IRS Staff Cuts at the Height of Tax Season
Senate Democrats have expressed concerns to the Department of the Treasury and the Internal Revenue Service leadership about the potential “catastrophic impact” of IRS staff cuts and hiring freezes. The timing is especially critical, falling right at the peak of the annual filing season.
Understanding Pennsylvania's Section 179 Deduction
Prior to the release of Personal Income Tax Bulletin 2023-02, PA deductions for Section 179 property were capped at $25,000 annually. The new rules increase the available deduction for PA taxpayers to $1,000,000 annually, still subject to limitations based on the business’s taxable income.
IRS Proposes New Reporting Requirements for Digital Assets
Recently proposed regulations could significantly impact the way brokers handle and report digital asset sales and exchanges. This move aims to enhance transparency and oversight in the increasingly popular digital asset space.
2023 Tax Planning – Don’t Wait Until the End of the Year
With kids out of school, summer vacations and other commitments, it’s no surprise that taxes aren’t top of mind this time of year. This is actually a great time to give yourself time to think through your tax situation, and make adjustments well in advance of tax time. Here are just a few items to get the conversation started.
IRS Renews Warnings on Aggressive Employee Retention Credit Claims
Last week, the IRS issued a renewed warning urging business owners to carefully review the Employee Retention Credit (ERC) guidelines before filing claims.