TAX REFORM 2022 – BUILD BACK BETTER

Treasury Department Releases Greenbook Outlining 2023 Budget Revenue and Tax Proposals

On March 28, 2022, the Biden administration released its Fiscal Year 2023 Budget proposal (beginning October 1, 2022). Simultaneously, the U.S. Department of the Treasury

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Foreign Investment - 5-year Filing Due - Form BE-12

The BE-12 Benchmark Survey, “Foreign Direct Investment in the United States,” is used to report…

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IRS Introduces Safe Harbor Method for Accounting Expenses in Natural Gas Infrastructure

The Internal Revenue Service recently issued Revenue Procedure 2023-15, which introduces a new safe harbor…

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SECURE 2.0 Act – Section 302. Reduction in Excise Tax on Certain Accumulations in Qualified Retirement Plans

SECURE 2.0 Act – Section 302. Reduction in Excise Tax on Certain Accumulations in Qualified…

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Internal Revenue Service Mandates Electronic Filing of Form 8940 through Pay.gov

The Internal Revenue Service (the IRS) released Revenue Procedure (Rev. Proc.) 2023-12 that amends Rev.…

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What's Next: A Universal Charitable Deduction?

On February 28, 2023, Senators James Lankford (R-OK) and Chris Coons (D-DE) introduced The Charitable…

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Mayor Gainey’s Challenges: Tax-Exempt Properties

On Tuesday, January 24th, Mayor Ed Gainey signed an executive order directing Pittsburgh’s law and…

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State Bureau Mails Incorrect Filing Notice Post Cards to Exempt Partnerships

Many limited partnerships in the Commonwealth may have incorrectly received a notice from the Pennsylvania…

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The Biden Administration Releases Proposed Fiscal 2023/2024 Budget; Proposed Tax Changes Established a Moveable Line in the Sand

On March 9, President Biden released his administration’s fiscal year 2024 budget. The President’s annual budget…

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Personal Goodwill Valuations

Compared to other assets transferred in a business transaction, the sale of personal goodwill can…

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Direct Deposit Now Available for Amended Tax Returns

For the first time, taxpayers who file Form 1040-X Amended U.S. Individual Income Tax Return…

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