QCD With Your RMD
Ok, enough with the barrage of acronyms! If you are single or married and are receiving Required Minimum Distributions (RMDs), you may want to consider the Qualified Charitable Distribution (QCD) strategy to lower your Federal Income Tax liability, and possibly your...
Changes to Non-Profit Audit Landscape in Pennsylvania
Governor Wolf signed Act 71 into law last December and it became effective in early 2018. Act 71 increased the annual contribution levels at which a nonprofit must undergo an audit, review, or compilation engagement. The new contribution thresholds are as below:...
Is Your Worker an Employee or Independent Contractor?
This age old question is one to reevaluate on a regular basis within your company if you are paying workers under a 1099 contract. Why is this so important? If you, the business, are paying a worker as an independent contractor, you are not responsible for any...
Proposed IRS Regulations – Pennsylvania EITC/OSTC Participants Beware
The IRS issued a new regulation that directly impacts donors that participate in Pennsylvania EITC/OSTC programs. For contributions made after 8/27/18: – Donors are required to reduce the amount of their charitable contribution by any state tax credits...
Tax Law Update: Elective Tax-Deferred Treatment of Employee Stock Options and RSUs
Chances are that if you clicked to read this article, you or someone you know owns the rights to some employee stock options. Contrarily, you could be a private business owner and you are considering a creative way of attracting and compensating some top level talent...
401(k) Audit Preparation and Compliance with DOL Guidelines
Who is Required to have a 401(k) Audit and Why is it Important? Any employer who elects the 80/120 rule who has over 120 eligible employees at the beginning of the plan year is required to have an audit for that period. The Plan will then be required to have an audit...
Federal Withholding Checkup
With the summer months coming to an end, it is a good time to review your federal withholding exemptions to determine if adjustments need to be made. Early in 2018 the federal withholding tables were adjusted to reflect changes made with the Tax Cuts and Jobs Act. ...
State Tax Day – Current, S.14, New Jersey – Sales and Use Tax: New Jersey Adopts Economic Nexus for Remote Sellers, (Aug. 15, 2018)
Effective October 1, 2018, certain remote sellers will be required to register, collect and remit New Jersey sales tax. Sales/Economic Thresholds The Division of Taxation announced that sales tax collection will be required in New Jersey if, during the current or...
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