Dec 15, 2022, 07:00 AM by James J. Newhard, CPA

CPAs specializing in A&A must now hold a lot more tax knowledge so they can truly understand the measurement, reporting, and disclosure necessities of today’s PTEs

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.

Nov 28, 2022, 11:46 AM by Vito A. Cosmo Jr., CPA, CGMA, Matthew D. Melinson, CPA, and Patrick K. Skeehan, JD

In addition to federal and state income tax obligations, business taxpayers operating in Pennsylvania also may be responsible for an array of additional local taxes, depending on the localities in which they transact business. These local business privilege or mercantile taxes can be difficult to navigate for the unfamiliar taxpayer.

Nov 28, 2022, 11:00 AM by Edward R. Jenkins Jr., CPA, CGMA

A series of opportunity zones created by the Tax Cuts and Jobs Act of 2017 offers those who invest in projects in these zones a new tax benefit that is unprecedented. The tax benefit could also have a positive impact on targeted communities, but there are risks associated with opportunity zone investments and the regulations involved can be complicated.

Sep 14, 2022, 15:40 PM by Mark L. Lubin, CPA, JD, LLM

Explains how knowledge of certain considerations coupled with caution can spare practitioners unnecessary tax expense and exposure when structuring closely held businesses.

Sep 14, 2022, 15:39 PM by John Mertz, Tom Lemon, CPA, and Greg Rineberg, CPA

Addresses the changes coming to the treatment of research and experimental expenditures effective for tax years beginning after Dec. 31, 2021.

Sep 14, 2022, 09:13 AM by Andrew M. Bernard Jr., CPA

Analyzes the U.S. Treasury Department’s final foreign tax credit regulations under Treasury Regulation Section 1.901-2, which stem primarily from foreign countries enacting new digital service taxes.

Sep 7, 2022, 08:19 AM by Andrew M. Bernard Jr., CPA

Individuals from the United States who are shareholders (including estates and trusts) of controlled foreign corporations (CFCs) face a difficult path in how to structure these investments in a tax-effective manner. The Tax Cuts and Jobs Act of 2017 (TCJA) treats U.S. corporate shareholders more favorably than U.S. individuals with regard to investments in CFCs. The TCJA has a new global intangible low-taxed income (GILTI) inclusion as part of the U.S. Subpart F anti-deferral rules that expands inclusions from CFCs to individual shareholders who are federally taxed at up to 37%. It also creates a double taxation event because individuals are not entitled to a credit for underlying foreign taxes paid in the income included.

Jun 28, 2022, 16:39 PM by Alexandra C. Fabian

Explains PICPA’s response to IRS service and staff issues and how it continues to work with the AICPA and Congress on relief for taxpayers and practitioners.

Jun 28, 2022, 16:38 PM by James P. Swanick, CPA, Meredith Thornton, CPA, and Michael J. Tighe, CPA

Discusses how borrowers who use convertible debt as a financing option need to understand the rules that could limit the tax benefits of this instrument.

Jun 21, 2022, 16:49 PM by Matthew Melinson, CPA, Narj Bhogal, CPA, Patrick Skeehan, JD, and Thomas Boyle, JD

Covers the additional risks businesses face as remote work arrangements continue to become more commonplace.

Jun 21, 2022, 16:48 PM by Mark L. Lubin, CPA, JD, LLM

Discusses the best practices to determine tax basis of interests in business entities, including C corporations, S corporations, and partnerships while avoiding crucial errors.

Jun 1, 2022, 09:36 AM by Vito A. Cosmo Jr., CPA, CGMA, Matthew D. Melinson, CPA, Katherine M. Piazza, JD, and Patrick K. Skeehan, JD

The City of Philadelphia has been busy formulating its tax positions in response to both the South Dakota v. Wayfair Inc. decision and Tax Cuts and Jobs Act of 2017. This column summarizes the changes affecting the city’s Business Income and Receipts Tax and Net Profits Tax.

Mar 18, 2022, 11:21 AM by Andrew M. Bernard Jr., CPA

In the ever-expanding globalization of the economy, it is more common than ever for a U.S. person to make payments to foreign persons. Depending on the type of payment made, and whether it is U.S. sourced, there may be U.S. withholding tax imposed on the payment unless an exemption applies.

Mar 18, 2022, 11:19 AM by Peter N. Calcara, CAE

While the Pennsylvania General Assembly may run until Nov. 30, the state legislature will have to address the budget, statewide elections, and tax proposals well before then.

Mar 16, 2022, 09:31 AM by Ilya A. Lipin, JD, and Frank P. Czekay, CPA, JD

As it is still early 2019, it is important to reflect on recent legislative, administrative, and judicial state and local tax developments in Pennsylvania and Philadelphia. This column will look at some of the most significant and discuss their prospective impacts.

Mar 16, 2022, 09:28 AM by Alex K. Masciantonio, CPA, Kevin E. Flynn, CPA, PhD, and Sean Andre, PhD

As many tax professionals know, Internal Revenue Code (IRC) Section 965 had required a transition tax on certain untaxed foreign earnings for the 2017 tax year. But while the federal provisions of Section 965 are over, that is not the end of the story as many states have decoupled from the federal treatment.

Dec 21, 2021, 09:44 AM by Alexandra C. Fabian

Goes behind the scenes of a recent agreement between the PICPA State Taxation Steering Committee and the New Jersey Society of Certified Public Accountants to work together to solve cross-state tax issues.

Dec 14, 2021, 08:16 AM by Jonathan Liss

Explains the concept and purpose of the statutory relief mechanism known as alternative apportionment.

Dec 7, 2021, 09:15 AM by Philip Karter, JD, LLM, and Kevin F. Sweeney, JD

Advises CPAs to ensure their clients are ready for a possible uptick in federal audits due to changes in tax legislation.