Pennsylvania’s budget season just ended and Act 53 of 2022 (Act 53), made many significant changes to the Commonwealth’s business and individual taxes....more
Pennsylvania Governor Tom Wolf signed Act 72 of 2018 into law last week. Act 72 will allow Pennsylvania corporate net income tax (CNIT) taxpayers to use the federal Modified Accelerated Cost Recovery System (MACRS), but not...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
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
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
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
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
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