Tax

The Internal Revenue Service (IRS) has recently made significant changes to the tax rules concerning inheritances, potentially affecting how Americans transfer assets to their children. These changes,…

Last year, the Child and Dependent Care Enhancement Tax Credit delivered critical relief to roughly 210,000 families in Pennsylvania. Research has shown that a similar tax credit on the federal level…

Non-profits, such as charitable and volunteer organizations, can now apply for and renew a Pennsylvania sales tax exemption. The Department of Revenue launched this online application on myPATH in late…

Philadelphia has updated its guidelines for non-resident Wage Tax refunds which apply to tax years 2023 and beyond. The Wage Tax applies to all earnings made in Philadelphia, including salaries, wages…

On January 19, 2024, the House Ways and Means Committee overwhelmingly approved the Tax Relief for American Families and Workers Act of 2024 by a 40-3 vote. The bill provides for increases in the child…

The Internal Revenue Service launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERC claims in error. The special disclosure program…

The Internal Revenue Service announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. New for 2024 The tax year…

The Internal Revenue Service announced the amounts individuals can contribute to their 401(k) plans and IRA in 2024. The contribution limit for employees who participate in 401(k), 403(b), and most 457…

The Internal Revenue Service announced a delay of the Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. As the IRS continues to work to implement the new…

Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for…