Mar 12, 2024, 00:00 AM by Gregory M. Rineberg, CPA, and James J. Newhard, CPA

The Tax Cuts and Jobs Act of 2017 (TCJA) reformed many aspects of the Internal Revenue Code of 1986, but the $10,000 state and local tax deduction limitation (SALT cap) has remained one of its more controversial aspects. The SALT cap prevents many individuals from being able to fully deduct their state and local income and property taxes on their federal individual income tax returns. This is further exacerbated for individuals filing in multiple states through their ownership interests in partnerships, S corporations, and certain limited liability companies.

Mar 12, 2024, 00:00 AM by Louie Krak

Pennsylvania Gov. Josh Shapiro created the Office of Critical Investments to maximize the federal funding made available in recent years, particularly through the 2022 Inflation Reduction Act. Louie Krak, infrastructure coordinator with the Office of Critical Investments, discusses the major tax credit incentives that are available to a wide swath of Pennsylvania entities interested in investing in diverse sources of renewable energy.

Mar 12, 2024, 00:00 AM by Robert E. Duquette, CPA

Although the Tax Cuts and Jobs Act of 2017 has most of its individual provisions expiring after 2025, there are some provisions expiring even earlier. This column explains which sections will be affected unless Congress acts to restore them.

Mar 12, 2024, 00:00 AM by Matthew Melinson, CPA, Mike Eickhoff, CCIP, Drew VandenBrul, CPA, Narj Bhogal, CPA, Benjamin Tamber, CPA

Incentives are a powerful tool to urge companies to invest in a particular state that can result in a win-win for all parties involved. This issue's State & Local Tax column provides an overview of Pennsylvania’s incentives and credits landscape.

Mar 12, 2024, 00:00 AM by Danielle Friedman and Herbert R. Fineburg

The Small Business Stock Gains Exclusion is an often-missed and material tax-savings benefit available to noncorporate shareholders of C corporations. Given the relatively recent adoption of these qualified small-business stock rules, many advisers and their clients are still unfamiliar with this section of the Internal Revenue Code.

Feb 14, 2024, 11:41 AM by Edward R. Jenkins Jr., CPA, CGMA

What’s the difference between “equity” and “resilience?” In real terms, essentially nothing: equity is resilience. Equity gives you, a company, or a government the ability to take a hit – a hit like a recession or a pandemic. The big question now is whether or not the United States has the equity to return to normal after a crisis. To consider this issue, I explore the growing U.S. debt, the concomitant reduction in equity, and the implications of debt growth on government and the economy as a whole.

Dec 18, 2023, 13:24 PM by Matthew D. Melinson, CPA, Patrick K. Skeehan, JD, and Thomas D. Boyle, JD

Business privilege and mercantile taxes (BPT) can be overlooked and misunderstood by taxpayers and practitioners alike. Matthew Melinson, CPA, Patrick Skeehan, JD, and Thomas Boyle, JD, look at the mechanics of the BPT and some of the latest trends to help taxpayers meet filing obligations, capture tax savings, and avoid missteps.

Dec 11, 2023, 11:38 AM by Robert E. Duquette, CPA

Federal spending and the amount of revenue generated by federal taxation do not jibe. They have not for some time, and now the country is dangerously close to unprecedented repercussions from a continuously growing national debt. Robert E. Duquette, CPA, provides a host of data detailing the issue at hand, what’s coming down the pike, and the difficulties standing in our way that we must overcome to solve the problem.

Sep 25, 2023, 15:33 PM by Richard Hornby

While not a new option, tax insurance is being looked at by a growing number of small and medium sized businesses to divert some liability exposure.

Sep 19, 2023, 12:25 PM by Matthew D. Melinson, CPA, Samantha To, CPA, and Dan Giorgio, CPA

The timing of producing state tax returns can be both complex and burdensome. Here are some suggestions to help relieve the stress associated with the process.

Sep 11, 2023, 16:46 PM by Andrew M. Bernard Jr., CPA

Review the changing rules concerning the taxation on the sale of a partnership interest by foreign partners of U.S. businesses.

Jun 23, 2023, 10:30 AM by Howard R. Sklaroff, CPA

Howard R. Sklaroff, CPA, takes a close look at the difficulty that arises when applying the Department of Revenue’s standard of federal taxable income before net operating loss and special deductions as a starting point for determining Pennsylvania’s CNIT.

Jun 16, 2023, 07:00 AM by John Mertz, Tom Lemon, CPA, and Greg Rineberg, CPA

There is a growing movement in business and among investors to embrace environmental, social, and governance (ESG) reporting. As these efforts take hold, John Mertz, Tom Lemon, CPA, and Greg Rineberg, CPA, explain the federal tax ramifications associated with some ESG efforts.

Mar 21, 2023, 07:00 AM by Andrew M. Bernard Jr., CPA

New foreign tax credit regulations may provide some relief by creating a safe harbor that relaxes the cost-recovery requirement. A single-country exception was also added for royalties, permitting taxpayers to structure or amend their royalty agreements so foreign taxes withheld on royalty payments may qualify as a creditable foreign income tax.

Mar 14, 2023, 16:41 PM by Drew VandenBrul, CPA

Drew VandenBrul, CPA, explores some of the areas where Pennsylvania income tax policy remains an outlier among other states and the possible adjustments needed to better align personal and corporate net income taxes.

Mar 12, 2023, 09:36 AM by Matthew D. Melinson, CPA, Vito A. Cosmo Jr., CPA, CGMA, and Patrick K. Skeehan, JD

A career in state and local tax can be challenging but also rewarding. With 50 states, the District of Columbia, and thousands of localities, there are numerous types of state and local taxes, including income, nonincome-based entity taxes (gross receipts, franchise), sales and use, real and personal property, excise, transfer, and many other industry-specific taxes. Pennsylvania alone has about 34 state-level taxes.

Dec 20, 2022, 07:00 AM by Jonathan Forman and Michael Wilshere, JD

When considering a merger or acquisition, tax attributes are often not a due diligence priority. Incorrect assumptions are often made about the value and utility of these attributes. An acquiring company can be surprised to find out it cannot use any of the target’s R&D tax credits following the acquisition.

Dec 15, 2022, 12:53 PM by Robert E. Duquette, CPA

The new corporate alternative minimum tax (CAMT) is a significant feature of the Inflation Reduction Act of 2022. There are situations in which the CAMT could apply that would not be obvious at first.

Dec 15, 2022, 07:00 AM by Michael C. DeFillipo, CLU, ChFC

For many owners of closely held businesses, their largest asset – and the one that is perhaps most difficult to value – is their interest in their business. With the current estate tax exemption levels set to sunset at the end of 2025 (if not before), business owners and their CPAs may need to take appropriate steps in the tax and legacy planning process.

Dec 9, 2022, 07:00 AM by Jeffrey J. Schrader, CPA, MST, and Mary Lew Kehm, CPA

The tax benefits of health savings accounts and the tax reporting considerations. .