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

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

By  Lora Ament, CPA, MBA [email protected] Due to rising gas prices, on June 9, 2022, the Internal Revenue Service issued Announcement 2022-13 increasing the optional standard mileage rate for the second half of 2022 from 58.5 cents per mile to 62.5 cents per mile. The new rate will be

By  Tony Montanaro, CPA/ABV, CFE Employee retention tax credits (ERC) have provided much needed relief to qualifying businesses negatively impacted by the COVID-19 pandemic; however, business owners should be wary of firms aggressively marketing these credits. Background of Employee Retention Credits Employee retention tax credits were initially created as

By Lindsay Andrews, CPA [email protected] In 2016, the Financial Accounting Standards Board (FASB) issued a new lease accounting standard requiring virtually all leases to be recognized on the balance sheet.  As a private company or not-for profit that has leases, the implementation of this standard is required for fiscal

On December 8, the Louis Plung social committee got into the holiday spirit by filling twenty bags for the Foster Love Project’s Bag Drive! The Bag Drive ensures that children in foster care who will be transitioning to new homes this holiday season will have their own belongings to take

Pittsburgh accounting firm Louis Plung & Company is pleased to announce the addition of Love, Scherle & Bauer, P.C. (LSB). LSB will officially join LPC on January 1, 2022. However, the two firms have already merged workforces. While LSB Partner Joseph S. Scherle is retiring, the remaining eight-person LSB team

By Tony Montanaro, CPA/ABV, CFE Late Friday night, Congress passed the $1.2 Trillion “Infrastructure Investment and Jobs Act” which is expected to be signed into law by President Biden next week. The legislation includes $550 billion in infrastructure spending and is being partially funded by reappropriating unused funds from prior

We are pleased to announce that the former Regional Managing Partner/Firmwide Director of Tax and the former Regional Marketing Director of Herbein + Company, Inc. have both joined the team of LPC. Thomas L. Bakaitus, Jr., CPA, MST, who exited Herbein in September, will be leveraging his 35 years of