Tax Warrior Chronicles

Calculating Contributions to 529 College Savings Plans

Posted on Wed, Jul 21, 2021

by: Olivia M. Seneca, MBA

 

College costs have skyrocketed over the last 20 years, causing parents to desperately search for the best savings options for their children’s education. Thankfully, there are a variety of plans to help families start saving from day one. Today, we will discuss Pennsylvania 529 Education Savings Plans, how contributions are calculated, how plans can be beneficial for any family, and how they vary from other state plans.

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Update on Federal and State Tax Deadlines

Posted on Wed, Mar 25, 2020

UPDATED April 1, 2020

 

As of April 1, 2020, many states have released guidance to extend their tax filing or payment deadlines to align with IRS Notice 2020-18 or to provide their own extended filing or payment dates, while others are still slow to take action.  Additionally, on March 24, 2020, the IRS has also released information addressing Frequently Asked Questions (FAQs) and on March 27, 2020 the IRS issued Notice 2020-20.  Today’s blog will update you on the most current information available regarding federal, state and select local tax filing and payment deadlines.

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PA Tax Alert for 1099-Filers:  Withholding Required for Non-Employee Compensation and Certain Lease Payments to Non-Residents

Posted on Wed, Jan 03, 2018

By:  Rachel Kieser, CPA, MT

As is the case each year, Forms 1099-MISC must be filed by January 31, 2018.  This year, however, 1099 filers in Pennsylvania must pay special attention to a new law (Act 43) released by Pennsylvania on December 14, 2017.

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What Happens When KOZ Tax Breaks Are Not Extended?

Posted on Fri, May 12, 2017

 

By: Nashwat Hussein-Sagaff, CPA

 

Since 1999, many businesses have benefited from the Keystone Opportunity Zone (KOZ) Program.  KOZ reduces or eliminates taxes to drive investment and economic development where little or none has taken place.  In 2018, many KOZ designated properties are due to expire, along with their zero-tax status.  Without an extension, these companies must prepare for normal business taxation. Here’s what they need to know…

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Tax Refund Opportunity for Philadelphia Residents Working Outside PA

Posted on Thu, Mar 23, 2017

By: Rosalind W. Sutch, CPA & Chris Catarino, CPA

 

Taxpayers residing in Philadelphia and working outside of Pennsylvania (full or part-time) may be eligible for a refund of their Philadelphia Wage Tax. This refund opportunity recently became available due to a far-reaching U.S. Supreme Court decision, explained further below. Accordingly, many taxpayers, employers, and non-local tax practitioners are not aware of this opportunity.

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Governor’s Budget Includes Tax Impact for PA Businesses

Posted on Tue, Feb 28, 2017

By: Kejsi Merkuri & Chris Barbuto, CPA, MT

 

Earlier this month, Gov. Tom Wolf released his proposed 2017-2018 budget for the Commonwealth of Pennsylvania. Several taxes and other business-related items are addressed that could force business owners to dig deeper into their pockets. In this blog, we give an overview of four (4) specific items business owners should continue to watch during the legislative budget process.

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Nonresident Partners Liable for PA Tax on Foreclosure

Posted on Thu, Oct 09, 2014

Wirth v. Commonwealth of Pennsylvania

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NJ, MD and PA See Changes in Laws That Affect Taxes

Posted on Thu, Aug 28, 2014
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PA Legalizes Same-Sex Marriage: Reduces Tax Inequality & Complexity

Posted on Wed, May 21, 2014

On May 20, 2014, United States District Judge John E. Jones, III, ruled Pennsylvania’s ban on same-sex marriage unconstitutional in Whitewood v. Wolf, holding that Pennsylvania’s mini-DOMA violates both the Due Process and Equal Protection clauses of the Fourteenth Amendment of the United States Constitution. Judge Jones’ ruling directs Pennsylvania to not only recognize out-of-state same-sex marriages, but also allows same-sex couples to wed within the state.

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PA Businesses Get Tax Breaks for Contributing to Scholarships

Posted on Mon, May 19, 2014

Funding for education is one of the key topics in Pennsylvania's hotly contested gubernatorial race. Ideas abound on how to fund the Commonwealth's schools without putting too much of the burden on taxpayers. There are, however, a few state programs already in place that provide tax incentives for contributions to public school scholarships. In this blog, The Tax Warriors® will discuss two such programs and how and when you can take advantage of them.

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