Tax

PRESIDENT TRUMP’S TAX REFORM PROPOSALS

On April 26th, the White House announced the President’s Federal tax proposals, which include large reductions in corporate tax rates, flattening of the individual income tax brackets, and repeal of the estate and alternative minimum taxes.  Here are some highlights: Individuals The current seven graduated tax brackets (ranging from 10% to 39.6%) would be replaced Read More…

IRS PARTNERSHIP AUDITS

When a partnership or an LLC filing as a partnership, files their Federal tax return, there is never any tax due at the entity level.  Instead, all income, deductions, and credits flow proportionally to the partners on their respective Schedule K-1’s.  As a result, if the IRS decided to audit a partnership tax return, taxes Read More…

TAX TIDBIT: PA TAX AMNESTY

The Pennsylvania Department of Revenue will run a 60 day tax amnesty period from April 21, 2017 to June 19, 2017 for taxes due on or before December 31, 2015.  The tax amnesty will cover all taxes administered by the Dept. of Revenue, such as individual income taxes, corporate income/franchise taxes, sales taxes, inheritance taxes, Read More…

CHARITABLE CONTRIBUTIONS – SUBSTANTIATION & DISCLOSURE REQUIREMENTS

There are various requirements for both donors and charitable organizations as to substantiating charitable contributions.  The donor must have either a bank record or written communication from a charity for any amount of a charitable contribution before the donor can properly claim a charitable contribution deduction.  In addition, the donor is responsible for obtaining a Read More…

OVERTIME REGULATIONS NOT IMPOSED, FOR NOW

On May 18th, the U.S. Department of Labor released new rules regarding the requirement for overtime pay for white collared salaried employees who do not primarily perform executive, administrative, or professional duties.  The new rules were to increase the mandatory overtime pay (time-and-a-half-pay) for hours worked in excess of 40 per week for workers who Read More…

NEW IRS DUE DATES FOR 2016 FORMS W-2 & 1099

In an effort to reduce fraud the IRS has changed the deadline for the filing of Forms W-2 and Form 1099. The IRS now requires that Forms W-2 and 1099 be provided to recipients and filed with the IRS or Social Security Administration, by January 31st.  In the past the January 31st deadline only applied Read More…