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 Addresses EV Credit Matters for 2023
The Clean Vehicle Credit can be worth up to $7,500 for qualifying EVs purchased and put into service on or after January 1, 2023. The Inflation Reduction Act of 2022 was designed to make switching to an electric vehicle less of a financial burden. But, there has been significant confusion around some of the requirements in the new Clean Vehicle Credit.
IRS Delays Implementation of $600 reporting threshold for Forms 1099-K
Third-party settlement organizations like Venmo and PayPal will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower $600 threshold amount that was enacted as part of the American Rescue Plan of 2021.