What Contractors Need to Know About the PA BME Exemption

Written By: Monte Anderson, CPA
 
INTRODUCTION A construction contract is a written or oral agreement for the construction, reconstruction, remodeling, renovation or repair of real estate, whereby a contractor permanently attaches or affixes tangible personal property to real estate. Typically, a construction contractor will pay sales or...
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Employee vs Contractor Infographic

When it comes to determining an employee from an independent contractor, many business owners are unsure how to identify a worker's classification. The table below highlights some of the differences between an employee and an independent contractor.

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Your Ultimate Guide to 1099-MISC

Written by Holly Pugh

One of the common issues businesses have when it comes to tax season are 1099s. In this guide, we have included the information you need to know about the 1099 form such as; what is a 1099, why these forms need to be completed, how they should be prepared, and to whom they should be sent.

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PA Education Tax Credit Guidance Issued

Pennsylvania education tax credits can still be claimed by business firms if contributions are listed as a business expense on the taxpayer’s federal return. The guidance concerns the treatment of contributions made to claim the Educational Improvement Tax Credit and Opportunity Scholarship Tax Credit. The state’s guidance applies to tax years...

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Guidance on 2019 Withholding Rules

The IRS has provided interim guidance for the 2019 calendar year on income tax withholding from wages and withholding from retirement and annuity distributions. In general, certain 2018 withholding rules provided in Notice 2018-14, I.R.B. 2018-7, 353, will remain in effect for the 2019 calendar year, with one exception.

The IRS and the Treasury...

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Guidance Issued on Nondeductible Portion of Parking Fringe Expenses

The IRS has provided guidance and examples for calculating the nondeductible portion of parking expenses. In addition, the IRS has provided guidance to tax-exempt organizations to help such organizations determine how unrelated business taxable income (UBTI) will be increased by the nondeductible amount of such fringe benefit expenses paid or...

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Proposed Regulations Provided for Code Sec. 163(j) Limit

The IRS has proposed regulations on the limitation on the business interest expense deduction under Code Sec. 163(j), as amended by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has issued a safe harbor that allows taxpayers to treat certain infrastructure trades or businesses as real property trades or businesses solely for...

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Regulations to be Issued on Controlled Foreign Corporations’ Previously Taxed Earnings and Profits

The IRS and the Treasury intend to provide regulations that will address issues affecting foreign corporations with previously taxed earnings and profits (PTEP). The regulations are in response to changes made by the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97), and are intended to include rules for:

  • the maintenance of PTEP in annual accounts and...
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WHAT TO EXPECT ON YOUR FIRST EMPLOYEE BENEFIT PLAN AUDIT

Growing beyond 100 employees is an important landmark in a company’s history. While companies may view crossing this threshold as cause for celebration, the Department of Labor (DOL) may view it as a trigger for increased scrutiny of your employee benefit plan. Certain employee benefit plans with 100 or more eligible participants may be...
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HOW TO CORRECT RETIREMENT PLAN ERRORS

Everyone makes mistakes, and for plan sponsors, the ability to identify and remedy errors is essential for maintaining the plan’s tax benefits. For plan sponsors who may have deviated from their plan documents, or need to make other corrections, the Internal Revenue Service (IRS) provides three options to fix errors so organizations can keep all...

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