Tax

The Internal Revenue Service provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985…

The Internal Revenue Service will begin issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable…

On Monday April 26, 2021 the IRS issued adjusted amounts for the child tax credit, the earned income tax credit (EITC), and the premium tax credit (PTC) for 2021, to reflect changes enacted in the American…

The Treasury Department and Internal Revenue Service announced on March 17th that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April…

The Internal Revenue Service reminds taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. A retirement plan account owner must normally begin taking an RMD annually…

The IRS said that it has issued all of the coronavirus relief checks that it is legally permitted to disburse and that people who haven’t received the full amount to which they are entitled can claim a…

On December 10th, the Philadelphia City Council passed three bills that impact real estate development citywide. The bills deal with tax abatement for new residential construction and for commercial &…

The Internal Revenue Service encourages taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021. This is the second in a series of reminders to help…

On November 18th, the IRS and the Treasury Department released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year…

The IRS issued Notice 2020-75 clarifying that state and local income taxes imposed on and paid by a Partnership or an S Corporation are deductible by the Partnership or S Corporation in computing taxable…