Possible Tax Breaks for Parents and Businesses in the Works
Congressional tax leaders have reached a tentative agreement that would temporarily expand the Child Tax Credit and loosen restrictions on several popular business tax breaks. In total, the plan represents about $80 billion in tax breaks.
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.
Document Retention Guidelines for Business Owners
Document retention describes the way a business stores and uses data, and for how long it is maintained. In many cases records are required to be retained for tax or legal reasons, but most businesses will also have operational reasons that make it worthwhile to take the time to define your strategy for what to keep, how, and for how long.
A Primer on Exit Strategies
Starting a business can be wildly exciting. Running a business can be a truly fulfilling experience. But what happens when it’s time to wrap things up? There are a multitude of options out there for winding down your involvement in your business.