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

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

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.

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

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

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

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

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

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 effective for traveling beginning July 1,

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