The Louis Plung Blog
Find out about the latest news and trends …
2023 Tax Issues Affecting Multifamily Real Estate Investors
By Thomas L. Bakaitus, Jr., CPA, MST [email protected] On March 7, 2023, Tom Bakaitus spoke at the 2nd Annual Pittsburgh Multifamily Symposium at Nova Place and addressed several tax changes or concepts that multifamily real estate investors need to be aware of. These include changes related to energy
Accounting Considerations for Lean Organizations
By Lindsay Andrews, CPA [email protected] Many manufacturers utilize lean techniques to help improve manufacturing processes. In addition to the manufacturing process, the concepts of lean can extend to various other aspects of the business including accounting. There are five principles of lean and each one of these principles
Retirement Plan Changes in 2023: SECURE 2.0
By Tom Culleiton, CPA [email protected] A few days before Christmas, Congress approved a $1.7 trillion spending package which was signed by President Biden on December 29, 2022, making saving for retirement more accessible for many employees. The spending package contains a provision termed “SECURE 2.0” If that sounds
Pennsylvania Entities Required to File Annual Reports Beginning in 2024
By Lora Ament, CPA, MBA Former Tax Director at Louis Plung Many state governments require entities organized under its laws to file an annual or biennial report confirming the existence of that entity. Instead, Pennsylvania has only required a decennial filing (once every ten years) to confirm the
Federal Tax Changes to Consider Now Before Year-End
By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company 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
PA Department of Revenue Business Online Tax Account Changes
By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company 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
IRS Increases Contribution Limits for 2023
By Duke Griffith, Supervising Senior [email protected] On Friday October 21, 2022, the Internal Revenue Service (IRS) announced a record increase on the contribution limits for retirements plans for 2023. This largest ever increase on contribution limits is due to rising inflation rates in the United States. Inflation is up
Leasing Standard Help – Louis Plung Partnership with LeaseCrunch
By Lindsay Andrews, CPA [email protected] Implementation and Partnership with LeaseCrunch At Louis Plung, we have worked with a variety of companies that have already implemented the new leasing standard and are available to answer questions, review your leases, and assist with the accounting implementation to make the adoption
Expansion of the Qualified Small Business Payroll Tax Credit for Increasing Research Activities
By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company 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
Understanding Employee Benefit Plan Audits – Top Five Commonly Asked Questions
By Lindsay Andrews, CPA [email protected] While employee benefit plan participants want to know that their retirement benefits are secure, plan sponsors have concerns about their fiduciary risks and responsibilities. Thanks to complex regulatory requirements and constantly changing legislation, the challenges of managing employee benefit plans can be complicated and
Recent Comments