax credit, see the Indiana Department of Revenue's Information Bulletin #98.

IRS Issues 2023 Standard Mileage Rates
 
Right before the new year, the IRS issued the optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Click here to learn more about the 2023 rates for automobiles including sedans, vans, pickups and panel trucks.
 
The SECURE 2.0 Act of 2022
 
A grouping of retirement plan provisions in the Setting Every Community Up for Retirement Enhancement, commonly called the SECURE 2.0 Act of 2022 (SECURE 2.0), are included in the 2023 Consolidated Appropriations Act (also known as the Omnibus Bill). SECURE 2.0 is comprehensive legislation intended to expand and increase retirement savings as well as simplify and clarify many complex and confusing existing retirement plan rules. Read more about this legislation here.