Feb 28, 2025 | Blog Posts, Tax
FinCEN has extended the March 21 deadline for beneficial ownership information (BOI) reporting and temporarily suspended enforcement. No penalties will be issued until an interim final rule with new deadlines is in place. The agency is also considering regulatory...
Feb 25, 2025 | Tax Talk Tuesdays
The Qualified Business Income (QBI) deduction—the Section 199A deduction—offers a powerful way to reduce taxable income for many business owners. Designed for sole proprietors, partners in partnerships, shareholders in S corporations, and certain trusts and estates,...
Feb 20, 2025 | Blog Posts
The Financial Crimes Enforcement Network (FinCEN), which oversees compliance with Beneficial Ownership Information (BOI) rules under the Corporate Transparency Act (CTA), has pushed the deadline for submitting initial, updated, or corrected reports to March 21, 2025....
Feb 18, 2025 | Tax Talk Tuesdays
Selling goods or services online has become increasingly common, and with that comes tax reporting responsibilities. If you sold event tickets, personal items, or other goods or services online and received Form 1099-K, you may wonder how to handle it on your tax...
Feb 11, 2025 | Tax Talk Tuesdays
Charitable giving allows individuals and businesses to support their communities while benefiting from valuable tax deductions. However, maximizing these deductions requires understanding eligibility, limitations, and documentation requirements. To qualify, donations...
Feb 3, 2025 | Tax Talk Tuesdays
Building owners and designers seeking ways to enhance energy efficiency while reducing tax liabilities should be aware of the Energy Efficient Commercial Buildings Deduction (179D deduction). This tax incentive allows eligible taxpayers to claim a deduction for...
Jan 27, 2025 | Tax Talk Tuesdays
For manufacturers, innovation is not merely a driver of growth but an essential strategy for survival and success in today’s fiercely competitive landscape. The Research and Development (R&D) Tax Credit provides manufacturers with a valuable opportunity to offset...
Jan 27, 2025 | Blog Posts, Tax
President Biden signed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863) into law on December 12, 2024. This legislation introduces several beneficial tax provisions to assist victims of federally declared disasters. Relief for Personal Casualty Losses One of...
Jan 18, 2025 | Tax Talk Tuesdays
Beginning January 6, 2025, most Pennsylvania domestic and foreign filing associations must file an Annual Report (DSCB:15-146) online at file.dos.pa.gov. This new requirement applies to various entities, including domestic business corporations, nonprofits, limited...
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