1099-K Reporting for Digital Transactions By now most taxpayers are aware of Form 1099-K, which requires third-party settlement organizations and payment processors (such as Venmo, PayPal, Stripe, etc.) to issue a 1099-K when transactions exceed…

A Cost Seg­regation Study is a tax strategy where elements and components of a commercial property are segregated into different categories and classes in order to accelerate depreciation for those different assets. This allows building…

Update as of October 2023: With the recent rise of Employee Retention Credit scams and schemes, the IRS has announced a new withdrawal process for Employee Retention Credit claims. This new initiative aims to help…

Upcoming Tax Deadlines September 15, 2023 • Third quarter individual estimated tax payments for 2023 are due. • Filing deadline for extended 2022 S-corporation and partnership returns. October 16, 2023 • Filing deadline for extended…

As summer comes to a close, fall is a great time to start looking at ways to cut your business’s 2023 tax bill. Consider these ideas; Review employee benefits. Benefit programs are often one of…

On July 3, 2023, New Jersey Governor Phil Murphy signed into law Assembly Bill 5323 which enacted significant changes to the state’s Corporate Business Tax Act (CBT) and Gross Income Tax Act (GIT). Following are…

The IRS continually reminds taxpayers to be vigilant about not sharing their personal information with potential scammers.  Here is a list of the top scams for 2023 reminding taxpayers that the scams can continue even…

As inflation continues to sweep the country causing prices to rise, one cost that is about to drop is the City of Philadelphia’s Business Income and Receipts Tax (BIRT). Effective July 1, 2023, the net…