The PA Department of Revenue (PA DOR) has advised the Pennsylvania Institute of CPA’s (PICPA) that the PA DOR will be re-instituting its Voluntary Disclosure Program with guidelines similar to those of the prior Tax Amnesty Program that ended on June 18, 2010. They have indicated however, that the 5% non-participation penalty will not be [...]
After much delay in the House and Senate over extenders legislation, H.R. 5623 (the “Homebuyer Assistance and Improvement Act of 2010”), a stand-alone bill, has finally been signed by President Obama, extending the first-time homebuyer credit. The new law extends the closing date deadline from June 30, 2010 to September 30, 2010. Please note: the [...]
On Thursday June 24, 2010 Managing Associate Karolyn Banks and Associate Pukhama Demosthenes presented the “Money Tips to Reuse and Recycle” financial literacy program to Philadelphia High School students enrolled in a paid internship program with the Philadelphia Youth Network. Karolyn and Pukhama, both members of the PICPA, volunteered to speak to these high school [...]
On June 29, 2010, Managing Associate Karolyn R. Banks spoke to Philadelphia area high school students participating in the National Association of Black Accountants’ Accounting Careers Awareness Program (ACAP). ACAP is a week long program where high school students learn about Careers in Accounting and participate in various workshops such as Time management/goal setting, personal [...]
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 [...]