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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July 1, 2020: City of Philadelphia Wage Tax Rate Increase for Non-Residents

The new Wage Tax rate for non-residents of Philadelphia who are subject to the Philadelphia City Wage Tax is 3.5019% (.035019). The Wage Tax rate for residents of Philadelphia remains 3.8712% (.038712)…

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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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