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
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
As the Social Security Board of Trustees (Federal government) estimates that from 2035, the payments of scheduled benefits might be reduced to around 75% (unless there is a reform to increase the fund assets), more and more States are requiring small businesses to join State programs offering retirement options to their employees, if not already
Today, we have received a communication from PIDC that shared a new grant program that is available to certain businesses in PA. See below more details, like priority businesses and eligibility requirements, and the link to the application at the bottom of this post. "...In partnership with the Pennsylvania Department of Community and Economic Development,
In the IRS Issue Number: IR-2021-183, the IRS extended the tax relief for hurricane Ida to victims in Pennsylvania. This is consistent with the tax relief provided to victims in New Jersey and New York as we published in our previous post. Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3,
IRS Guidance This year the deadline for 1099 is February 1, 2021. Note that you can still release 1099 after the deadline but there might be penalties associated with the filing. The 2020 tax year brings a new form. Form 1099-NEC is for tax year 2020 for nonemployee compensation of $600 or more to a
