Category Archives: Tax Planning & Compliance

How Long Should I Keep My Tax Records?

We are often asked – “How long should I keep my tax records?” Many of us aren’t quite sure what to do with all the paper and digital copies of our tax forms that accumulate as time goes by. A 2017 IRS survey says that 88% of taxpayers are so fearful of an audit that […]

How to Identify Tax Scams in 2019

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This post originally represented data from the IRS’ 2018 “Dirty Dozen” list. It was updated on 3/26/2019 to reflect the 2019 list and statistics. 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 […]

The Pennsylvania Malt Beverage Tax Credit: What Brewers Need to Know

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 Impact of Tax Reform on Agriculture and Farming

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 […]

Changes to Accounting Methods under Tax Reform

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 […]

Supreme Court Ruling Affects Online Retailers, Without Physical Nexus, to Collect Sales Tax

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 […]

Changes to Depreciation Under Tax Reform

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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 […]