The IRS’s new Automatic Exemption from Penalty (AEP) is meant to help “good” taxpayers—but it also takes away some useful flexibility and control that we’ve had under First‑Time Abatement (FTA). What AEP does, in plain English Starting with 2025 returns and 2026 quarterly payroll returns, the IRS will automatically skip certain penalties—failure to file, failure
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 communicated each year, the IRS has updated some of the deductions, tax exemptions, tax exclusions and other tax items based on inflation. In several media, this has been celebrated as the IRS increasing the threshold and in some cases creating clickbait headlines to attract readers, but the reality is that each fall the IRS
