Philadelphia City Council Passes Bills Affecting Real Estate Development

Philadelphia City Council Passes Bills Affecting Real Estate Development
On December 10th, the Philadelphia City Council passed three bills that impact real estate development citywide. The bills deal with tax abatement for new residential construction and for commercial &…
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Get Ready for Taxes: Steps to Take Now to Make Filing Easier in 2021
The Internal Revenue Service encourages taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021. This is the second in a series of reminders to help…
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IRS Releases Guidance Clarifying Rules for Expenses Paid with PPP Funds
On November 18th, the IRS and the Treasury Department released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year…
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Partnerships & S Corps with Income Sourced to NJ Can Deduct State Income Taxes
The IRS issued Notice 2020-75 clarifying that state and local income taxes imposed on and paid by a Partnership or an S Corporation are deductible by the Partnership or S Corporation in computing taxable…
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IRS Released Income Ranges for Determining IRA Eligibility Change for 2021
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79 PDF, posted…
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Reminder: October 15th is Extended Return Due Date for Individuals
The IRS reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15 deadline…
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Re-examining the Wayfair U.S. Supreme Court Decision Two Years Later
The U.S. Supreme Court’s June 2018 landmark ruling in South Dakota v. Wayfair, Inc. has greatly increased exposure to sales tax for businesses with interstate sales by overturning the physical presence…
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IRS: Deadline to Return Distributions to Retirement Accounts is Aug. 31
The Internal Revenue Service reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover…
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IRS Unveils “Dirty Dozen” List of Tax Scams for 2020
The Internal Revenue Service announced its annual “Dirty Dozen” list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact…
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IRS Issues Final Regulations on Business Interest Expense Deduction Limitation
The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments…
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