Tax
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…
Continue ReadingNJ 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…
Continue ReadingCarryforward 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…
Continue ReadingTax 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…
Continue ReadingRetirement Account Tax Inflation Adjustments for Year 2023
The IRS announced the 2023 inflation-adjusted dollar-amount ceilings and thresholds for a wide range of qualified retirement plans and accounts, including traditional individual retirement arrangements…
Continue ReadingQualified Appraisal Required to Deduct Charitable Contribution of Cryptocurrency
Earlier this month, the Internal Revenue Service (IRS) released a memorandum (CCA 202302012) concluding that a qualified appraisal is required when a taxpayer claims a charitable contribution deduction…
Continue Reading2023 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
Continue ReadingBlog: The Top 5 Reasons You Should Be Using Tax Caddy
TaxCaddy is a software program designed to make gathering tax documents and sharing them with your tax professional a breeze. But why take our word for it? Here are the top 5 reasons YOU should be using…
Continue Reading4th 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…
Continue ReadingUsing 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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