PA Considers Significant Changes to Personal Tax Framework
The Pennsylvania legislature is contemplating significant changes to the Commonwealth’s individual tax structure. House Bill 13, sponsored by Rep. Frank Ryan (R-Lebanon County), calls for the elimination of school property taxes in favor of increased sales and use and personal income tax rates.
IRS Issues Tips for a Smooth Filing Season
The IRS released several tips aimed at ensuring taxpayers experience a smooth filing season. With the IRS dealing with unprecedented processing delays brought on by the pandemic, it’s more important than ever to do what you can to file a timely and accurate return.
Tax Changes for Crypto Investors
In another recent development, the IRS Chief Counsel’s office issued Advice 202124008, which states that exchanges of bitcoin for certain other crypto assets did not qualify for gain nonrecognition as like-kind exchanges under Section 1031.
You’ve Received a Notice From the IRS. Now What?
Getting an IRS notice in the mail can be scary and overwhelming. But, they often aren’t the catastrophe they may initially seem to be, and careful handling can resolve the issue quickly and painlessly.
Key Provisions of the New COVID-19 Relief Bill
Both chambers of Congress overwhelmingly passed a new $900 billion COVID-19 relief bill on Monday night. In addition to funding the federal government through September 2021, the legislation includes several provisions that will affect both individuals and businesses. Here are some of the highlights: