Blog Posts | Stephano Slack LLC

4 HSA Tax and Retirement Secrets You Need To Know

Mar 22, 2023 | Blog Posts, Tax

A new research report from the Employee Benefit Research Institute found that most Americans: Contribute less than the maximum allowable amount to their HSA Maintain a modest balance Do not invest the money Do not take advantage of inherent tax benefits of their HSA...

What you need to know about the Inflation Reduction Act of 2022

Sep 8, 2022 | Blog Posts

On August 16, 2022, President Joe Biden officially enacted the Inflation Reduction Act of 2022 (IRA). It includes various new environment-related tax credits and extends and modifies some preexisting credits. Here’s what individuals and small business owners...

The Key Tax Changes for the 2021 Tax Year

Dec 27, 2021 | Blog Posts

Another pandemic year has led to significant tax law changes for the 2021 tax season. Here’s a brief rundown of the major developments. The American Rescue Plan (ARP) Act The American Rescue Plan Act, the $1.9 trillion COVID relief package signed by President...

Employers may face penalties for late payment of deferred payroll taxes due by year’s end

Dec 27, 2021 | Blog Posts

Employers who took advantage of the payroll tax deferral under the Coronavirus Aid, Relief, and Economic Security (CARES) Act may face huge late payment penalties from the Internal Revenue Service (IRS) if they fail to repay at least 50 percent of deferred taxes by...

What every small business owner should know about changes to SBA’s COVID EIDL program

Nov 23, 2021 | Blog Posts

The U.S. Small Business Administration’s Economic Interest Disaster Loan (EIDL) program is one of the biggest relief options enacted by the federal government to support small businesses’ recovery from the economic impacts of COVID-19. It’s also the...

Pennsylvania Department of Revenue releases new sales and use tax guidelines for equipment rentals and services

Nov 17, 2021 | Blog Posts

The Pennsylvania Department of Revenue (DOR) issued guidance on the new sales and use tax law for equipment rental transactions on November 2, effective immediately. The bulletin provided compliance requirements for taxpayers engaged in renting equipment used in...

Tax Issues in the Primary Methods of Earning Money in Cryptocurrency- Part I

Oct 6, 2021 | Blog Posts

Trading How it’s done: Most trading, through short selling, is done by acquiring cryptocurrency, selling it, and then repurchasing it quickly at a lower price. This obviously is only successful when the investor believes that the price of the crypto will fall...

IRS extends tax relief for Hurricane Ida victims

Sep 23, 2021 | Blog Posts

Hurricane Ida victims can file personal and business tax returns and make tax payments, the Internal Revenue Service (IRS) announced. Those in Pennsylvania can file for tax relief until January 3, 2022. The IRS also provides relief in parts of Louisiana, Mississippi,...

National Taxpayer Advocate’s review of 2021 filing season pushes IRS to improve service, reduce backlog

Aug 4, 2021 | Blog Posts

In the annual midyear report submitted by the Taxpayer Advocate Service (TAS) to Congress last June 30, National Taxpayer Advocate Erin Collins pushed for the improvement of services at the Internal Revenue Service (IRS) to reduce its backlog. Collins commended the...

What you need to know about Child Tax Credit 2021

Jul 19, 2021 | Blog Posts

Most eligible U.S. families began receiving Child Tax Credit payments on July 15, a historic tax relief geared toward reducing child poverty, especially at a time when many are struggling financially as the pandemic’s impact lingers. The Child Tax Credit, first...