On May 28, 2014 The Financial Accounting Standards Board (FASB) and The International Accounting Standards Board (IASB) jointly issued ASC 606 – Revenue From Contracts with Customers. This change in recognizing revenue from contracts with customers could have a...
Keystone Innovation Zone (KIZ) Tax Credit is a component of Keystone Innovation Zone (KIZ) Program. Established in 2003, it creates designated geographic zones to foster innovation and create entrepreneurial opportunities by aligning the combined resources of...
An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. They are an economic development tool designed to spur economic development and job creation. Opportunity Zones...
The IRS has provided new guidance on the deductibility of expenses for business meals that are purchased in an entertainment context. A deduction is allowed for ordinary and necessary expenses paid or incurred in carrying on any trade or business. Taxpayers may...
The 529 plan, as we know it, has been improved! Distributions (including earnings) from these tax-advantaged accounts are not included in gross income provided such distributions do not exceed the beneficiary’s qualified higher education expenses (QHEEs). So just...
As we get closer and closer to year-end, most businesses will begin to think about taxes. Now is the time to get everything in order and prepare for tax planning. By being proactive, you can get a handle of your tax situation before the turn of the calendar. Here is a...
The IRS has issued guidance on a new business tax credit for tax years 2018 and 2019 for eligible employers who provide family and medical leave to their employees. The credit is a percentage of the wages that an employer pays to their employees while they are on...
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...
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:...
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