Tax Planning and Compliance
2023 Tax Calendar
To help you make sure you do not miss any important 2023 deadlines, here is a summary of when various tax-related forms, payments and other actions are due.
IRS Reminds Employers and Self-Employed Individuals About Deferred Social Security Tax Payment Deadline
The IRS reminded employers and self-employed individuals who chose to defer paying part of their 2020 Social Security tax liability that their second annual installment of the deferred amount is due on December 31, 2022.
IRS Announces Inflation Adjustments for 2023
On October 18, 2022, the IRS released various inflation adjusted amounts for 2023.
2023 Social Security Wage Cap Jumps
On October 13, 2022, the Social Security Administration announced the 2023 wage cap for purposes of the Social Security tax.
CHIPS Act Poised to Boost U.S. Businesses
The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufacturing facilities and equipment.
Businesses: Act now to make the most out of bonus depreciation
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly.
PA 2022-23 Budget Approves Corporate Tax Rate Cuts and Other Tax Changes
Enacted on July 8, PA House Bill 1342 (H.B. 1342) makes significant changes to the corporate net income tax laws, including a nine year phase-in of a corporate net income tax (CNIT) tax rate reduction.
Temporary 100% Deduction for Business Meals
The Consolidated Appropriations Act of 2021 created a temporary 100% (vs. 50%) deduction for certain food or beverages provided by restaurants. The 100% deduction applies to amounts paid or incurred after December 31, 2020 and before January 1, 2023.
PA ID Validation Letters - Be on the lookout if you requested a refund!
If you are a Pennsylvania taxpayer and are requesting a refund on your Pennsylvania personal income tax return, please be on the lookout for a PA ID validation letter to be issued to you requesting an action be performed to confirm your identity before the refund will be issued.