Pennsylvania State and Local Tax

State

Pa. Local Income Tax Information
City of Philadelphia Revenue Department provides tax forms and instructions, information on technical rulings, and more.
City of Pittsburgh Department of Finance offers numerous downloadable forms and information.

Keystone Opportunity Zones: Deep Tax Knowledge Can Offer Unique Benefits

The benefits and complexity of KOZs derive from the wide array of state and local taxes on which the program is based. Unlike other economic development and incentive programs based on singular activities such as job creation, capital investment, or geographic location, capitalizing on the benefits of the KOZ program requires an underlying knowledge of each of the taxes to which it applies.
Tax Notice Management Is Critical

Part of the tax function is to address and resolve state and local tax notices from departments of revenue. Notices may be issued for various reasons, such as nonfiling, late filing, underreported tax, late payment, nexus inquiries, or various state updates. All should be reviewed and addressed immediately.

Section 382(h) Proposed Regs Throw Taxpayers a Curveball

On Sept. 9, 2019, the U.S. Treasury and IRS issued proposed regulations under IRC Section 382(h) pertaining to the interaction between built-in gains or losses with Section 382 limitations. Treasury believes the proposed regulations will simplify the application of Section 382, provide needed clarification to taxpayers in determining built-in gains and losses, and address other issues relating to Section 382 that were created as a result of tax reform (the Tax Cuts and Jobs Act of 2017). Taxpayers are not as optimistic about these recent developments, and for good reason.
Tax Reform Guidance from Treasury and the IRS

The Tax Cuts and Jobs Act (TCJA) of 2017 is the most significant overhaul of the Internal Revenue Code1 (IRC) since the Tax Reform Act of 1986. Practitioners who were preparing tax returns back then likely remember the confusion surrounding parts of that law that were subject to interpretation. The best course of action was to wait, if possible, for clarification through technical corrections and guidance from the U.S. Treasury or the IRS.

Qualified Business Income Deduction’s Impact on Your Clients

The qualified business income deduction, or QBI, was one of the most popular changes to the tax code in 2017. Stephen J. Slade, CPA, tax director of Wouch Maloney & Co. LLP in Horsham, Pa., dives into the restrictions and exceptions and what they really mean for your clients. Slade also addressed this topic for CPA Now.
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Section 163(j) Under TCJA

Section 163(j) packs a mighty punch for being just one section of the tax code. Daria Palaschak, CPA, MST, partner in the tax department of Sisterson & Co. LLP in Pittsburgh, discusses the significant changes to the limitation on the deduction of business interest expense brought on by the Tax Cuts and Jobs Act of 2017.
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How Tax Reform Is Affecting the Construction Industry

The ripples of tax reform have reached CPAs working in the construction industry in a big way. Emily Gunther, CPA, CCIP, a principal with CLA LLP in Plymouth Meeting Pa., discusses Section 199A, business interest, and much more. Gunther will speak at greater length on this topic at PICPA’s 2019 Construction Industry Conference on Oct. 16 in Malvern, Pa.
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