2016 Payroll and Other Tax Developments

Posted · Add Comment

As you begin the new year, we would like to remind you of a number of important business changes that have been implemented by Congress, the Internal Revenue Service, and other authorities for calendar year 2016. We hope that you will find this information helpful. Please view the following PDF for complete information: 1-16 Payroll Tax […]

EITC, OSTC, governor, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Governor Directs DCED to Send EITC Letters

Posted · Add Comment

The Wolf administration has directed letters to be sent out to companies (and individuals) notifying them that their applications to the Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs have been conditionally approved even though the 2015-2016 state budget has not yet been finalized. The EITC program was created in 2001 […]

PATH Act, tax provisions, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

PATH Act of 2015 Extends Tax Provisions

Posted · Add Comment

On December 18, 2015 President Obama signed the “Protecting Americans From Tax Hikes Act of 2015” (PATH Act). The PATH Act made its way through Congress by passing the House on December 17th by a vote of 318-109 and the Senate on December 18th by a vote of 65-33. Unlike prior year-end tax bills which […]

IRS, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

How to Handle a Notice from the Internal Revenue Service

Posted · Add Comment

As administrative costs increase and personnel count within the IRS substantially decreases, it is likely that any issues identified within a particular taxpayer’s income tax returns will first be disclosed through a formal Notice sent through the mail. Such an approach is standard operating procedure within the Agency and should not be viewed as unusual […]

tax legislation, congress, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Tax Extenders Deal Seems to Be on the Way!

Posted · Add Comment

Leading members of Congress this week unveiled a broad package of spending and tax legislation that would avert a U.S. government shutdown and lift the 40-year-old ban on crude oil exports. House Speaker Paul Ryan reported to fellow Republicans in a closed-door meeting Tuesday night in Washington that leaders had reached a deal pairing a […]

IRS Rules No Rollover Relief for IRA Distribution to Buy Partnership Interest

Posted · Add Comment

Internal Revenue Code The Internal Revenue Code rules governing Individual Retirement Account (IRA) rollovers and allowable investments are complex and demand respect when planning. Particularly limiting is the general inability for an IRA holder to invest in a private business venture. In one recent case, where the taxpayer actually requested a ruling from the Service, […]

IRS, charity, donations, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

IRS Provides Tips for Year-end Gifts to Charity

Posted · Add Comment

The holiday season seems to be the catalyst for a great deal of the charitable giving undertaken by taxpayers each year within the United States. Whether the holiday season strikes a benevolent chord for most of us or whether we are prodded by the sophistication of charitable organizations fund raising campaigns emphasizing giving at this […]

budget, governor wolf, pennsylvania, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

The Commonwealth Moves Closer to a Budget!

Posted · Add Comment

In what is perhaps one of the most dysfunctional budget processes in Pennsylvania history, it now appears that Governor Wolf and the Republican-controlled Congress are finally getting close to resolving the state’s budget impasse. The resolution is coming just in time, as Governor Wolf plans to reintroduce some of his more-acrimonious ideas in his budget […]

Increased Tangible Property Expensing Threshold to Help Small Businesses

Posted · Add Comment

Effective for years beginning January 1, 2015, the Internal Revenue Service presented taxpayers with an incredibly complex set of depreciation rules (the tangible property regulations) that essentially applied to every taxpayer holding tangible depreciable assets. Compounding issues with the implementation and application of the new rules was the broad reach to businesses of all sizes […]