Scammers are not taking a summer vacation. While most of us were enjoying the 4th of July holiday, the IRS and the Security Summit issued a warning to taxpayers on July 3, 2023, regarding a new scam involving a delivery to your home. According to the news release, the scam involves a cardboard envelope that […]
The City of Philadelphia’s Department of Revenue announced decreases in the Philadelphia resident wage tax for the last half of 2023. Changes have also been announced for the Business Income and Receipts Tax (BIRT). Philadelphia Wage Tax On July 1, 2023, Pennsylvania employers must begin withholding wage tax at the new 3.75% rate from all […]
Avoid Misclassification of Employees Summer usually brings a wave of new hires to many businesses. From new graduates beginning their career, summer interns, or hiring additional help for projects that require extra assistance, it is important for employers to classify workers correctly. If a business misclassifies an employee without a reasonable basis, it could be […]
The year is passing quickly, and it is hard to believe that the deadline to pay second quarter estimated taxes is next week. Who Pays Estimated Taxes? Taxes must be paid through either withholding or estimated tax payments as income is earned. For those whose main source of income is salary or pension your withholdings […]
Planning ahead is the theme for this edition of Word to the Wise. Our June 2023 issue focuses on mid-year tax planning. Articles of interest include: Should you have questions about this topic, or any other topics related to your personal or business situation, please contact us at any time. To read this edition of Word to […]
The IRS reported that processing delays and backlogs are being cleared at a faster rate when compared to last year. While all paper and electronic individual returns received before January 2023 have been processed, certain returns have a processing time of up to 20 weeks or longer. For those of you waiting for a response […]
Inspired by National Small Business Week, the IRS announced how they plan to improve processes and services for small business owners. Communicating with Small Business Owners Improving how the IRS communicates with taxpayers has been a priority since the pandemic. For small business owners, the IRS will add new improvements to phone service, in-person service, […]
We are pleased to share the May/June issue of Valuation and Litigation Briefing with you. In this issue, you will find the following articles: As always, if you have questions or currently in need of valuation services, please reach out to John F. Maloney, CPA, CFF, CVA, ABAR at 215.675.8364. To read the May/June 2023 issue, […]
We realize the April 18th tax deadline was only a few weeks ago, but in this issue of Contractor, we include an article on midyear tax planning for construction business owners as well as details regarding implications of PIP (pay-if-paid) clauses. Articles: As always, if you have questions on any of these articles or other […]
The IRS issued updated guidance as it relates to the new clean vehicle credit. Effective April 18, the new requirements state: “if you take possession of a new clean vehicle on or after April 18, 2023, it must meet critical mineral and battery component requirements to qualify for the tax credit. This applies even if […]
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