Wage and Apprenticeship Requirements for Enhanced Tax Benefits

The Treasury Department and Internal Revenue Service provides information on how to satisfy the prevailing wage and apprenticeship requirements for enhanced tax benefits under the Inflation Reduction Act…

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Where’s My Refund?

The Internal Revenue Service reminds taxpayers that the Where’s My Refund? tool on IRS.gov is the most convenient way to check the status of 2022 tax refunds. IRS2Go, the mobile app, offers another way…

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Blog: What is my Business Worth?

By Dave Bookbinder – Executive Director, Valuation Services That’s one I get a lot… “Give me a rough idea – back of the envelope.”  And as an old mentor of mine known as ‘Dr. Value’ would say: “It Depends…

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Update to Form 1099-K Reporting Threshold

In late December 2022, the Internal Revenue Service announced a delay in reporting thresholds for third-party settlement organizations (TPSOs). As a result of the delay, the existing 1099-K reporting threshold…

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New PA Tax Credit can help ease Child and Dependent Care Costs

Eligible Pennsylvanians can claim the Child and Dependent Care Enhancement Tax Credit when they file their Pennsylvania Personal Income Tax Return (PA-40). This credit can range between $180 and $630,…

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IRS Warns about Promoter Claims involving Employee Retention Credits

In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits (ERCs). Renewing several earlier alerts, the IRS…

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NJ Amends Requirement for NJ S Corp Election

On December 22, 2022, New Jersey eliminated the requirement to affirmatively make a New Jersey S corporation election (tax law A.B. 4295). Instead, New Jersey will piggyback a federal S corporation election…

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Carryforward for BIRT increased to 20 Years

Every individual, partnership, association, limited liability company (LLC), and corporation engaged in a business, profession, or other activity for profit within the City of Philadelphia must file a…

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Secure 2.0 Act of 2022 Designed to Improve Retirement Savings Options

The SECURE 2.0 Act offers incentives for employers, especially small to mid-size employers without a current retirement plan in place, to establish and maintain retirement plans. From expanding coverage…

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Tax Credits for Philadelphia Residents

The Federal Earned Income Tax Credit (EITC) The City of Philadelphia wants every qualifying Philadelphian to receive the federal Earned Income Tax Credit (EITC). This federal credit is for low-to-moderate-income…

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