When a U.S. person or business owns a foreign entity, the tax issue is often disclosure, not just income. U.S. tax law requires detailed reporting and strict recordkeeping, even when there is little or no current U.S. tax due, and penalties for getting it wrong can be severe. U.S. Businesses with Foreign Ownership: Form 5472 If
The IRS has significantly expanded its online Business Tax Account, opening secure digital access to a much wider range of entities, including partnerships, federal, state and local governments, Indian tribal governments, and tax‑exempt organizations in early April 2026. These organizations (plus some others which already were granted access) can now use the platform to view
Philadelphia Business Tax Changes: What Business Owners Really Need to Know In the last few months, I have been asked on many occasions about the changes in Philadelphia Business taxes and what business owners should know. Note that this change is driven by a legal challenge and the City position that the previous position breaks
As we approach year-end, savvy business owners and high-income individuals should consider one important strategic move: accelerating charitable donations in 2025. Why? Because starting in tax year 2026, the tax benefit for many large donors will shrink under new federal legislation. Beginning with the 2026 tax year, donors who itemize will only be able to
When Congress passed the American Rescue Plan Act (ARPA) in 2021, it lowered the Form 1099-K reporting threshold to $600 — with no transaction minimum. That rule, even if delayed several times, would have drastically expanded the number of Forms 1099-K issued, pulling in even casual transactions like splitting rent or selling used personal items.
After our previous post for taxpayers and how the One Big Beautiful Bill impacts individuals, we are covering today how it affects business owners: Firstly, this bill makes permanent or extend some of the Tax Cuts and Jobs Act (TCJA) benefits that were to sunset in 2026. Bonus depreciation - 1st year 100% depreciation if
Last Thursday at 5pm EST, the New Jersey Economic Development Authority (NJEDA) presented a seminar providing some financing options and some grants available to NJ businesses. You can watch the whole video in the link below, but we will give you a couple of the most relevant moments in the seminar: NJEDA financing summary (around
If you conduct business in Pennsylvania, there is a new annual report requirement starting 2025. Legal Background The new annual reporting requirement for Pennsylvania business entities was established by Act 122 of 2022, which was signed into law by Governor Tom Wolf on November 3, 2022. This legislation introduced significant amendments to Title 15 of
The BOI saga keeps going on – Now requirement is back on with deadline until March 21st, 2025. The daily fine is not updated to $606 (up to $10,000) and two years in prison. Most small businesses required to submit beneficial ownership information (BOI) reports now have until March 21 to comply, following a federal
If you are a business in PA, you might consider a contribution to an approved Educational Improvement Organizations. If you are a qualified business, you can received a PA tax credit of 75% of your contribution (90% if same contribution for two years). You need to make sure you meet the requirements (i.e. provide proof
