Tax

The IRS updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing…

The Internal Revenue Service will provide late-filing penalty relief to taxpayers who filed late tax returns for tax years 2019 and 2020. Penalties related to the late payment of taxes in those years will…

The Inflation Reduction Act of 2022, which includes both tax and non-tax measures, was signed into law by President Joe Biden on August 16, 2022. Among other items, the act includes: • a 15% corporate…

The Internal Revenue Service reminds taxpayers who pay estimated taxes that they have until September 15th to make their payment for the third quarter of tax year 2022 without penalty. If you mail your…

The Treasury Inspector General for Tax Administration is raising the alarm about identity thieves and fraudsters, releasing a pair of public service announcements to educate taxpayers about the continuing…

House Bill 1342 was signed into law in Pennsylvania on July 8, 2022. The bill makes significant changes to the Commonwealth’s corporate net income tax laws. The Commonwealth’s current corporate net…

The State of New Jersey announced a Sales Tax Holiday for certain retail sales of computers, school supplies, and sport or recreational equipment when sold to an individual purchaser for non-business use…

The City of Philadelphia has announced reduced tax rates for its: Changes to the Wage and Earnings tax rates become effective July 1, 2022.  The new NPT and SIT rates are applicable to income earned in…

The National Taxpayer Advocate (NTA), Erin M. Collins, has released her mid-year report to Congress. The report expressed concern about continuing delays in the processing of paper-filed tax returns and…

Beginning in 2022, the New Jersey College Affordability Act allows New Jersey taxpayers tax deductions for certain educational expenses. The deductions are targeted for taxpayers with gross income of $200…