Entries by

Rise and Shine… Are You Ready for Retirement Reform?

On June 14th, the Senate Health, Education, Labor, and Pensions (HELP) Committee approved the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act or the “RISE & SHINE Act (S. 4353). Senators Patty Murray, D-Wash., and Richard Burr, R-N.C., introduced the Act. “The COVID pandemic upended our economy—and with it, the […]

Tax-Free Payments to Employees for COVID-19 Expenses

Employers wishing to aid employees impacted by COVID-19 should consider taking advantage of the Section 139 disaster relief.  This section allows employers to reimburse employees for “qualified disaster” expenses. This provision was added to the Internal Revenue Code after 9/11 and only applies to federally declared disasters such as COVID-19. This is very beneficial to […]

IRS Announces Inflation Adjustments for 2022

The Internal Revenue Service has announced the annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Below are some of the tax items of greatest interest to our clients: Marginal rates: For 2022, the top tax rate remains at 37%. The rates are as follows: 35% […]

Build Back Better Plan Goes to House for Vote Today

The House is tentatively planning to vote on the Build Back Better bill today. That may or may not happen. If it does, then the Senate will debate the bill. It is expected that the Senate will make additional changes, which means that the bill will have to go back to the House to be […]

PA Department of Revenue Issues Remote Work Guidance

Pennsylvania has issued new corporate income & sales tax guidance for companies that have employees that are working remotely. This new remote work guidance is effective July 1, 2021. The revised guidance states that an out of state corporation which has a PA resident working at home after June 30, 2021, will have corporate tax […]

Advance Child Tax Credit Payments to Start in July

The IRS has been sending letters to taxpayers notifying them that the advance child tax credit (CTC) will begin in July and continue through 2021. The advances were authorized by The American Rescue Plan that was signed into law in March. The IRS will pay half the total 2021 estimated credit in monthly amounts beginning […]

Change to Pennsylvania’s 2018 Annual W-2 Filings Requirements

Pennsylvania has increased its electronic filing mandate for annual wage reconciliations and W-2s. Effective for 2018 reporting, employers filing W-2s for ten or more employees must file Form REV-1667 and W-2s electronically using e-Tides. The due date for filing the state’s annual wage reconciliation and each employee’s W-2 remains January 31, 2019. Failure to comply […]

Are You Prepared for the new IRS Partnership Audit Rules?

The “Bipartisan Budget Act of 2015” (the “BBA”) made sweeping changes to the rules governing IRS audits of partnerships and LLC’s filing as partnerships by streamlining the rules that apply to IRS’s partnership audit and collection processes.  These rule changes, scheduled to take effect January 1, 2018, now allow the IRS to both assess and […]