By KLATZKIN TAX TEAM
In early June, the Philadelphia City Council passed a bill that will soon require certain local businesses to provide employees with benefits towards mass transit or bicycle commuting expenses, as more workers return to offices following COVID-19 closures.
By ISHAAN ANAND
Maintaining compliance with state tax laws can be challenging for individuals and businesses, especially those companies that operate across state lines. Unlike the federal government, each state enacts its own tax laws, which often vary from jurisdiction to jurisdiction. These differences can be confusing and open the door to potential reporting issues with income and other taxes. Not only does this result in missed tax payments, but it can also cause the assessment of additional fines, penalties, and interest.
Are you planning to make a significant capital investment? If so, all businesses, including lessors and lessees, may want to make those purchases soon, as the tax-saving opportunity created by 100% bonus depreciation is set to expire at the end of the year, barring additional action from Congress. This means that starting on January 1, 2023, bonus depreciation will begin to phase out over four years, ultimately ending in 2026.
