Tax

The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021 (Rev. Proc. 2021-31). The revenue…

September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in some parts of the country, the Internal Revenue Service reminds everyone…

On August 10th, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining…

IRS tax refunds are late for millions of Americans. The National Taxpayer Advocate’s annual report released on June 29 showed that 35 million tax returns were still being held for manual reviews. The…

The IRS updated frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021 (ARP). The updates clarify that eligible employers can claim the…

The Internal Revenue Service reported that another 1.5 million taxpayers will receive refunds averaging more than $1,600 as it continues to adjust unemployment compensation from previously filed income…

Key tax relief components of the Fiscal Year 2022 Budget include, but are not limited to: Middle Class Tax Rebate: In Fiscal Year 2022, over 760,000 New Jersey families will receive an up to $500 tax rebate…

Philadelphia is changing the rate of its: wage tax; earnings tax; net profits tax; and school income tax. The changes are effective July 1, 2021. Reduced Rates The new resident rate for the wage tax, earnings…

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit: Amount has increased…

The Internal Revenue Service provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985…