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Tax Planning and Compliance

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

2022 tax calendar

2022 tax calendar

To help you make sure you do not miss any important 2022 deadlines, here is a summary of when various tax-related forms, payments and other actions are due.

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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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