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IRS issues rare PLR on Sec. 1202

IRS issues rare PLR on Sec. 1202

by | Aug 4, 2021 | Business Taxes

There’s a lesser known and often under-utilized part of the Internal Revenue Code, Section 1202, that can offer a significant tax break for non-corporate taxpayers. Known as the Small Business Stock Gain Exclusion, Section 1202 allows an exemption from federal tax for...
Tax issues for the self-employed

Tax issues for the self-employed

by | May 13, 2020 | Business Taxes

Across the country, the number of people who define themselves as self-employed is growing. In 2019, the Bureau of Labor Statistics estimated there are 16 million self-employed in the United States. While taxes for the self-employed are similar to those of other...
IRS changes in reporting for partnerships

IRS changes in reporting for partnerships

by | Mar 4, 2020 | Business Taxes

Due to concerns that partnerships may not be able to comply with its new mandate for the way they should report partners’ capital accounts, the IRS has postponed the requirement for reporting partners’ shares of partnership capital on the tax-basis until 2020. (See...
Pennsylvania Tax Assessments

Pennsylvania Tax Assessments

by | Sep 18, 2019 | Business Taxes

No business owner wants to hear that the Pennsylvania Department of Revenue believes you owe it taxes, interest and/or penalties. And while a tax assessment notice is certainly unpleasant, it may help ease your concern to learn about some of the issues around such...
Deducting business moving expenses

Deducting business moving expenses

by | Jun 26, 2019 | Business Taxes

Business owners who are moving their businesses can claim a number of deductions, although the IRS has certain requirements that must be met. It is always recommended that you check with a tax professional and the IRS to confirm your individual situation. The cost of...