The new tax law, known as the Tax Cuts and Jobs Act, allows states, the District of Columbia, U.S. possessions, and Puerto Rico to designate “Qualified Opportunity Zones” to encourage new capital investment in low-income...more
3/1/2018
/ Community Development ,
Economic Development ,
Investment Funds ,
Low Income Housing ,
Low-Income Issues ,
New Legislation ,
New Market Tax Credits ,
Opportunity Zones ,
Public Finance ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration
The new tax law, known as the Tax Cuts and Jobs Act, allows states, the District of Columbia, U.S. possessions, and Puerto Rico to designate Qualified Opportunity Zones to encourage new capital investment in low income census...more
3/1/2018
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
Low Income Housing ,
Low-Income Issues ,
New Legislation ,
New Market Tax Credits ,
Opportunity Zones ,
Public Finance ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Reform ,
Trump Administration
After hearing from taxpayers about the significant burden of complying with new Pennsylvania rules requiring personal income tax (PIT) withholding from non-resident service providers who receive IRS Forms 1099-MISC, the...more
A group of Pennsylvania fireworks sellers recently filed a complaint in Commonwealth Court, challenging whether the Pennsylvania General Assembly properly enacted Act 43 of 2017 (the 2017 Tax Act). ...more
2/26/2018
/ Carry Forward ,
Constitutional Challenges ,
Corporate Taxes ,
General Assembly ,
Net Operating Losses ,
Repeal ,
Reporting Requirements ,
Sales & Use Tax ,
State and Local Government ,
State Taxes ,
Withholding Tax
The Pennsylvania Department of Revenue (the Department) announced in Corporation Tax Bulletin 2017-02 that taxpayers subject to corporate net income tax (CNIT) must add back all bonus depreciation when calculating CNIT...more
As we are sure you know, H.R. 1, informally known as the Tax Cut and Jobs Act, became law on December 22, 2017. This new law will impact almost all taxpayers. Ballard Spahr's Tax Group has prepared a detailed summary of...more
1/9/2018
/ Alternative Minimum Tax ,
Business Taxes ,
Compensation & Benefits ,
Corporate Taxes ,
Estate Tax ,
Excise Tax ,
Income Taxes ,
International Tax Issues ,
New Legislation ,
Pass-Through Entities ,
Popular ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration
As we are sure you know, both the U.S. House of Representatives and Senate have passed their own versions of tax legislation, known as the Tax Cuts and Jobs Act. The two different bills will be reconciled in a conference...more
12/7/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Carried Interest Tax Rates ,
Compensation & Benefits ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
International Tax Issues ,
Legislative Agendas ,
Pass-Through Entities ,
Proposed Legislation ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Tax-Exempt Bonds ,
Trump Administration
Pennsylvania taxpayers should be aware of the recent decision by the Pennsylvania Supreme Court in Mission Funding Alpha v. Commonwealth, in which the court held that a refund claim is timely only if it is filed within three...more
The Tax Bill signed by Governor Tom Wolf on October 30, 2017 made several significant changes to Pennsylvania tax laws that are estimated to generate additional revenue for the Commonwealth. Notable changes under the new law...more
In a unanimous decision in Nextel Communications of the Mid-Atlantic, Inc. v. Commonwealth, the Pennsylvania Supreme Court affirmed the Commonwealth Court's holding that Pennsylvania's dollar-based cap on corporate net income...more
President Donald J. Trump and the "Big Six"—House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, White House adviser Gary Cohn, House Ways & Means Committee...more
10/2/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
Legislative Agendas ,
Pass-Through Entities ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
The Philadelphia Office of Property Assessment (OPA) has reviewed the assessed values of all commercial and industrial real estate in Philadelphia, and earlier this year, many owners of commercial and industrial real estate...more
Limited liability companies (LLCs) have become the fastest-growing entity choice for businesses in recent years. LLCs provide flexibility in operations and distributions. However, to the surprise of many businesspeople, if an...more
4/26/2017
/ Cafeteria Plans ,
Disregarded Entities ,
Employees ,
Employment Tax ,
FICA Taxes ,
FUTA ,
Income Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Tax Rates
With Republicans in control of both the White House and Congress, comprehensive federal tax reform likely is on the horizon. Both the tax reform plan outlined by President Donald J. Trump during his campaign (the Trump Plan)...more
Pennsylvania has a tax amnesty program that will run from April 21, 2017, to June 19, 2017. Even with many limitations on participation, this program may provide value to eligible taxpayers who have unfiled Pennsylvania tax...more
Philadelphia just dramatically tightened its realty transfer tax rules to impose more realty transfer tax. Under the current Philadelphia and Pennsylvania realty transfer tax law, a real estate company owes realty transfer...more
AN ANALYSIS OF TAX LAW PROPOSALS OF THE PRESIDENT-ELECT AND THE HOUSE -
President-elect Trump made tax reform a highlight of his campaign, calling for fewer tax brackets, lower individual rates, and reduced corporate tax...more
12/8/2016
/ Affordable Care Act ,
Alternative Minimum Tax ,
Capital Gains ,
Child Tax Credit ,
Controlled Foreign Corporations ,
Estate Tax ,
Generation-Skipping Transfer ,
Income Taxes ,
International Tax Issues ,
IRS ,
Mutual Funds ,
Passive Foreign Investment Company ,
Payroll Taxes ,
Registered Investment Companies (RICs) ,
Tax Deductions ,
Tax Rates ,
Transfer Taxes ,
Trump Administration
New Jersey Governor Chris Christie gave Pennsylvania and New Jersey commuters who live in one state and work in the other a Thanksgiving present when he announced that he will not terminate the New Jersey-Pennsylvania income...more
Pennsylvania and New Jersey commuters who live in one state and work in the other could face materially increased state tax withholding if a nearly 40-year-old tax reciprocity compact is terminated in January under an...more
As part of the budget package, the Pennsylvania General Assembly made many significant changes to various Pennsylvania tax laws and the unclaimed property law (including a tax amnesty program) that are estimated to generate...more
8/4/2016
/ 401k ,
Breweries ,
Corporate Taxes ,
Department of Revenue ,
Hiring & Firing ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Lottery ,
Manufacturers ,
R&D ,
Real Estate Transfers ,
Retirement Plan ,
Sales & Use Tax ,
Tax Amnesty ,
Tax Credits ,
Tax Returns ,
Tobacco ,
Unclaimed Property ,
Veterans ,
Video Games
Until it expired at the end of 2015, Pennsylvania Capital Stock Franchise Tax (CSFT) was imposed on all limited liability companies (LLCs), corporations, joint-stock associations, and business trusts doing business in or...more
The use of a limited liability company (LLC) by Mark Zuckerberg and his wife Priscilla Chan as the vehicle for advancing of “philanthropic, public advocacy, and other activities for the public good” has recently received a...more
The Pennsylvania Commonwealth Court unanimously held in a 7-0 decision that Pennsylvania's net operating loss (NOL) cap that limits a corporation's ability to deduct NOL carryforwards for corporate net income tax (CNIT)...more
The Bipartisan Budget Act of 2015 signed by the President Obama on November 2, 2015, creates a new IRS audit regime for all entities treated as partnerships for federal income tax purposes, including partnerships and limited...more
The Commonwealth Court of Pennsylvania held that members of a limited liability company (LLC) are employees of the LLC and are subject to Pennsylvania unemployment tax. The case, King’s Kountry Korner, LLC v. Dep’t of Labor...more