S Corporation

Legalized Marijuana and Federal Law

Nearly half of the states (including Pennsylvania) and the District of Columbia have legalized the sale of marijuana.  Mostly for medicinal purposes, but a few states have permitted it for recreational use. Unfortunately, these states have caused business owners some trouble and confusion at the federal level.  Under federal law, marijuana is still considered an [...]

Trump’s Proposed Tax Plan

A few weeks ago, the Trump administration released its tax reform plan. The one page document left lawmakers and taxpayers with more questions than answers. Here's what we know so far: Individual Tax Brackets President Trump proposes cutting the current 7 bracket system down to 3 tax brackets for individuals: 10%, 25%, and 30%. The [...]

PA Tax Amnesty Letters Confuse PA Business Owners

The majority of our Pennsylvania-based business clients have received a letter from the Pennsylvania Department of Revenue discussing outstanding tax liabilities and the new 2017 Pennsylvania Tax Amnesty Program. We sent out a message about the tax amnesty program last week. Here is a sample of the letter: Our understanding is that this letter, or [...]

Business Owner Year-end Checklist

Even though tax preparation season doesn't start until January or February, tax planning season is well under way.  If you are a business owner, there are a couple items that need to be completed before December 31. Health Insurance W-2 Reporting If you are an S Corporation owner, and if your S Corporation provides and pays for your [...]

December 14, 2016|Businesses, Tax Advice|