Every year, the Internal Revenue Service produces a “Dirty Dozen” list of the 12 most common tax scams from the prior year. This list serves to inform taxpayers of the complex and evolving schemes and to remind the public to stay vigilant in protecting their personal information. The 2018 “Dirty Dozen” list highlights a wide […]
The Pennsylvania Department of Revenue is accepting applications for the Pennsylvania Malt Beverage Tax Credit program. The program is intended to offset the cost of investment for manufacturing expenditures of small brewers in the malt or brewed beverage industry. Who Qualifies for the Pennsylvania Malt Beverage Tax Credit? A taxpayer that is a manufacturer of […]
The Tax Cuts and Jobs Act (TCJA), passed by Congress in December of 2017, represents the largest change to our tax code in 30 years and touches just about every taxpayer in every industry. Here is a look at some provisions of the Tax Cuts and Jobs Act that will impact agriculture and farming. Expanded […]
The Tax Cuts and Jobs Act (TCJA) includes a number of crucial changes to accounting methods for federal income tax purposes. In general, the new law increases gross receipt thresholds and indexes them for inflation. Taxpayers are required to use the accrual basis accounting, account for inventories, capitalize certain overhead costs as inventory or use […]
After changes were made to the federal tax law, more precisely to itemized deductions, at the end of 2017, many nonprofits have been left wondering how tax reform will impact charitable donations received and individuals are trying to determine how to maximize their tax benefit from donations. On December 22, 2017, the Tax Cuts and […]
For the past 25 years, businesses have relied on Quill Corp. v. North Dakota for not imposing sales tax collections when their business lacked an in-state physical presence. After much debate, the highest court ruled in favor of South Dakota on June 21st in South Dakota v. Wayfair, Inc. The Supreme Court stated that Quill is […]
The Tax Cuts and Jobs Act (TCJA) brought about lower tax rates for most business taxpayers, but it also includes some aspects that many business owners don’t view as favorable. One of these is the limitation on the amount of interest expense a business can deduct. This new rule (section 163(j) of the tax code) […]
The Tax Cuts and Jobs Act (TCJA), signed into law in the final days of 2017, contains many changes that impact depreciation rules. While these changes are largely positive, there are some potential pitfalls taxpayers should be aware of. First-year bonus depreciation The TCJA increases the bonus depreciation percentage from 50% to 100% for qualified […]
The new Tax Cuts and Jobs Act (TCJA) made some significant changes to a popular perk for business owners: the deduction for meals and entertainment expenses. Meals and Entertainment Expenses Deduction Prior to TCJA Prior to the TCJA, the Tax Code generally allowed businesses to deduct 50% of meals and entertainment expenses, with a few […]
The Tax Cuts and Jobs Act passed by Congress in December 2017 introduced more changes to the U.S. tax law than had been seen in more than 30 years. One of the most widely-anticipated changes is the Qualified Business Income (QBI) Deduction. This tax-opportunity is complicated, and there are clarifications that the IRS will need […]