Deducting research and development (R&D) expenditures now looks different for companies, due to changes to Section 174 of the Internal Revenue Code. These changes were enacted as part of 2017’s…
The Return of the State Small Business Credit Initiative
Did you know that a federal small business credit initiative is once again available to local entrepreneurs? The State Small Business Credit Initiative (SSBCI) Program, administered by the U.S. Department…
Tax Alert: IRS Widens Exemption for 2022 International Filings with New Schedule K-2 and K-3 Instructions
On December 2, 2022, the IRS issued new draft instructions for both Schedule K-2 and K-3 related to 2022 tax year compliance. These new instructions, which are an update to…
Alternative Fuel Excise Tax Credit: What is it and Who Qualifies?
The Safe, Accountable, Flexible, Efficient Transportation Equity Act (SAFETEA-LU) offers public transportation authorities that utilize compressed natural gas (CNG) the opportunity to claim an alternative fuel excise tax credit. Tax-exempt…
Pennsylvania Tax Update: Business Taxes Move to myPATH Platform
The Pennsylvania Department of Revenue (DOR) recently announced that all of the business taxes it administers will be transitioned to a new platform, myPATH. Affected taxpayers will receive information directly…
