News & Resources

Tax

PA online system for remitting income tax payments no longer available

PA online system for remitting income tax payments no longer available

Pennsylvania's online system for remitting personal income tax payments is no longer available, effective Oct. 30, 2020. Also, taxpayers will no longer be able to cancel previously scheduled payments. Read more

Tax

Pennsylvania passes a special local tax credit for active volunteers

Pennsylvania passes a special local tax credit for active volunteers

PA recently passed a special local tax credit for active volunteers, meaning someone contributing time and serves to a volunteer fire company or nonprofit emergency medical services agency that has complied with the requirements of the volunteer service program and is certified under PA law. Read more

Tax

IRS Issues Guidance Clarifying the Deductibility of Expenses for Businesses with PPP Funds

IRS Issues Guidance Clarifying the Deductibility of Expenses for Businesses with PPP Funds

The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Read more

Tax

Pennsylvania Task Force Will Address Misclassification of Employees

Pennsylvania Task Force Will Address Misclassification of Employees

New legislation in the state of Pennsylvania has established a joint task force on worker misclassification. Read more

Tax

Do you pay nonemployee compensation in excess of $600?

Do you pay nonemployee compensation in excess of $600?

If you pay non-employee compensation in excess of $600 in 2020 or later, Form 1099-NEC will need filed instead of form 1099-MISC. Read more

Tax

PA Overtime Rules

PA Overtime Rules

Final overtime rules for Pennsylvania took effect on October 3, 2020. Read more

Tax

IRS Releases 2021 Inflation Adjustments

IRS Releases 2021 Inflation Adjustments

IRS Releases 2021 Inflation Adjustments Read more

Tax

Unusual year steers year-end tax strategies

Unusual year steers year-end tax strategies

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. Read more

Tax

Estimated income tax payments due 9/15

Estimated income tax payments due 9/15

If you are a Pennsylvania resident who owes estimated PA income tax, your next due date is rolling up fast. The third installment of 2020 tax is due on September 15. Read more

Tax

August 31 is the deadline to return distributions to retirement accounts

August 31 is the deadline to return distributions to retirement accounts

The IRS reminded IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until Monday, August 31 to rollover or repay the distribution to avoid paying taxes. Read more

Tax

PA Dept of Revenue Reminders

PA Dept of Revenue Reminders

The Pennsylvania Dept. of Revenue has released its latest newsletter with reminders of PA's various tax relief measures, in response to the COVID-19 emergency. Read more

Tax

SBA releases revised/new PPP loan forgiveness applications

SBA releases revised/new PPP loan forgiveness applications

On June 17, 2020, the SBA released a revised PPP loan forgiveness application and a new EZ loan forgiveness application. Read more

Tax

PPP Forgiveness Opportunity Improved

PPP Forgiveness Opportunity Improved

On Friday June 5, 2020, President Donald Trump signed the Paycheck Protection Program Flexibility Act of 2020. Read more

Tax

PA corporations get even more time to file tax returns

PA corporations get even more time to file tax returns

The PA Department of Revenue has extended until February 16, 2021, the due date for corporations with tax returns that would be due from May through August 14, 2020. Read more

Tax

Employee Retention Tax Credit: Does your business qualify?

Employee Retention Tax Credit:  Does your business qualify?

The CARES Act contains multiple economic and tax incentives to retain employees. One of those is the Employee Retention Tax Credit. Read more

Tax

PPP Loan Forgiveness Application Issued by SBA

PPP Loan Forgiveness Application Issued by SBA

The U.S. Small Business Administration (SBA) has issued its Paycheck Protection Program loan forgiveness application with instructions. Read more

Tax

Deferral of employment tax through December 31, 2020

Deferral of employment tax through December 31, 2020

If your business did not qualify for a PPP loan, you have an opportunity to assist with cash-flow management under the CARES Act. Read more

Tax

SBA issues further guidance on demonstrating need for a PPP loan

SBA issues further guidance  on demonstrating need for a PPP loan

The SBA updated its frequently asked questions regarding the Paycheck Protection Program. Much needed guidance was added addressing borrowers' required good-faith certification that a loan was necessary to support its ongoing operations. Read more

Tax

Helping employees inpacted by COVID-19

Helping employees inpacted by COVID-19

Section 139 of the Internal Revenue Code permits employers to make non-taxable relief payments to employees for reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster. Read more

Tax

Are expenses paid with PPP loan proceeds tax deductible?

Are expenses paid with PPP loan proceeds tax deductible?

Many businesses have applied for and/or received PPP loans. Such loans have provisions for forgiveness in whole/part to the extent loan proceeds are used for payroll costs, rent, utilities and mortgage interest during an eight-week period from the date the loan proceeds are received. Read more

Tax