NEWS
U.S. Supreme Court rules against the IRS on critical FBAR issue
The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s...
The 2022 gift tax return deadline is coming up soon
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing...
Many tax limits affecting businesses have increased for 2023
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation,many have increased more than usual for 2023. Here are some that may be important to you and yourbusiness. Social Security tax The amount of employees’ earnings that...
Employers should be wary of ERC claims that are too good to be true
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do...
There still may be time to make an IRA contribution for last year
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until this year’s April 18 filing...
ALERT for businesses organized as a limited partnership in Pennsylvania
If you are a domestic or foreign limited partnership and recently received a postcard from the PA Department of State (DOS) indicating a need to file a Certificate of Annual Registration (CAR) and pay a fee by April 15, 2023, the PA DOS has indicated you may have...
What’s “quiet quitting” and why is everyone talking about it?
They say it came from TikTok. If you’ve heard or read the term “quiet quitting” recently, you might have wondered what it means and why everyone seems to be talking about it. Simply defined, quiet quitting is when employees show up for work but basically stop trying....
3 ways your business can uncover cost cuts
Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such...
PA Department of Revenue Scam Warning: Deceptive ‘Final Demand For Payment’ Letters Again Targeting Pennsylvanians
Alert from the PA Department of Revenue: With the tax filing season underway, the Department of Revenue is encouraging Pennsylvanians to be on the lookout for scams that are designed to trick people into turning over sensitive data and personal information. One...
The Consolidated Appropriations Act of 2023 tackles retirement planning, conservation easements
The Consolidated Appropriations Act of 2023 includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity...