Alex Schreiber 11/1/21 Alex Schreiber 11/1/21

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.

Alex Schreiber 10/6/21 Alex Schreiber 10/6/21

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.

Alex Schreiber 9/15/21 Alex Schreiber 9/15/21

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.

Alex Schreiber 8/20/21 Alex Schreiber 8/20/21

New Safe Harbor for ERC Gross Receipts Calculation

This month, the IRS announced a new safe harbor provision that allows employers to exclude certain amounts received from other pandemic relief programs in determining whether it qualifies for the Employee Retention Credit (ERC) based on a decline in gross receipts.

Alex Schreiber 8/10/21 Alex Schreiber 8/10/21

IRS Announces Another Round of Unemployment Tax Refunds

The Internal Revenue Service disclosed it’s not done issuing refunds for tax paid on certain unemployment benefits received in 2020. So far, the IRS has completed four rounds of refunds due to the unemployment compensation exclusion, including 9 million individual refunds totaling over $10 billion.