Recent News & Blog / Business Tax
Work Opportunity Tax Credit extended through 2020
If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC).
Do your employees receive tips? You may be eligible for a tax credit
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. How the credit works
New rules will soon require employers to annually disclose retirement income to employees
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals.
Reminder: Pennsylvania 1099-Misc Withholding Tax Requirements
In 2017, Act 43 created a tax withholding obligation for certain payors of Pennsylvania‐source income and lessees of Pennsylvania real estate to out of state residents.
New Overtime Rules Effective January 1, 2020
The DOL recently finalized its new rules effective January 1, 2020, to determine whether an employee qualifies as exempt from overtime under the Fair Labor Standards Act (FLSA). What has changed?
IRS Releases 2020 Form W-4 Employee’s Withholding Allowance Certificate
The IRS has released the 2020 Form W-4 Employee’s Withholding Allowance Certificate. The 2020 Form is to comply with the income tax withholding requirement of the Tax Cuts and Jobs Act (TCJA).
New law provides a variety of tax breaks to businesses and employers
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019.
Finalized IRS Hardship Distribution Regulations
In September 2019, the IRS published long-awaited final hardship distribution regulations for almost a year following their initial proposal.
Wayfair revisited — It’s time to review your sales tax obligations
In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers.