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IRS tips on home office deductions

In the Tax Tip 2022-10, the IRS listed some of the rules and tips to deduct your home office. Note that to claim the home office deduction, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business. In some cases, if

By |2022-03-05T03:33:27+00:00February 2nd, 2022|Categories: Business|Tags: , , , , , , , , , |

2021 Required notification to employees for Philadelphia businesses

On an email reminder sent last week, the City of Philadelphia requires businesses to give notifications to their employees about a) The Federal Earned Income Tax Credit (EITC) and b) Philadelphia Wage Tax Refund Program on electronic or printed copy and no later than February 1, 2022.   The Federal Earned Income Tax Credit (EITC)

By |2022-02-23T21:25:18+00:00January 15th, 2022|Categories: Business|Tags: , , , , , , , , , |

Updates to the 2021 S Corporation forms

As you might be aware, there have been new requirements in the 2021 filings for the S Corporations. In the last few years, new tax requirements have been issued just before tax season or during tax season, giving tax preparers little time to comply with the new disclosure or tax processing for those returns. Disclosure

By |2022-01-04T12:09:42+00:00January 4th, 2022|Categories: Business|Tags: , , , , , , , , |

IRS released the standard mileage rates for 2022

In mid December 2021, the IRS released the standard mileage rates for the use of a car (also vans, pickups or panel trucks) beginning January 2022 will be: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021, 18 cents per mile driven for medical, or moving purposes for

By |2022-01-04T14:23:59+00:00December 20th, 2021|Categories: Business|Tags: , , , , , |

New tire dealer license in Philadelphia from January 2022

From January 2022, the City of Philadelphia will require a new tire dealer license and the following is required: The PA DEP registered waste haulers responsible for disposing of tires. The waste haulers must be registered with the PA DEP for a Waste Transporter Authorization. Type of business activity (i.e. sales, repair). Size and location

By |2021-11-16T22:27:30+00:00November 16th, 2021|Categories: Business|Tags: , , , , , |

Temporary side walk café/streetery extended to 2022 in Philadelphia

Last week, the temporary side walk café/streetery were extended until the end of 2022 in Philadelphia. These license can be renewed now (45 days before ending in 12/31/21) for the next year and we have started the process for many of our clients. Whyy post "... Following a flurry of behind-the-scenes activity, the committee also

By |2021-11-16T16:16:31+00:00November 16th, 2021|Categories: Business, Individuals|Tags: , , , , , , , |

Is this charity a scam/fraud? Use the IRS tax exempt tool

Are you unsure about a charity? Do you suspect it might be a scam or fraudulent organization? You can use the IRS Tax Exempt Organization Search tool and search the organization using 1) EIN or 2) organization name, plus other fields (i.e. State, City, etc.). Some key features and functions of this tool: It provides

By |2021-11-16T05:39:48+00:00November 16th, 2021|Categories: Business, Individuals|Tags: , , , , , , , |

Closing your business? Communicate with tax authorities

If you are closing your business, you need to communicate to the tax authorities (Federal, State and local) which requires filing a final tax return, pay any liabilities to employees or vendors, pay any taxes outstanding, etc. Additionally, you need to keep the business records for a few years based on the period of limitations

By |2021-11-07T21:51:11+00:00November 7th, 2021|Categories: Business|Tags: , , , , , , , , , , |

Retirement contributions – 2022 updates

On November 4, the IRS released notice 2021-61 which contains technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022 . The IRS highlighted the following changes in their communication IR-2021-216: The contribution limit for employees who participate in 401(k), 403(b),

By |2021-11-05T14:11:17+00:00November 5th, 2021|Categories: Business, Individuals|Tags: , , , , , , , |

NJ Return and earn – $500 bonus and up to $10k

New Jersey will offer $500 return-to-work bonuses for unemployed residents in their first paycheck after hiring and employers will be eligible for up to $10,000 in wage subsidies to hire and train new workers, Gov. Phil Murphy announced on 9/27/2021. The return and earn program is directed to businesses with 100 or fewer employees and

By |2021-10-06T21:28:48+00:00October 6th, 2021|Categories: Business|Tags: , , , , , |
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