Tax

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…

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…

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…

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…

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…

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

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…

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…

The Inflation Reduction Act extended several Tax Code provisions related to green energy that had expired at the end of 2021 or were being phased out. Please reach out to your accounting professional with…

The American Rescue Plan extends the availability of the Employee Retention Credit for small businesses and allows businesses to offset their current payroll tax liabilities by up to $7,000 per employee…