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:...
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...
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...
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...
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...
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. ...