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About Lora Ament

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So far Lora Ament has created 9 blog entries.
18 11, 2022

Federal Tax Changes to Consider Now Before Year-End

By |2022-11-18T01:29:00+00:00November 18th, 2022|Blog|

By Lora Ament, CPA, MBA [email protected] With the close of 2022 fast approaching, businesses should evaluate several tax law changes that can impact the current year income tax liabilities and the final estimated tax payments. Phase Out of 100% Bonus Depreciation The Tax Cuts and Jobs Act (TCJA) increased first-year bonus depreciation for federal

8 11, 2022

PA Department of Revenue Business Online Tax Account Changes

By |2022-11-10T22:22:17+00:00November 8th, 2022|Blog|

By Lora Ament, CPA, MBA [email protected] Pennsylvania Businesses Will Need to Transition From e-TIDES to myPATH The Pennsylvania Department of Revenue is transitioning all business taxes, including employer withholding tax, sales tax, and corporation taxes into the Pennsylvania Tax Hub (PATH) system requiring business taxpayers to register their accounts at mypath.pa.gov, later this month.

19 09, 2022

Expansion of the Qualified Small Business Payroll Tax Credit for Increasing Research Activities

By |2022-11-08T05:35:26+00:00September 19th, 2022|Blog|

By Lora Ament, CPA, MBA [email protected] A lesser-known provision of The Inflation Reduction Act of 2022 is to increase the payroll tax liability offset by research and development (R&D) tax credits for qualified small businesses. Such businesses are usually start-up companies with a history of operating losses. The maximum amount of payroll tax credit

17 08, 2022

Inflation Reduction Act of 2022

By |2022-11-08T05:39:33+00:00August 17th, 2022|Blog|

By Lora Ament, CPA, MBA [email protected] On Tuesday, August 16, 2022, President Biden signed The Inflation Reduction Act of 2022. The Act is a massive climate, health care and tax bill, and is a “scaled-down” successor to the Build Back Better Act, which, after being passed by the House of Representatives, stalled in late

19 07, 2022

Pennsylvania Tax Law Changes – House Bill 1342

By |2022-11-08T05:41:33+00:00July 19th, 2022|Blog|

By Lora Ament, CPA, MBA [email protected] House Bill 1342 was signed into law in Pennsylvania on July 8, 2022. The bill makes significant changes to the Commonwealth’s corporate income tax laws as well as other changes affecting personal income tax and other tax changes as discussed below. Corporate Net Income Tax Changes Pennsylvania currently

12 07, 2022

PA Corporate Tax Rate Reduced

By |2022-11-08T05:57:19+00:00July 12th, 2022|Blog|

By Lora Ament, CPA, MBA [email protected] Late last week the PA Senate and House passed House Bill 1342 which was then signed by Governor Tom Wolf on July 8, 2022. A major component of this Bill is the reduction of the PA corporate net income (CNI) tax rate. The tax rate would be reduced

28 06, 2022

Pass-Through Entity State Tax Legislation Update

By |2022-11-08T05:59:07+00:00June 28th, 2022|Blog|

By Lora Ament, CPA, MBA [email protected] A major component of the Tax Cuts and Jobs Act of 2017 (TCJA) was the $10,000 limit (or $5,000 in the case of a married individual filing separately) for the state tax deduction (or SALT cap) for individual income tax return purposes. Itemized deductions for state income taxes,

20 06, 2022

PA One Step Closer to Corporate Tax Rate Reduction

By |2022-11-08T06:00:39+00:00June 20th, 2022|Blog|

By Lora Ament, CPA, MBA [email protected] Pennsylvania currently assesses a 9.99% tax rate on corporate net income (CNI) of C-corporations, the 2 nd highest state corporate tax rate in the country. (New Jersey is the only other state assessing at a higher rate – 11.5%). Last week, amid budget discussions, the Pennsylvania Senate passed

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