IRS Updates Car and Truck Depreciation Limits

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…

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For National Preparedness Month, IRS Urges Taxpayers to Prep for Natural Disasters

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…

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Gross Receipts Safe Harbor Issued for Employers Claiming the Employee Retention Credit

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…

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Tax Refund Delayed? You’re Not Alone

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…

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Employer Tax Credit for Covid Vaccine PTO Expanded

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…

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IRS Sends Out 1.5 Million Unemployment Compensation Refunds

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…

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Key Tax Provisions in NJ’s Fiscal Year 2022 Budget

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…

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Philadelphia Tax Rate Changes Starting July 1st

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…

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Important Changes to the Child Tax Credit

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…

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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 2021 without penalty. If you mail your estimated…

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