In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit.
On August 25, 2023, the IRS announced in Notice 2023-62 that higher-income participants in 401(k) and similar retirement plans have been given a two-year delay on the new requirement that they must designate their catch-up contributions to those plans as after-tax Roth contributions.
The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts.
The SECURE 2.0 Act of 2022 is designed to build upon the provisions of the original SECURE Act to expand participation and boost retirement savings.
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.
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.
On October 18, 2022, the IRS released various inflation adjusted amounts for 2023.
On October 13, 2022, the Social Security Administration announced the 2023 wage cap for purposes of the Social Security tax.
The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufacturing facilities and equipment.
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.
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.
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.
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.