IRS ups tax credit amounts for inflation after American Rescue Plan

The Internal Revenue Service is increasing the inflation-adjusted amounts of the Child Tax Credit and Earned Income Tax Credit for this year in accordance with the latest coronavirus relief package. The IRS released Revenue Procedure 2021-23 on Monday, which modifies and supersedes parts of the 2021 inflation adjustments in last…

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IRS offers penalty relief on employment tax payments amid COVID-19

The Internal Revenue Service is providing penalty relief for an employer’s failure to deposit employment taxes with the IRS on a timely basis. Click here to read more.

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IRS and COVID vaccine email scams proliferating this tax season

Security experts are seeing a rise this tax season in phishing schemes and malware tied to hot-button subjects like tax refunds, stimulus payments and COVID-19 vaccines. Click here to read more.

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PPP Funds Not Taxable in PA!

On Friday, February 5, 2021, the Pennsylvania House and Senate unanimously passed a COVID-19 Relief Bill that allocates Pennsylvania’s share of $912 million in Federal funding. Included in this Relief Bill is a clause that states Pennsylvania will NOT tax PPP loan funds that have been forgiven. This is…

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Filing a Decennial Report

Many businesses are beginning to receive an unfamiliar postcard in the mail from the Pennsylvania Department of State. The postcard references a Decennial Report, which, by definition, is required once every 10 years. The purpose of the report is to provide an update to the state and so that…

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