News & Insights
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…
Continue ReadingTreasury, IRS Release Final and Proposed Regulations on New 100% Depreciation
The Treasury Department and the Internal Revenue Service released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional…
Continue ReadingEEO-1 Component 2 Reporting Update
The Equal Employment Opportunity Commission (EEOC) recently reinstated the requirement to collect two years of pay data for 2017 and 2018 and that covered employers would be required to file this information…
Continue ReadingIRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Tax Filers
The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the…
Continue ReadingAs Hurricane Season Approaches, IRS Encourages Preparation for Natural Disaster
As Hurricane Dorian threatens and with the peak of hurricane season just ahead, the Internal Revenue Service reminds everyone to develop an emergency preparedness plan. Taxpayers, whether individuals,…
Continue ReadingNJ Assembly Passes Bill Modifying the ‘Airbnb Tax’
A law offering relief to some New Jersey Shore homeowners and renters affected by a new tax on short-term rentals is poised to become law, after the Assembly passed a bill and sent it to Gov. Phil Murphy…
Continue ReadingHiccup in Sales Tax Changes for Restaurants Using Uber Eats
On July 1, 2019 Uber Eats was to begin calculating, collecting and remitting sales tax on behalf of restaurants in 14 States (including PA) and the District of Columbia, but the company has released a…
Continue ReadingIRS Advising Virtual Currency Owners to Pay Back Taxes
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions…
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July 1st: NJ Minimum Wage Increases
Effective Monday July 1st,the NJ minimum wage increases. The increased rate/wage needs to start being paid for hours that have been worked from July 1st forward. Seasonal and Small Employers (fewer than…
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Philadelphia Wage Tax Decreases on July 1
The City of Philadelphia on July 1, 2019 is reducing its Wage Tax rate. The rate decrease has an immediate impact on all businesses that operate in the city, or that employ Philadelphia residents. The…
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