Resources For Individual Taxpayers
COVID-19 RESOURCE CENTER
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...
2023 Tax Calendar
To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this 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...
6 steps to take now to cut your 2022 tax liability
It has been quite a year — high inflation, rising interest rates and a bear stock market. While there’s not a lot you can do about any of these financial factors, you may have some control over how your federal tax bill for the year turns out. Here are some strategies...
Clean Vehicle Credit comes with caveats
The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor...
IRS offers penalty relief for 2019, 2020 tax years
A recently announced federal relief program will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020 tax and...
The Inflation Reduction Act includes wide-ranging tax provisions
On August 16, 2022 the Inflation Reduction Act (IRA) was signed into law. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. Although the IRA falls far short of Biden’s originally proposed $2 trillion Build Back...
Standard business mileage rate will increase for the second half of 2022
The IRS recently announced that it will increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the nationwide average price of regular...
The fringe benefit implications of employer-provided cell phones
With so many more employees working remotely over the last couple of years, many employers have had to grapple with whether to provide workers with cell phones or allow them to use personal phones for business purposes. From a fringe benefits perspective, two...
After tax day: Take these action steps
The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and didn’t file for an extension)....
Congress eyes further retirement savings enhancements
In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law to further increase Americans’...
What taxpayers should do if they get an identity theft letter from the IRS
From the IRS: When a thief steals someone's Social Security number, they can use it to file a fraudulent tax return. This is tax-related identity theft. The IRS scans tax returns for possible fraud. If a tax return is flagged as suspicious, the agency will pull it for...
The tax rules of renting out a vacation property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Personal use...
IRS urges people to stay alert to ongoing scams and schemes
From the IRS: The Internal Revenue Service urges people to stay resolute against ongoing scams and schemes by properly securing computers, tablets and phones. Solid cybersecurity protection and scam recognition is vital to reduce the threat of identity theft inside...
Are you ready for the 2021 gift tax return deadline?
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who...
IRS eases Schedules K-2 and K-3 filing requirements for 2021
Executive Summary Two new forms may be required for entities filing Form 1065 or Form 1120-S and U.S. persons filing Form 8865: Schedule K-2, Partners’ Distributive Share Items – International or Shareholders' Pro Rata Share Items – International; and Schedule K-3,...
There still may be time to cut your tax bill with an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and...
New tax reporting requirements for payment apps could affect you
If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your...
2022 Tax Calendar
To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Date Deadline for January 31 Individuals: Filing a 2021 income tax return (Form 1040 or Form 1040-SR)...
Pennsylvania Personal Income Tax New Electronic Payment Obligation
This summer as part of Pennsylvania’s annual budget legislation, an electronic payment mandate was instituted starting on January 1, 2022. Any personal income tax payments equal to or greater than $15,000 must now be paid electronically. Payments not made...
Potential tax law changes hang over year-end tax planning for individuals
As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax...