News & Insights

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…

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…

The Internal Revenue Service provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985…

The Internal Revenue Service will begin issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable…

Registration for the Restaurant Revitalization Fund (RRF) will begin tomorrow, Friday, April 30 at 9 a.m. EDT and the SBA will begin accepting applications via the application portal on Monday, May 3 at…

On Monday April 26, 2021 the IRS issued adjusted amounts for the child tax credit, the earned income tax credit (EITC), and the premium tax credit (PTC) for 2021, to reflect changes enacted in the American…

The Treasury Department and Internal Revenue Service announced on March 17th that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April…

The Internal Revenue Service reminds taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. A retirement plan account owner must normally begin taking an RMD annually…

The IRS said that it has issued all of the coronavirus relief checks that it is legally permitted to disburse and that people who haven’t received the full amount to which they are entitled can claim a…

The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under…