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As we are entering the 2024 tax season, the following are some changes that may impact the filing of Federal, DE, PA or NJ returns this year and beyond. Pennsylvania For tax years beginning on or after January 1, 2023 for PA Personal Income tax purposes: Pennsylvania...

RE: Soroban Capital Partners LP, Soroban Capital Partners GP LLC v. Commissioner of Internal Revenue This is a summary memo regarding the United States Tax Court Decision that was filed November 28, 2023. The case dealt with the issue of self-employment income...

In Week Four of our CTA Series, we delve into the criteria for identifying reporting companies, encompassing both domestic and foreign entities. FinCen outlines the definitions of domestic and foreign reporting companies as follows: A domestic reporting company is a...

We have been closely monitoring the legislative developments in Congress, and a bill is on the verge of being passed that will have a direct impact on the treatment of taxes. Specifically, the bill proposes the following: The repeal of Section 174 of the Internal...

Initial Report Due Dates for Beneficial Ownership Information (BOI) Reporting:  Existing Entities (created/registered by 12/31/2023) – must file by 1/1/25. New entities (created/register in 2024) – must file within 90 days. New entities (created/registered after...

The following is a listing of entities that are not subject to CTA reporting: i. Securities reporting issuer ii. Governmental authority iii. Bank iv. Credit union v. Depository institution holding company vi. Money services business vii. Broker or dealer in securities...

Who Needs To Report: -Domestic Reporting Companies – Corps, LLC or other entity created by filing with a Secretary of State. -Foreign Reporting Companies – Corps, LLC and other entities created under foreign law and registered in US. -Other Entities – LLP, LLLPs,...