Tax
Changes to Philadelphia’s 10-Year Tax Abatement
Two decades since the program started, Philadelphia City Council unanimously voted to change a controversial tax abatement for new builds within city limits. What was the 10-year tax abatement? The tax…
Continue ReadingTax Cuts and Jobs Act’s Change to R&D Credit
Research & development credits available to businesses are currently deductible in the applicable tax year, encouraging growth and investment. A change in the deductibility of this credit will go into…
Continue ReadingTaxpayers Should Be on the Lookout for New Version of SSN Scam
Taxpayers should be on the lookout for new variations of tax-related scams. In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s…
Continue ReadingIRS Clarifies the Tax Treatment of Cryptocurrency
As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service issued two new pieces of guidance for taxpayers who engage in transactions…
Continue ReadingIRS Finalizes Safe Harbor Allowing Rental Real Estate to Qualify as a Business
The Internal Revenue Service issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade…
Continue ReadingTreasury, IRS Release Final and Proposed Regulations on New 100% Depreciation
The Treasury Department and the Internal Revenue Service released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional…
Continue ReadingEEO-1 Component 2 Reporting Update
The Equal Employment Opportunity Commission (EEOC) recently reinstated the requirement to collect two years of pay data for 2017 and 2018 and that covered employers would be required to file this information…
Continue ReadingIRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Tax Filers
The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the…
Continue ReadingNJ Assembly Passes Bill Modifying the ‘Airbnb Tax’
A law offering relief to some New Jersey Shore homeowners and renters affected by a new tax on short-term rentals is poised to become law, after the Assembly passed a bill and sent it to Gov. Phil Murphy…
Continue ReadingHiccup in Sales Tax Changes for Restaurants Using Uber Eats
On July 1, 2019 Uber Eats was to begin calculating, collecting and remitting sales tax on behalf of restaurants in 14 States (including PA) and the District of Columbia, but the company has released a…
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