IRS Disallows Deduction on Expenses Paid with PPP Forgiveness Money

One of the most important aspects of the CARES Act was the Paycheck Protection Program (“PPP”).  Obtaining a PPP loan has been the priority for most small and mid-size businesses. It was so popular…

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April 15th Filing Deadline Extended to July 15th

Treasury Secretary Steve Mnuchin announced today that the deadline for filing tax returns has been extended from April 15, 2020 to July 15, 2020. The Treasury had previously extended the tax return payment…

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NJ Enacts Pass-Through Business Alternative Income Tax

New Jersey has enacted legislation creating: an elective entity-level alternative income tax (AIT) for pass-through businesses; and an offsetting credit to taxpayers who receive income from a pass-through…

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Redesigned 2020 Form W-4

The Form W-4 for 2020 and after has been redesigned so that employees will no longer be able to request adjustments to their withholding using withholding allowances. The employee uses the redesigned Form…

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Changes to Philadelphia’s 10-Year Tax Abatement

Two decades since the program started, Philadelphia City Council unanimously voted to change a controversial tax abatement for new builds within city limits. What was the 10-year tax abatement? The tax…

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Tax Cuts and Jobs Act’s Change to R&D Credit

Research & development credits available to businesses are currently deductible in the applicable tax year, encouraging growth and investment. A change in the deductibility of this credit will go into…

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2019 Year-End Tax Planning and Issues for Businesses

As year-end approaches, each business should consider the many opportunities that might be lost if year-end tax planning is not explored. A business may want to consider several general strategies, such…

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Taxpayers Should Be on the Lookout for New Version of SSN Scam

Taxpayers should be on the lookout for new variations of tax-related scams. In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s…

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IRS Clarifies the Tax Treatment of Cryptocurrency

As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service issued two new pieces of guidance for taxpayers who engage in transactions…

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IRS Finalizes Safe Harbor Allowing Rental Real Estate to Qualify as a Business

The Internal Revenue Service issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade…

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