Holt and Patterson | Accounting and Tax Services

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Home
About H&P
» Our History
» Our Mission
» Our Staff
» Staff Spotlight
» Career Opportunities
Services
» Accounting and Auditing
» Specialized Accounting
» Tax Preparation
» Payroll Preparation
» Valuation Services
» Management Consulting
» I-9 Compliance
» Employment App Review
Forms
» Federal
» State
Contact US
» Map and Directions
News
» ACA Key Items
» Health Insurance
» Young Savers Rule(s)
Resources
» AICPA
» MSCPA
» ShareFile
» Newsletter
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Cost-of-Living Adjustment (COLA) Information for 2023

The SSA announced an 8.7% cost-of-living adjustment effective Jan 2023. Increased payments to SSI beneficiaries will begin on Dec 30, 2022. The earnings limit for workers younger than "full" retirement age will increase to $21,240. The earnings limit for people reaching their “full” retirement age in 2023 will increase to $56,520. There is no limit on earnings for workers who are "full" retirement age or older for the entire year.

2023 IRS Adjustments

The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500, up from $20,500.

Medicare Information

Information about Medicare changes for 2023 are available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, their new higher 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security's Message Center.

2022 Minimum Wage

As of January 1st, 2022, Missouri minimum wage was raised to $11.15/hr, Illinois minimum wage was raised to $12.00/hr.

Paycheck Protection Program Flexibility Act

On May 28th, 2020 the House overwhelmingly passed a bill proposing extending the time in which businesses must use their PPP funds. Read more here:

Areas of expertise

Accounting and Auditing
We assist with the accounting work necessary to run a business.
Specialized Accounting
We provide specialized services to our clients.
Tax Preparation
We prepare any tax returns you or your company will need.

Payroll Preparation Services
Our payroll department takes care of all your business’ payroll needs.
Valuation Services
We assist with your Valuation needs, from Owner Curiosity to Litigation Support.
Management Consulting
We meet with business owners who need direction in any aspect of their profession.

Location: 260 Chesterfield Ind Blvd Chesterfield, MO 63005

Call: (636)530-1040 or Fax (636)530-1101

Hours: Monday-Friday 8 a.m.-5 p.m.

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Holt & Patterson, LLC is a certified public accounting and business consulting firm in the greater St. Louis area. Along with the president, Michael Patterson, there are approximately 20 associates with a wide range of expertise and a standard of excellence beginning in 1960.

While we offer the traditional accounting, audit, and tax services, we have more to offer. We provide business valuations, payroll preparation, and management consulting.