Business

Employee Retention Credit for Small Businesses
The American Rescue Plan extends the availability of the Employee Retention Credit for small businesses and allows businesses to offset their current payroll tax liabilities by up to $7,000 per employee…
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IRS extends Tax Relief to the Victims of Hurricane Ian
The IRS has extended tax relief to the victims of Hurricane Ian throughout Florida until February 15, 2023, to file various individual and business tax returns and make tax payments. Individuals and households…
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Tax Credit helps Businesses hire Designated Categories of Workers
The IRS updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing…
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Businesses are Still Waiting for Pandemic Relief
Businesses are still waiting for pandemic relief made available to them during the COVID-19 outbreak amid ongoing processing delays at the Internal Revenue Service, according to the Treasury Inspector…
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Inflation Reduction Act of 2022 Signed into Law
The Inflation Reduction Act of 2022, which includes both tax and non-tax measures, was signed into law by President Joe Biden on August 16, 2022. Among other items, the act includes: • a 15% corporate…
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Warning of IRS Impersonation Scams
The Treasury Inspector General for Tax Administration is raising the alarm about identity thieves and fraudsters, releasing a pair of public service announcements to educate taxpayers about the continuing…
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Significant Changes for PA Corporate Net Income Tax Laws
House Bill 1342 was signed into law in Pennsylvania on July 8, 2022. The bill makes significant changes to the Commonwealth’s corporate net income tax laws. The Commonwealth’s current corporate net…
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New Jersey announces Sales Tax Holiday
The State of New Jersey announced a Sales Tax Holiday for certain retail sales of computers, school supplies, and sport or recreational equipment when sold to an individual purchaser for non-business use…
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IRS increases Mileage Rate beginning 7/1
The IRS announced that for the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. While fuel…
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Blog: Thinking About Transitioning from Your Business?
By Hal Levenson, Partner & Chief Visionary Officer There’s a startling statistic out there for us baby boomers. According to the U.S. Census Bureau’s 2017 National Population Projections, all baby…
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