Tax

The Internal Revenue Service provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the…

Unclaimed income tax refunds totaling almost $1.4 billion may be waiting for an estimated 1.2 million taxpayers who did not file a 2015 Form 1040 federal income tax return, according to the Internal Revenue…

The Internal Revenue Service clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect. In Revenue…

Philadelphia will not allow the IRC Sec. 199A deduction for the: Business Income & Receipts Tax (BIRT); Net Profits Tax (NPT); and Wage and Earnings Tax. Why Does the Deduction not Apply to BIRT? Partnerships…

In New Jersey, qualified taxpayers are able to exclude qualifying retirement income on the New Jersey return under a pension exclusion law that was passed in 2016. Retirement income that qualifies for…

The IRS is expanding to seven additional states its voluntary program for taxpayers who wish to obtain identity protection personal identification numbers (IP PINs) and are not currently victims of tax…

The Internal Revenue Service announced that it is waiving the estimated tax penalty for some taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax…

The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction)…

With the passage of the Tax Cuts and Jobs Act of 2017, a number of popular tax deductions were either eliminated or limited. While many popular deductions went away, the standard deduction nearly doubled…

The IRS released special rules regarding the deduction by more than two-percent shareholder-employees of S corporations for health insurance premiums paid by or reimbursed by the S corporations and included…