PA Department of Revenue Transitioning Business Taxpayers to myPATH
The Pennsylvania Department of Revenue is in the final phase of its modernization project. This includes the transition of all business taxes – including employer withholding tax, sales tax, and corporation taxes – into the Pennsylvania Tax Hub (PATH) system.
PA Legislature Considering Small Business Tax Reform
Under normal circumstances, pass-through entities do not pay tax themselves. Instead, their income is allocated to their owners and reported on the individual income tax returns of the owners. A pass-through entity tax, if implemented, would be paid by the pass-through entity with a corresponding credit for owners to claim on their respective state individual income tax returns.
PA State Senate Approves Small Business Tax Reform
Senate Bill 349 would increase the state limit for property that may be treated as a deductible expense in calculating personal income tax from $25,000 to $1,050,000. This provision is related to the commonly known Section 179 deduction available for many taxpayers on their federal income tax returns.
Last-Minute Tax Planning Strategies to Consider Before the End of 2020
2020 has been a rollercoaster of a year. Check out these last-minute tax planning strategies to consider before the end of the year.