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Tax Planning and Compliance

PA Annual Reporting Requirements Implemented

PA Annual Reporting Requirements Implemented

As part of Act 122, which was signed into law in November 2022, all Pennsylvania businesses must complete an annual filing beginning in 2025.

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Tax

2024 Tax Calendar

2024 Tax Calendar

Below is a summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.

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Tax

New Mileage Rates Announced

New Mileage Rates Announced

On December 15, 2023, the IRS released the optional standard mileage rates for 2024 in Notice 2024-8.

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Tax

New Rules on Part-Time Employee 401(k) Plan Participation Starting January 1, 2024

New Rules on Part-Time Employee 401(k) Plan Participation Starting January 1, 2024

The IRS issued proposed regulations on long-term, part-time employees' eligibility to participate in 401(k) plans.

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2024 Inflation Adjustments

2024 Inflation Adjustments

On November 9, 2023, the IRS issued Revenue Procedure 2023-34, announcing the 2024 inflation-adjusted amounts for various tax items.

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Tax

Social Security Changes

Social Security Changes

The Social Security Administration (SSA) announced that the maximum earnings subject to Social Security tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400). The maximum Social Security employer contribution will increase by $520.80 in 2024.

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Tax

IRS suspends processing of ERTC claims

IRS suspends processing of ERTC claims

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.

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Tax

IRS Announces Transition Period for Mandatory Roth Catch Up Contributions

IRS Announces Transition Period for Mandatory Roth Catch Up Contributions

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.

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Tax

IRS Provides Transitional Relief for RMDs and Inherited IRAs

IRS Provides Transitional Relief for RMDs and Inherited IRAs

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.

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Tax

SECURE Act 2.0 Increases Age for Required Minimum Distributions

SECURE Act 2.0 Increases Age for Required Minimum Distributions

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.

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Tax

2023 Tax Calendar

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.

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Tax

IRS Reminds Employers and Self-Employed Individuals About Deferred Social Security Tax Payment Deadline

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.

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Tax

IRS Announces Inflation Adjustments for 2023

IRS Announces Inflation Adjustments for 2023

On October 18, 2022, the IRS released various inflation adjusted amounts for 2023.

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Tax

2023 Social Security Wage Cap Jumps

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.

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Tax

CHIPS Act Poised to Boost U.S. Businesses

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.

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Tax

Businesses: Act now to make the most out of bonus depreciation

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.

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Tax

PA 2022-23 Budget Approves Corporate Tax Rate Cuts and Other Tax Changes

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.

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Tax

Temporary 100% Deduction for Business Meals

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.

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Tax

PA ID Validation Letters - Be on the lookout if you requested a refund!

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.

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Tax

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