19 09, 2022

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

By |2022-09-19T17:22:38+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 that

25 08, 2022

Understanding Employee Benefit Plan Audits – Top Five Commonly Asked Questions

By |2022-09-19T17:10:19+00:00August 25th, 2022|Blog|

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 time-consuming. That’s where an employee benefit

17 08, 2022

Inflation Reduction Act of 2022

By |2022-09-19T17:08:51+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 2021.

8 08, 2022

Crypto Currency and Hidden Assets in a Divorce

By |2022-09-19T17:12:58+00:00August 8th, 2022|Blog|

By Ryan J. Cotter [email protected] Smart watches displaying the owners non-fungible token (NFT). Bitcoin hitting the lowest value since 2020. Whether you have expanded your investment portfolio to include crypto currency or not, there is no denying its growing presence in today’s market. As crypto’s popularity has risen, so have the concerns of divorcing spouses

19 07, 2022

Pennsylvania Tax Law Changes – House Bill 1342

By |2022-09-19T17:26:35+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 assesses

12 07, 2022

PA Corporate Tax Rate Reduced

By |2022-09-19T17:26:46+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 to

28 06, 2022

Pass-Through Entity State Tax Legislation Update

By |2022-09-19T17:27:00+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, general

20 06, 2022

PA One Step Closer to Corporate Tax Rate Reduction

By |2022-09-19T17:27:10+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 two

25 05, 2022

Employee Retention Credit Update – Beware of Firms Aggressively Marketing These Credits

By |2022-09-19T17:32:15+00:00May 25th, 2022|Blog|

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 part of the CARES Act, and

Go to Top