Update to Form 1099-K Reporting Threshold

In late December 2022, the Internal Revenue Service announced a delay in reporting thresholds for third-party settlement organizations (TPSOs). As a result of the delay, the existing 1099-K reporting threshold…

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IRS Warns about Promoter Claims involving Employee Retention Credits

In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits (ERCs). Renewing several earlier alerts, the IRS…

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NJ Amends Requirement for NJ S Corp Election

On December 22, 2022, New Jersey eliminated the requirement to affirmatively make a New Jersey S corporation election (tax law A.B. 4295). Instead, New Jersey will piggyback a federal S corporation election…

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Carryforward for BIRT increased to 20 Years

Every individual, partnership, association, limited liability company (LLC), and corporation engaged in a business, profession, or other activity for profit within the City of Philadelphia must file a…

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Secure 2.0 Act of 2022 Designed to Improve Retirement Savings Options

The SECURE 2.0 Act offers incentives for employers, especially small to mid-size employers without a current retirement plan in place, to establish and maintain retirement plans. From expanding coverage…

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Tax Credits for Philadelphia Residents

The Federal Earned Income Tax Credit (EITC) The City of Philadelphia wants every qualifying Philadelphian to receive the federal Earned Income Tax Credit (EITC). This federal credit is for low-to-moderate-income…

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Blog: Transportation and Technology: What’s Next?

By Ken May, Partner I may be part of the last generation that had to know how to read a map because practical GPS solutions were in their infancy when I started driving. Now I can type any address into…

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2023 Payroll Tax Highlights

We have summarized the major changes, as of this date, which will affect your payroll tax calculations effective January 1, 2023. Click Here for a PDF Download

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4th Quarter Estimates Due January 17, 2023

The Internal Revenue Service reminds taxpayers who pay estimated taxes that they have until January 17th to make their payment for the fourth quarter of tax year 2022 without penalty. You may send estimated…

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Using Electronic Funds to Avoid Check Processing Delays for Payment of Income Taxes

Delays by the IRS and State Revenue Departments in processing checks from taxpayers for the payment of income taxes is increasing.  Delays in the processing of checks can cause automated tax notices requesting…

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