FAQS About PA’s New Audit Requirement Thresholds for Nonprofits

What are the new PA audit requirement thresholds?

Read More

Significant Changes Impacting PA Nonprofit Organizations

As many of you are aware, the Tax Cuts and Jobs Act of 2017 changed the itemized and standard deduction rules for individual taxpayers beginning with the 2018 tax year.  The Act essentially doubles the standard deduction for individual taxpayers.  For good reason, many nonprofit organizations have expressed concern about the negative impact this...

Read More

How to Use 529 Plans for Elementary and Secondary School Tuition

The Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute up to $10,000 in tuition expenses incurred during the tax year for designated beneficiaries enrolled at a public, private, or religious elementary or secondary school. These plans used to only be allowed for college tuition, up to full tuition...

Read More

Top 10 Tax Developments with Impact on 2018

The start of a New Year presents a time to reflect on the past 12 months and, based on what has gone before, predict what may happen next. Here is a list of the top 10 developments from 2017 that may prove particularly important as we move forward into the New Year:

Read More

Spotlight on the Tax Cuts and Jobs Act

January 1, 2018 not only brings a new year, it brings a new federal Tax Code. The just-passed Tax Cuts and Jobs Act makes sweeping changes to the nation’s tax laws. Many of these changes take effect January 1. Everyone – especially individuals and business owners – needs to review their tax strategies for the new law. The changes are huge....

Read More

Standard mileage rates increase, while higher depreciation limits kick in

The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving and charitable purposes. Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup of panel truck will be:

Read More

PA Requires Payors to Withhold Tax on Non-Resident Payees

INFORMATIONAL NOTICE PERSONAL INCOME TAX 2017-01

 

Read More

How to use a HSA for Retirement

Health Savings Accounts (HSAs) are more tax advantageous than traditional retirement accounts because of the triple tax benefit of tax-free contributions, earnings, and withdrawals for qualified medical expenses.  Once you reach the age of 65, you can take money out of your HSA for non-healthcare expenses penalty free.

Read More

FAQ about Health Savings Accounts (HSA)

What is a HSA?

Read More

Equifax Data Breach: What is it and what does it mean to you?

On September 7, 2017, Equifax, one of the three major credit reporting agencies in the United States, issued a press release that stated they had been the victim of a massive data breach. 143 million data records were stolen from them! That’s an astounding 44% of the United States population.

Read More

RECENT POSTS

ARCHIVES