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Construction, Tax
Mark DiPietrantonio | 9.23.2020

Choosing The Wrong Accounting Method for Home Construction Contracts is a Costly Mistake

Often you learn the most from your mistakes. If a contractor chooses the wrong accounting method, during the first two years of operations, the contractor

Internal Revenue Service, Tax
Garrett LaBrosse | 9.22.2020

2020-2021 Special Per Diem Rates

The IRS recently released Notice 2020-71, detailing the new special per diem rates taxpayers use to substantiate necessary business expenses while traveling

Internal Revenue Service, Tax
Melanie LaSota | 9.14.2020

Notices for Nonpayment of Income Taxes

Learn more about the notices for nonpayment of income taxes and recent IRS suspension of mailing notices.

State and Local Tax, Tax
Justin Premich | 9.3.2020

Pennsylvania Commonwealth Court Decides Market-Based Sourcing for Services Prior to Legislative Change in 2014

In late July, the Pennsylvania Commonwealth Court rendered its decision in Synthes USA HQ, Inc. v. Commonwealth of Pennsylvania, No. 108 F.R. 2016. The

Coronavirus, Private Client Services, Tax, Tax Impact
Schneider Downs Professional | 9.3.2020

IRS Extends 2020 Rollover Period and Other Deadlines for Retirement Account RMDs

In March, the CARES Act provided taxpayers opportunity to skip this year’s (2020) required minimum distribution (RMD) from their retirement accounts.

Coronavirus, State and Local Tax, Tax, Tax Impact
Schneider Downs Professional | 9.3.2020

Ohio Net Operating Loss’ Impact on the Bonus Depreciation Adjustment

The passing of the Tax Cuts and Jobs Act in December 2017 increased the federal bonus depreciation deduction from 50% to 100%, providing taxpayers the

Audit, Business Advisors, Construction, Tax
Ryan Deatrick | 9.3.2020

Schneider Downs’ Construction Practice Ranked Once Again

Last year, Construction Executive (CE) unveiled its inaugural ranking of the Top 50 construction accounting firms. In August, CE released its second annual

Coronavirus, Tax, Tax Impact
Kirk Mitchell | 9.1.2020

Deferral of Employee OASDI Withholding Set to Begin on September 1 – Limited Guidance Issued

Late on the afternoon of August 28, the IRS and U.S. Treasury released Notice 2020-65, providing limited guidance surrounding deferral of the required

Professional Services, Tax
John Kohler | 8.27.2020

IRS Issues New 1099 Forms for 2020

Effective for the 2020 tax year, the IRS has created a new form – the 1099-NEC -to report “Non-Employee Compensation” that was historically

Coronavirus, Small Business (SBA), Tax
Justin Premich | 8.27.2020

COVID-19 Small Business Tax Relief Legislation Introduced in PA Senate

Pennsylvania Senators Camera Bartolotta and Judy Ward recently introduced legislation to provide additional economic relief through state tax laws to small

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