Philadelphia Will Follow Pennsylvania Bonus Depreciation Treatment

Tax Imposed on Delaware Series LLCs

Delaware legislation has authorized the formation of series limited liability companies. Beginning August 1, 2019, registered DE series LLCs will have an annual tax imposed. A series LLC is a unique entity that consists of separate, individual interests.  In Delaware,...
Philadelphia Will Follow Pennsylvania Bonus Depreciation Treatment

The “Real World”

Hello, again! Growing up, I was always scared of the term, the “real world,” but this position has shown me that it is nothing to be afraid of. In fact, now I feel much more confident and professional. This internship has given me incredible insight to what...
Philadelphia Will Follow Pennsylvania Bonus Depreciation Treatment

Get Ready for the New Lease Accounting Guidance

Summary The FASB’s major accounting standard update (ASU) which will require the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases will be upon us sooner than we think.  This article summarizes some of the...
Philadelphia Will Follow Pennsylvania Bonus Depreciation Treatment

Revoking an S-Election

With the passage of tax reform, many taxpayers are evaluating the impact on their businesses and choice of entity type.  Some S-Corporations may find it more advantageous to be taxed as a C-Corporation, even after considering the double taxation of C-Corporation...
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