President Trump signed into law what is commonly referred to as the One Big Beautiful Bill Act (OBBBA), extending provisions from the Tax Cuts and Jobs Act of 2017 otherwise set to expire at the end of this year. The new...more
7/11/2025
/ Income Taxes ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
One Big Beautiful Bill Act ,
Over-Time ,
SALT ,
Student Loans ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Legislation ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Tipped Employees ,
Tips ,
Trump Administration ,
Wage and Hour
It appears that the flood gates have opened and that the IRS is finally processing and paying claims for the employee retention credit (ERC) en masse. After waiting a very long time (often years) with no contact from the IRS,...more
4/23/2025
/ Business Taxes ,
Corporate Counsel ,
Employee Retention ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Statute of Limitations ,
Tax Credits ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Refunds ,
Tax Returns
Summary -
The IRS recently advised that many organizations that develop paid name, image, and likeness—known as NIL—opportunities for college student-athletes are not eligible for tax-exempt status under Internal Revenue...more
ARP Tax Changes Include Credit Extensions/Expansions, Tax Relief for EIDL and Grant Recipients, and Changes to Worldwide Interest Allocation Rules -
Among many other provisions, the American Rescue Plan (ARP), the $1.9...more
In Revenue Ruling 2020-27, the IRS announced that taxpayers cannot deduct expenses paid for with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven, even if the PPP loan forgiveness occurs in a later...more
Act 13 of 2019 (Act 13), signed by Governor Wolf on June 28, 2019, made several changes to Pennsylvania tax laws, including the following significant changes.
...more
7/17/2019
/ Capital Gains ,
Corporate Taxes ,
Economic Development ,
Income Taxes ,
New Legislation ,
Opportunity Zones ,
Sales & Use Tax ,
State and Local Government ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
Transfer Taxes
The IRS recently published Final Regulations and Notice 2019-12 largely blocking state efforts to circumvent limitations on deductions for state and local taxes. (See our alert on the Proposed Regulations, issued in August...more
6/27/2019
/ Business Taxes ,
IRS ,
Itemized Deductions ,
Liability Caps ,
Local Taxes ,
New Regulations ,
SALT ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Reform
The IRS proposed regulations (the Proposed Regulations) on August 23, 2018, that would largely block state efforts to circumvent new limitations on income tax deductions for state and local taxes and would affect many current...more
With Republicans in control of both the White House and Congress, comprehensive federal tax reform likely is on the horizon. Both the tax reform plan outlined by President Donald J. Trump during his campaign (the Trump Plan)...more