Under the 2017 tax bill, Congress requires charities to pay unrelated business income tax (UBIT) for the cost of the following fringe benefits if the charity offers these benefits tax-free to its employees: a) bus passes or transport to... Read more
On June 21, the Supreme Court decided that states can force out-of-state retailers to collect state and local sales tax on goods and services shipped to in-state residents. South Dakota v. Wayfair, Inc., ___ U.S. ___ (2018) Read more
If a developer sells land in a real estate development, the normal tax rule is that he will recognize ordinary income, not capital gains. If a change in economics means the development effort should be abandoned, often it will be advantageous to... Read more
The New Year always brings with it renewed hope for the future. In 2018, the New Year will bring Pennsylvania businesses many issues to address, old (sexual harassment) and new (medical marijuana). Here’s my list for the three issues your... Read more
Temporary Reduction in Tax Rates Until 2025, marginal tax rates drop by 2% or 3% for each bracket. Standard Deduction Increases: $6,500 for single filer increases to $12,000, increase ends in 2025 $9,550 for head... Read more
Rate Change – Tax rate drops to 21% for corporations. Investors in partnerships and S Corporations will be able to deduct, as an itemized deduction, 20% of pass-through income from their taxable income. Dividends, interest,... Read more
It is common when taking a foreign assignment for the employee to keep a US state issued driver’s license and voter registration. However, those documents can complicate the employee’s US tax situation when the employee’s spouse has to stay... Read more
By: Erica L. Laughlin[1] NOTHING IN THIS DOCUMENT IS INTENDED OR SHALL BE CONSTRUED AS ADVICE TO PARTICIPATE IN, OR COUNSEL WITH RESPECT TO, CRIMINAL OR FRAUDULENT ACTIVITIES. POSSESSION, DISTRIBUTION AND SALE... Read more
It seems obvious, doesn’t it? A limited liability company operating agreement governs the relationships among a limited liability company (“LLC”), its owners (called “Members”), and the people running the LLC (who may be Members or... Read more
With the passage of the Medical Marijuana Act (the “Act”) on April 17, 2016, municipalities throughout the Commonwealth have had their fair share of concerns about how this law will affect them. Given the stigma attached to marijuana in general,... Read more
