News & Updates
Lockheed Martin celebrates expansion with new Somerset Co. facility
Johnstown, PA (WJAC) — Lockheed Martin celebrated the opening of its newly expanded Johnstown facility on Thursday. The new location is at a building along Miller Picking Road in Davidsville, Somerset County. Representatives John Joyce and Glenn Thompson joined the...
Taxpayer Rights: Pay No More Than the Correct Amount
As a reminder, taxpayers have the right to pay only the amount of tax legally due, including interest and penalties. They also have the right to have the IRS apply all tax payments properly. This is one of 10 fundamental rights known collectively as the Taxpayer Bill...
What To Do if You’re Missing Important Tax Documents
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your...
Cash Management Tips for Your Small Business
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services....
Reminder: Rules for Depreciation and Expensing
Reminder: Rules for Depreciation and Expensing As part of the final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired after September 27,...
New Requirements for R&D Credit
[vc_row][vc_column][vc_column_text]The IRS recently shared it receives thousands of R&D claims for credits in the hundreds of millions of dollars from corporations, businesses, and individual taxpayers. Claims for the research credit under Section 41 of the Tax...
Shifting Tax Regulations in the U.S. & Abroad
[vc_row][vc_column][vc_column_text]While there is incredible uncertainty as we move through 2022, there are a couple of major events tax teams should be tracking, as their outcomes could make a big difference for the 2022 tax landscape and well beyond. Businesses will...
What Is the Credit for Other Dependents?
The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can't be claimed for the child tax credit. The maximum credit amount is $500 for each dependent who meets certain conditions. These include: Dependents...
Reminder: Social Security Benefits May Be Taxable
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...
Tax Breaks for Taxpayers Who Itemize
[vc_row][vc_column][vc_column_text]Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling...