Insights

  • June 2022 Tax Updates and Tips

    June 8, 2022

    QUARTER 2 ESTIMATES The tax system in the United States operates under the premise that taxpayers remit income tax on profits as they earn it. For individuals that only have earned income from wages, that remittance is usually done by their employers. For taxpayers that have multiple sources of income (or income that is not […]

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  • June 2021 Tax Updates

    June 29, 2021

    ACA Update On June 17, 2021, a decision was rendered by the Supreme Court in CALIFORNIA, ET AL. v. TEXAS, ET AL. The challenge to the constitutionality of the Affordable Care Act was denied, leaving the law intact. Advance Payment of Child Tax Credit Starting in July, the IRS will begin issuing advance payments of the temporarily […]

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  • April 15 Deadline Reminder

    April 14, 2021

    Although the IRS and many state and local jurisdictions have extended the 2020 Individual tax filing deadline to May 17, 2021, there are a handful of tax filings and payments that still adhere to the original April 15th deadline. The tax filings that are still due this Thursday include corporation, gift, and trust filings as well […]

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  • Corporate tax proposals outlined in Biden’s proposed infrastructure plan

    April 1, 2021

    Yesterday President Biden released details on an infrastructure plan known as the American Jobs Plan. As part of this, the Made in America Tax Plan was also released; this is designed to fund a significant portion of the infrastructure initiatives. Tax reform contained in this release focuses only on corporate measures (although Biden has committed […]

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  • Current Economic Outlook

    March 16, 2021

    2021 Economic expectations and developments: As we progress into this year, we expect strong growth from 2021 driven by an economic reversion to norms (recovery) contingent on the control of the virus and roll out of the vaccine. Unemployment rates may remain higher than pre-Covid levels as some businesses continue to struggle, emerging from the […]

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  • Important Tax Updates - February/March 2021

    Treasury, IRS Extend Upcoming Filing and Payment Deadline  The Treasury Department and Internal Revenue Service announced Wednesday, March 17 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Information on state congruence and information on quarterly filings […]

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  • Update: PA Decennial Report

    February 22, 2021

    On January 15, 2021, the state of Pennsylvania issued postcard alerts giving notice to businesses regarding the upcoming filing requirements for the PA Decennial report. This report confirms the continued existence of entities registered in the state of Pennsylvania and  is required every ten years. Failure to file a decennial report between January 1st and  December 31st, 2021 could result […]

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  • Paycheck Protection Program (PPP) Updates

    January 13, 2021

    The Small Business Administration (SBA) has released borrower loan applications for the second round of PPP funding. The application window opened Monday (1/11) for community financial institutions that serve minority- and women-owned businesses. The SBA has said it will open the application process to all lenders in “a few days”. That date is still TBD […]

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  • Consolidated Appropriations Act, 2021

    December 29, 2020

    As the Consolidated Appropriations Act, 2021 (CAA, 2021 or the Act), the appropriations bill that includes emergency Covid-19 response and relief, has now been signed into law, we want to share a few relevant updates. Paycheck Protection Program (PPP) Business expenses paid with Payroll Protection Program (PPP) loans that will be forgiven are now fully […]

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