No Tax Increases Proposed in Governor’s Budget

Posted · Add Comment

Pennsylvania Governor Tom Wolf recently proposed a 2019 – 2020 state budget.  The good news, initially, is that the Governor did not include any call for increased state income and sales taxes and, in fact, contains proposals to reduce the corporate state income tax as a means of making the Commonwealth more competitive in drawing […]

Analyzing the TCJA’s Impact on States

Posted · Add Comment

Not subject to as much media attention as federal income tax legislation, the state impacts resulting from the enactment of federal legislation always poses budgetary challenges for leadership in those jurisdictions. Oftentimes, federal income tax incentives, such as accelerated and bonus depreciation, can prove unduly costly for states whose income tax regimes are predicated upon […]

IRS Issues Guidance Aimed at Nonprofits’ Parking Expenses

Posted · Add Comment

One of the more controversial provisions of the Tax Cuts and Jobs Act (TCJA) enacted in December, 2017, is the provision affecting the disallowance of certain fringe benefits deductions.  Importantly, the provision also includes a related  requirement that negatively affects many nonprofit organizations. The TCJA added rules to preclude for-profit employers from deducting qualified transportation […]

Final “Corrected” Treasury Regulations Released on QBI Deduction

Posted · Add Comment

The Internal Revenue Service (IRS)  has released corrected final regulations on the new Qualified Business Income (QBI) deduction under Internal Revenue Code (IRC) section 199A. Included in these revised regulations are various corrections to the definition and computation of excess IRC section 743(b) basis adjustments, a correction to the description of a disregarded entity for […]