PA Clarifies Guidance on Corporate Income Tax NOL Deductions

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On May 10, 2018, the Pennsylvania Department of Revenue issued new guidance stating that a corporate taxpayer can calculate its 2007 through 2016 net operating loss (NOL) using the greater of: the flat dollar cap; or the percentage cap. For tax years before 2007, Pennsylvania applies the flat dollar cap. The turnabout in the Commonwealth’s […]

PA Tax Updates & Reminders

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The Pennsylvania Department of Revenue recently released its December 2017/January 2018 newsletter, which highlights tax developments over the past year in the following areas: the sales and use tax treatment and requirements for marketplace sales; important personal income tax filing dates; amnesty penalties; and property tax/rent rebate program applications. See below for details and links […]

Pennsylvania NOL Deduction Cap Increased, Other Changes Enacted

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Pennsylvania Governor Tom Wolf has signed legislation amending the corporate income tax net operating loss (NOL) deduction, creating a Manufacturing Innovation and Reinvestment Deduction, amending the film production tax credit districts, and requiring that before a tax credit can be awarded the Department of Revenue can make a finding that the taxpayer has filed all […]

Pennsylvania Net Loss Carryover Deduction Found Unconstitutional

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The Commonwealth of Pennsylvania currently limits through its tax laws the amount of net operating loss from a loss year that can be carried forward and offset income in an income year greater than 30 percent of the taxpayer’s taxable income or $5 million, for taxable years beginning after 2014.  In years past, the limitations […]

Incorrect Tax Notices Frustrate Pennsylvania Taxpayers

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Since the Pennsylvania Department of Revenue (PA DOR) implemented a new technology system several years ago, numerous inaccurate tax notices have been mailed to taxpayers, who have been burdened with the task of resolving the issues. Read the article from the Winter 2017 GYF Perspectives. Contact Alex Palmer or Don Johnston for assistance.

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Pennsylvania Has “New” Budget for 2015/2016!

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Just in time to begin the debate on the 2016/2017 budget, Pennsylvania Governor Tom Wolf ended several suspenseful days – and many battle-filled months – with an announcement on March 23rd that he would let the Republican fiscal year 2015-2016 budget (House Bill 1801) become law without his signature. The decision by Gov. Wolf ends […]

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State House Advances Another Piece of 2015-2016 Budget Puzzle

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The Pennsylvania Institute of Certified Public Accountants reported today that state House lawmakers continue to put together the final pieces of the 2015-2016 spending plan. On a predominately party-line vote, the state House passed legislation this week that serves as the operating manual for the current year state budget. These events unfolded as the Commonwealth […]

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The Great Pennsylvania Budget Debacle of 2015

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Gee, it makes you proud to a Pennsylvanian. At 176 days beyond the due date of the Commonwealth’s due date for a Budget, the State Senate (rather than the normal protocol from the House of Representatives), approved a proposed budget and sent it on to Governor Wolf’s office on the day before Christmas Eve. The […]

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Governor Directs DCED to Send EITC Letters

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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 […]

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The Commonwealth Moves Closer to a Budget!

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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 […]