The federal government has announced a major change that will affect how numerous Americans receive their tax refunds and federal benefit payments. The U.S. Treasury Department, the IRS and the Social Security Administration (SSA) will soon stop issuing paper checks. This transition is designed to increase efficiency, reduce fraud and lower administrative costs — but … Read more
For some time, President Trump and the GOP have had their sights on repealing many of the tax incentives created or enhanced by the Inflation Reduction Act (IRA). With the enactment of the One, Big, Beautiful Bill Act (OBBBA), they’ve made progress toward accomplishing that goal. Here’s a closer look at some of the individual-related … Read more
The One, Big, Beautiful Bill Act (OBBBA) includes, among many other things, numerous provisions that can affect an individual’s taxes. The new law makes some changes to existing tax breaks that will be significant to many, but not all, taxpayers. It also creates new breaks that, again, will be significant to certain taxpayers. Finally, it … Read more
The One, Big, Beautiful Bill Act (OBBBA) includes numerous provisions affecting the tax liability of U.S. businesses. For many businesses, the favorable provisions outweigh the unfavorable, but both kinds are likely to impact your tax planning. Here are several provisions included in the new law that may influence your business’s tax liability. Qualified business income … Read more
On July 4, President Trump signed into law the far-reaching legislation known as the One, Big, Beautiful Bill Act (OBBBA). As promised, the tax portion of the 870-page bill extends many of the provisions of the Tax Cuts and Jobs Act (TCJA), the sweeping tax legislation enacted during the first Trump administration. It also incorporates … Read more
In the midst of tax filing season, many business owners find that preparing information for tax returns is frustrating and time consuming. Cleaning up the prior year’s transactions is not an enjoyable or efficient task while trying to run a successful business. Support for prior transactions may be hard to find, and the details may … Read more
Shareholders in a corporation must consider several important factors when deciding if they want their entity to be taxed as a C Corporation or as an S Corporation. Both structures have distinct tax advantages. Ultimately, each company will need to look at the key differences to decide what is best for their organization. The differences … Read more
The new annual reporting requirements under Pennsylvania Act 122 of 2022 introduce some significant changes starting in 2025. Here’s the breakdown: Who Needs to File? Domestic business corporations Domestic nonprofit corporations Domestic limited liability (general) partnerships Domestic electing partnerships that are not limited partnerships Domestic limited partnerships (including limited liability limited partnerships) Domestic limited liability … Read more
In a surprising turn of events, a federal appeals court has issued another ruling that suspends a requirement for businesses to file reports about their beneficial ownership information (BOI). This came just days after the same court issued a ruling that resulted in the federal government announcing that millions of small businesses did have to … Read more
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has extended the deadline for many small businesses to file beneficial ownership information (BOI) reports to January 13, 2025. This comes after a federal appeals court recently granted a motion to lift an injunction put in place by a district court ruling. How we got here Under … Read more