Now that we are months since the beginning of the COVID-19 pandemic, postsecondary education institutions have had ample time to adjust and adapt to a new reality. The work has not been easy and will remain a challenge, but to paraphrase a cliché we’re hearing a lot this year, there…
Among many significant changes, the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the deduction for expenses related to activities considered entertainment, amusement or recreation, but it still allowed taxpayers to deduct a portion of the cost of business meals. Now, nearly three years after the law passed, the…
As difficult as this year has been for many of us, there are still some positive opportunities for individuals to take advantage of, particularly regarding financial planning. In a notable development created by the CARES Act — which was enacted earlier this year in an effort to stem the financial…
In response to the growing COVID-19 pandemic and its effects on the country’s economy, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on March 27, 2020. The Act is filled with multiple efforts to support the economy while the country deals with job furloughs,…
The IRS and State of Pennsylvania have both issued updates to their 2019 tax return filing dates as well as the estimated tax payments due for tax year 2020. The IRS has issued further guidance on the filing deadline. A majority of Individual and Corporate taxpayers that had an original…
As you have probably heard, the IRS has granted an automatic extension to the payment due datefor individuals and corporations. This extension now allows any individual who owes less than $1 million or any corporation that owes less than $10 million to pay the tax owed by July 15th without incurring…
On Sept. 24, 2019, the Department of Labor (DOL) issued the final rule on overtime pay, providing guidelines to employers across the country on who should and should not be eligible for overtime pay. This ruling sets new earning thresholds for salaried employees in professional positions within an organization, making…
As the first tax return filing season under the newly minted Tax Cut and Jobs Act (TCJA) has passed, one thing has become clear, there is nothing clear about the qualified business income deduction (QBID). The QBID is seen as the small business equivalent to the tax rate decrease provided…