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...
Philadelphia Will Follow Pennsylvania Bonus Depreciation Treatment
The City of Philadelphia has announced that it will follow Pennsylvania’s income tax treatment of the federal bonus depreciation deduction for corporate taxpayers. Taxpayers will need to add-back any federal bonus depreciation. Taxpayers can take a deduction for any...
Small Businesses Get Automatic Consent for Accounting Method Change
The IRS will now automatically provide consent to small business taxpayer’s application to change to the cash method of accounting. What do the automatic consent changes include? a change to the cash method of accounting an end to UNICAP for certain costs – this...
Tax Imposed on Delaware Series LLCs
Delaware legislation has authorized the formation of series limited liability companies. Beginning August 1, 2019, registered DE series LLCs will have an annual tax imposed. A series LLC is a unique entity that consists of separate, individual interests. In Delaware,...
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