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Geological and Geophysical Costs Now Amortizable Over 24 Months for Certain Non-E&P Companies

Generally, any geological and geophysical (G&G) expenses paid or incurred in connection with the exploration for, or development of, oil or gas within ... read more >

New PA Withholding Requirement on Royalties, Bonus Payments, Rents and other Business Income

Under Act 43 of 2017, anyone that pays Pennsylvania-source non-employee compensation or business income to a non-resident individual or disregarded entity ... read more >

Disallowance of the Entertainment Expense

The Tax Cuts and Jobs Act permanently repealed most business deductions related to entertainment, amusement, or recreation activities or a facility used ... read more >

New Limitation on Business Losses of Non-Corporate Taxpayers

The Tax Cuts and Jobs Act expanded certain pass-through limitations on losses for non-corporate taxpayers. The new provisions limit the aggregate amount ... read more >

IRS Announces Updates for Contribution Limits and Income Thresholds for Retirement Plans in 2018

Employees who participate in 401(k), 403(b) or 457(b) plans will be able to contribute up to $18,500 in 2018, up from $18,000 for 2017. This limit is aggregated ... read more >

Happy Holidays and Happy New Year from Schneider Downs! New Tax Season Approaching

Tax

By Joseph Heisler

The IRS has announced that it will begin accepting and processing electronic and paper returns on Monday, January 23, 2017. The deadline to submit 2016 ... read more >