IRS to Increase Focus on Reasonable Compensation for S-Corporation Shareholders

by Lora Ament
A Subchapter S corporation is a small corporation that has elected to be taxed as a pass-through entity whereby income and losses flow through the corporation to the owner's personal income tax return. Read more

Taxpayer First Act Signed into Law

IRS website
by Lora Ament
On July 1, 2019, President Trump signed into law the Taxpayer First Act of 2019 which aims to broadly redesign the Internal Revenue Service. These are the highlights. Read more

Federal Business Interest Expense Limitation and State tax treatment

by Lora Ament
For purposes of the limitation on the deduction of business interest expense, the definition of interest is broadened and includes debt issuance costs, loan commitment fees and certain amounts associated with the time value of money. Read more

Nondeductible Employee Parking Expensing

by Lora Ament
The Tax Cuts and Jobs Act (TCJA) enacted into law in December 2017 added Internal Revenue Code Section 274(a)(4) to eliminate employers from deducting expenses paid after December 31, 2017 to provide employee parking. Read more

Tax Reform's Technical Errors on QIP

by Connie Wan
Due to a drafting error in the new tax law, the cost recovery for interior building improvements placed in service in 2018 is currently 39-years with no bonus depreciation. Read more

Qualified Business Income (Pass-Through) Deduction Update

Business man looking through magnifying glass
by Lora Ament
On August 8, 2018 the Internal Revenue Service released long awaited guidance in the form of proposed regulations on this new deduction which provides definitions and clarifies several points that are of special interest to many taxpayers. The following are the key points. Read more

Internet Merchant Sales Tax Alteration

Shopping Cart
Looming changes may be ahead leading to internet retailers to be required to collect sales tax where they have no physical location based on a Supreme Court ruling on Thursday, June 21st. Read more

Section 199A in Review

by Lora Ament
Passed on December 22, 2017, the new deduction referred to as the Section 199A deduction for qualified business income has limitations in terms of eligibility, the types of activities that qualify, and the amount that can be deducted. Read more

Debunking IRS Scammers

Ending Set
by Lora Ament
Every year, IRS scams continue to become more detailed as they evolve in their attempts to obtain our personal information. Take action and learn what to look for to better protect your assets in our latest piece of thought leadership. Read more

Tax Cuts & Jobs Act Highlights

Briefcase in tape
On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (TCJA) into law. This legislation is the most sweeping change in federal tax law in the last thirty years. Read more

PA Act 43 of 2017

Pennsylvania Sign
by Lora Ament
While federal tax reform is still being debated, Pennsylvania has enacted several tax changes in an effort to close the state's multi-billion dollar budget shortfall. On October 30, 2017, House Bill 542 was signed into law as Pennsylvania Act 43 of 2017. Read more