News & Insights

NJ Amends Requirement for NJ S Corp Election
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…
Continue Reading
Carryforward for BIRT increased to 20 Years
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…
Continue Reading
Secure 2.0 Act of 2022 Designed to Improve Retirement Savings Options
The SECURE 2.0 Act offers incentives for employers, especially small to mid-size employers without a current retirement plan in place, to establish and maintain retirement plans. From expanding coverage…
Continue Reading
Tax Credits for Philadelphia Residents
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…
Continue Reading
Retirement Account Tax Inflation Adjustments for Year 2023
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…
Continue Reading
Qualified Appraisal Required to Deduct Charitable Contribution of Cryptocurrency
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…
Continue Reading
Blog: Transportation and Technology: What’s Next?
By Ken May, Partner I may be part of the last generation that had to know how to read a map because practical GPS solutions were in their infancy when I started driving. Now I can type any address into…
Continue Reading
2023 Payroll Tax Highlights
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
Continue Reading
Blog: The Top 5 Reasons You Should Be Using Tax Caddy
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…
Continue Reading
4th Quarter Estimates Due January 17, 2023
The Internal Revenue Service reminds taxpayers who pay estimated taxes that they have until January 17th to make their payment for the fourth quarter of tax year 2022 without penalty. You may send estimated…
Continue Reading