The Senate has proposed an amendment to H.R. 4213 (The American Jobs and Closing Tax Loopholes Act of 2010) that would increase taxes on payments made to small S-Corporation owners in the form of additional FICA taxes, even though these payments are not currently subject to payroll taxes.
As an example, a small professional services firm [...]
The IRS announced last month that (1,200) twelve hundred 401(k) plans will be selected at random to receive a compliance check questionnaire in June 2010. The Compliance Check Project is designed to be a comprehensive look into 401(k) plans to help the IRS determine potential compliance issues, gain a better understanding of the reasons for [...]
Effective July 1, 2010, employers located in Philadelphia and employers with Philadelphia resident employees will need to reduce the amount of withholding from their employees’ paychecks.
Philadelphia residents will see a drop in their wage tax rate from 3.9296% to 3.928% (that’s $0.016 per $1,000 earned) and non-residents’ rates will decrease from 3.4997% to 3.4985% (that’s [...]
Now that Congress has passed a landmark health care reform package, much work needs to be done in dealing with new requirements. While the end result of the legislative process is necessarily health care related, the tax law plays a major role in its implementation. From the tax credits and subsidies used to expand health [...]
The Pennsylvania and Philadelphia 2010 Tax Amnesty programs have commenced, giving taxpayers a unique opportunity to pay back taxes and file prior year returns. During each program, the Pennsylvania and Philadelphia will waive all penalties and half of the interest due on any delinquent tax liability as of June 30, 2009. Taxpayers participating in the [...]