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
On March 20, 2025, the IRS updated its guidance to employers that claimed the employee retention credit (ERC). The updated guidance materially differs from prior IRS guidance of how and when employers should report the income...more
4/9/2025
/ Corporate Counsel ,
Employee Retention ,
Employees ,
Employer Liability Issues ,
Filing Requirements ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Popular ,
Reporting Requirements ,
Tax Credits ,
Tax Liability ,
Tax Planning ,
Tax Returns
This episode is part of our “Bridging Campuses: Legal Insights on Education Industry Consolidation” series, where we discuss trends in higher education consolidation and closures, and outline common characteristics of at-risk...more
In this episode, we are joined by Special Agent Jonathan Schnatz, Senior Analyst with IRS Criminal Investigation. Special Agent Schnatz will discuss his work with an international law enforcement and tax compliance group, and...more
3/5/2024
/ Criminal Investigations ,
Criminal Liability ,
Criminal Prosecution ,
Income Taxes ,
IRS ,
Tax Evasion ,
Tax Fraud ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
White Collar Crimes
On January 31, 2024, the United States House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (TRAFW Act), which is now under consideration in the Senate. The TRAFW Act, in addition to...more
Summary -
Businesses with employees in Pennsylvania and Philadelphia should be prepared to adapt to a post-COVID world as temporary guidance regarding remote work expires and pre-COVID rules regarding employment tax...more
The IRS released a final version of Form 941 (the employment tax return to be used by employers for the second quarter for 2020) and a revised set of accompanying Instructions. The Form and particularly the Instructions...more
6/30/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Form 941 ,
IRS ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
Small Business Loans ,
Tax Deferral ,
Tax Planning
A recent opinion from the Pennsylvania Supreme Court clarifies the definition of employment under the state’s Unemployment Compensation Law, potentially increasing the amount of Unemployment Compensation Tax (UC Tax) that...more
This alert summarizes (in alphabetical order by state) several types of state and local tax relief available as of April 14, 2020, in states where our offices are located and in selected other states....more
This alert summarizes (in alphabetical order by state) several types of state and local tax relief available as of April 9, 2020, in states where our offices are located and in selected other states. ...more
The IRS issued Rev. Proc. 2020-23 allowing partnerships subject to the BBA partnership audit rules to file amended returns to take advantage of retroactive tax benefits in the CARES Act, including the qualified improvement...more
In guidance available on its website, the Pennsylvania Department of Revenue announced extensions for personal income tax (PIT) returns and payments due April 15, 2020, until July 15, 2020 (conforming to similar IRS...more
As a result of the ongoing coronavirus disease (COVID-19) pandemic, the IRS granted taxpayers a limited extension to pay income taxes that are due on April 15, but there is no extension of the April 15 filing deadline. Tax...more
On Wednesday, March 18, 2020, the Families First Coronavirus Response Act (FFCRA or the Act) became law. While only a small portion of the Act affects taxes, the Act provides federal tax credits for paid sick leave and family...more
The U.S. Department of Treasury published Final Regulations for the Qualified Opportunity Zone (QOZ) program on January 13, 2020, which answer many, but not all, of the questions arising from the Proposed Regulations released...more
1/15/2020
/ Capital Gains ,
Carried Interest ,
Carried Interest Tax Rates ,
Community Development ,
Economic Development ,
Final Rules ,
Grace Period ,
Incentives ,
Intangible Property ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Pass-Through Entities ,
Property Improvements ,
Property Valuation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Real Estate Transactions ,
Regulatory Requirements ,
Retail Installment Sales Contracts ,
Statutory Interpretation ,
Step-Up Basis ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Planning ,
U.S. Treasury
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
There are many complex and confusing aspects to the qualified opportunity zone (QOZ) program, and the treatment of Section 1231 gain is no exception.
Internal Revenue Code Section 1231 applies to depreciable property and...more
6/28/2019
/ Capital Gains ,
Community Development ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investors ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Tax Planning
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
OVERVIEW OF QUALIFIED OPPORTUNITY ZONE PROGRAM -
The Qualified Opportunity Zone (QOZ) program, introduced in 2017’s Tax Cuts and Jobs Act, is a new incentive program for investments in over 8,700 QOZs located in all 50...more
5/3/2019
/ Anti-Abuse Rule ,
Capital Gains ,
Corporate Entities ,
Investment Opportunities ,
Investment Property ,
IRS ,
New Guidance ,
Opportunity Zones ,
Partnerships ,
Pass-Through Entities ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Reinvestment Funds ,
Rollover Equity ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax-Deferred Exchanges ,
U.S. Treasury
Pennsylvania Governor Tom Wolf signed Act 72 of 2018 into law last week. Act 72 will allow Pennsylvania corporate net income tax (CNIT) taxpayers to use the federal Modified Accelerated Cost Recovery System (MACRS), but not...more
In a unanimous decision in Nextel Communications of the Mid-Atlantic, Inc. v. Commonwealth, the Pennsylvania Supreme Court affirmed the Commonwealth Court's holding that Pennsylvania's dollar-based cap on corporate net income...more