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ERISA "Top Hat" Plan Statements to be Filed Electronically Starting in Mid-August

On June 17, 2019, the U.S. Department of Labor (DOL) finalized proposed regulations requiring that all “top hat” plan statements and apprenticeship and training plan notices must be filed electronically, starting in mid-August. On average, the DOL receives about 57 apprenticeship and training plan notices, and about 1,815 top hat plan...

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Pennsylvania Might Impose Gas Severance Tax

Legislation has been introduced in the Pennsylvania General Assembly to impose a natural gas severance tax. Severance tax is a state tax imposed on the extraction of non-renewable natural resources that are intended for consumption in other states.

The Pennsylvania Department of Community and Economic Development (DCED) commented that...

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Final Rules Limit Charitable Contributions Made for SALT Credits

The IRS has issued final regulations that require taxpayers to reduce the amount of any charitable contribution deduction by the amount of any state and local tax (SALT) credit they receive or expect to receive in return. The rules are aimed at preventing taxpayers from getting around the SALT deduction limits. A safe harbor has also been...

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Proposed Rules Explain 199A Deduction for Cooperatives & Their Patrons

Taxpayers may rely on two new pieces of IRS guidance for applying the Code Sec. 199A deduction to cooperatives and their patrons:

  1. Proposed regulations provide detailed rules for coop patrons and specified cooperatives to calculate the deduction.
  2. A proposed revenue procedure provides three methods for specified cooperatives to calculate W-2...
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Tariffs Indefinitely Suspended On Mexican Imports

On June 7, 2019, President Trump announced that the 5 percent tariffs scheduled to be imposed on all imports from Mexico as of June 10, 2019, have been “indefinitely suspended” because the U.S. and Mexico reached a signed agreement. President Trump indicated that Mexico “has agreed to take strong measures to stem the flow of Central American...
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Top 4 Items Business Owners Should Review on Monthly Financial Reports

Written by Sharon Sacks, CPA & Jane Cornett, MBA

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PA - Philadelphia guidance on net interest expense limitation issued

Philadelphia has provided guidance that business income and receipts tax (BIRT) taxpayers are obligated to use the federal interest expense deduction calculated on a separate entity basis.

BIRT taxpayers filing a consolidated federal return, where the consolidated group reports an interest limitation under IRC Sec. 163(j), must calculate the...

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Trump, Democratic Leaders Agree to Develop $2 Trillion Infrastructure Plan

President Donald Trump and Democratic congressional leaders have agreed to develop a $2 trillion infrastructure plan, according to Senate Minority Leader Chuck Schumer, D-N.Y.

$2 Trillion Infrastructure Plan

"There was goodwill in this meeting…which is a very good thing," Schumer told reporters at the White House on April 30 after meeting with...

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Intro to Cybersecurity for the Payment Card Industry

INTRODUCTION: THE COUNCIL

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5 Questions Every CFO Should Ask Their Controller

Introduction

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