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 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.
Telling your Non-Profit’s Story with Form 990
Many organizations view this requirement solely as a compliance function – a box to be checked once per year. But, considering these filings are public information and many donors and grant making organizations will review them before making contributions, it’s wise to be proactive in considering what information gets reported.
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.
Individual Tax Filing Season Begins January 24
April 18 is both the federal and Pennsylvania deadline to file your 2021 income tax returns or a timely filed extension request. (Tax Day is normally April 15, but is extended in 2022 because Washington D.C. will celebrate Emancipation Day on that date.)