Warning of IRS Impersonation Scams

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…

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Significant Changes for PA Corporate Net Income Tax Laws

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…

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New Jersey announces Sales Tax Holiday

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…

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Philly announces new tax rates for Wage, Earnings, and other taxes

The City of Philadelphia has announced reduced tax rates for its: Business Income and Receipts Tax (BIRT) Wage Tax Earnings Tax Net Profits Tax (NPT); and School Income Tax (SIT). Changes to the Wage and…

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NTA Report: Delays in the Processing of Paper-Filed Tax Returns

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…

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New Jersey Deductions for Higher Education

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…

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IRS increases Mileage Rate beginning 7/1

The IRS announced that for the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year.  While fuel…

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Reminder: 2nd Quarter Tax Estimates Due June 15th

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

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Blog: Thinking About Transitioning from Your Business?

By Hal Levenson, Partner & Chief Visionary Officer There’s a startling statistic out there for us baby boomers. According to the U.S. Census Bureau’s 2017 National Population Projections, all baby…

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Grants for Diverse-Led Businesses Creating Jobs in New Jersey & Pennsylvania

Founders First CDC is awarding a total of $100,000 in FREE grants for 30 diverse-led businesses in the Pennsylvania and New Jersey area to help them grow and scale. Apply now before the deadline: June…

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