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Reminder: New PA 1099-MISC Withholding Requirements Began 1/1/18
Posted On 02/ 28/ 18

Act 43 of 2017 created a withholding obligation for certain payors of Pennsylvania-source income and lessees of Pennsylvania real estate to non-residents. It also expanded the requirements with respect to when a copy of Federal Form 1099-MISC is required to be filed with the Pennsylvania Department of Revenue. Below is a link to a fact sheet with all the information on the new requirements. PA 1099 MISC Fact sheetRead More...

Pennsylvania Marketplace Sales Requirements
Posted On 02/ 28/ 18

Certain marketplace facilitators, remote sellers and referrers facilitating, making or referring sales to Pennsylvania customers must make an election to either: (1) register to collect and remit sales tax beginning April 1, 2018; or (2) comply with tax notification and reporting requirements (“Notice and Reporting Requirements”). The deadline for this election is March 1, 2018. Depending on its activities, a single business can be a marketplace facilitator, a remote seller and a   Read More...

PA Property Tax/Rent Rebate Program Applications Are Now Available
Posted On 02/ 28/ 18

Applications for the property tax/rent rebate program (Form PA-1000) are now available on the PA Department of Revenue’s website. The program allows eligible Pennsylvania property owners and renters to claim rebates on property taxes or rent paid in 2017. The application is due by June 30, 2018. Rebates will be distributed beginning July 1, 2018. The rebate program benefits eligible Pennsylvanians age 65 and older; widows and widowers age 50 and older; and people with disabilities age   Read More...

IRS Releases Updated 2018 Withholding Tables, Extends use of the Existing 2017 Form W-4
Posted On 01/ 31/ 18

2018 Withholding Tables The Internal Revenue Service released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law. The updated withholding information shows the new rates for employers to use during 2018. Employers should begin using the 2018   Read More...

Disregarded Entities and Revocable Trusts Can’t Opt Out of New Partnership Audits
Posted On 01/ 31/ 18

The IRS has rejected requests to allow disregarded entities and revocable trusts to opt out of the new partnership audit regime, but indicated it may revisit the issue. The new partnership audit regime effective for 2018, permits partnerships with 100 or fewer eligible partners to elect out of the rules. Section 6221(b)(1)(C) defines eligible partners for election out purposes as individuals, C corporations, S corporations, any foreign entity that would be treated as a C corporation if it   Read More...

PA Net Loss Cap Increase Takes Effect
Posted On 01/ 31/ 18

Pennsylvania net operating loss cap deduction increases enacted in 2017 are now effective. The net loss cap is now 35% of taxable income in 2017 and 40% of taxable income in 2018 and after. The change takes effect after the PA Department of Revenue published a notification that all or a part of the net loss deduction has been deemed unconstitutional as a result of a decision by the Pennsylvania Supreme Court. The court issued a decision in October 2017 that found the flat $3 million net   Read More...

Business & Individual Provisions in the New Tax Bill
Posted On 12/ 21/ 17

Click the links for pdf files discussing many of the provisions in the new tax bill affecting businesses and individuals. Tax Cuts and Jobs Act Business Provisions Tax Cuts and Jobs Act Individual ProvisionsRead More...

3 Year-End Tax Moves to Make Due to the New Tax Bill
Posted On 12/ 20/ 17

You may want to act quickly on one or more of these including paying your 4th quarter estimates or making a charitable donation by 12/31/17. This article discusses three moves you can make to cut your 2017 tax bill as well as the potential pitfalls of each option: http://www.nextavenue.org/year-end-tax-moves-tax-bill/ If you have any questions or if you would like more information, contact Fred Schutz at (856) 722-5300 ext. 201 or Dave Gill at ext. 210.Read More...

NJ: Minimum Wage Increases and Sales Tax Decreases on January 1st
Posted On 12/ 20/ 17

Minimum Wage On January 1, 2018, the NJ minimum wage will increase 16 cents from $8.44 per hour to $8.60 per hour. The increase is mandated by New Jersey’s constitution, which was amended in 2013 to make increases to the wage floor automatic based on inflation, as measured by the federal consumer price index. This year’s 16-cent increase is the largest annual hike since the amendment was approved by voters to raise the minimum wage by a dollar to $8.25 an hour in 2014 and make   Read More...

Standard Mileage Rates for 2018 Up from 2017
Posted On 12/ 20/ 17

The Internal Revenue Service issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate   Read More...