E-News Alert Library
Year End Form 1099 Reporting for 2022
1/19/2023
The following information is presented to assist you and your trade or business entity in identifying,
preparing, and filing required information with the IRS.
read more…
1/19/2023
The following information is presented to assist you and your trade or business entity in identifying,
preparing, and filing required information with the IRS.
read more…
GMS Surgent Year-End Tax Saving Tips
12/19/2022
As the year draws rapidly to a close, it’s not too late to consider tax planning strategies. This
year-end memo includes certain ideas that we have communicated to you in the past, and also
includes new suggestions for this year or next.
read more…
12/19/2022
As the year draws rapidly to a close, it’s not too late to consider tax planning strategies. This
year-end memo includes certain ideas that we have communicated to you in the past, and also
includes new suggestions for this year or next.
read more…
Retirement Plan Dollar Limitation on Benefits and Contributions
11/9/2022
The IRS has announced the 2023 cost-of-living adjustments (COLAs) with respect to retirement plan limits.
read more…
11/9/2022
The IRS has announced the 2023 cost-of-living adjustments (COLAs) with respect to retirement plan limits.
read more…
Plenty of Pennsylvania Tax Credits Available
10/28/2022
The Commonwealth’s Educational Improvement Tax Credits (EITC) and Opportunity
Scholarship Tax Credits (OSTC) received significant funding increases in the 2022-2023 budget
legislation.
read more…
10/28/2022
The Commonwealth’s Educational Improvement Tax Credits (EITC) and Opportunity
Scholarship Tax Credits (OSTC) received significant funding increases in the 2022-2023 budget
legislation.
read more…
Deadline Approaching for Pennsylvania EITC/OSTC Tax Credit Program
May 17, 2022
If you participate in the EITC/OSTC tax credit program through your business, click read more for application deadlines. If you do not participate in the program but are interested, please contact us for more information.
read more…
May 17, 2022
If you participate in the EITC/OSTC tax credit program through your business, click read more for application deadlines. If you do not participate in the program but are interested, please contact us for more information.
read more…
Estimated Tax Payment Reminder and Other Tax Updates
February 8, 2022
Q3 and Q4 estimated tax payments are due 2/15 (Hurricane Ida), Tax notices, tax notices, tax notices – Please continue to be patient. Save postage and time - make your income tax payments electronically.
read more…
February 8, 2022
Q3 and Q4 estimated tax payments are due 2/15 (Hurricane Ida), Tax notices, tax notices, tax notices – Please continue to be patient. Save postage and time - make your income tax payments electronically.
read more…
Year End Form 1099 Reporting and Taxable Fringe Benefits for 2021
December 20, 2021
The following information is presented to assist you and your trade or business entity in identifying, preparing, and filing required information with the IRS for tax year 2021.
read more…
Click Here for the Auto Input Form
December 20, 2021
The following information is presented to assist you and your trade or business entity in identifying, preparing, and filing required information with the IRS for tax year 2021.
read more…
Click Here for the Auto Input Form
GMS Surgent 2021 Year-End Tax Saving Tips
December 16, 2021
Previously, we communicated with you regarding strategies and tips to consider in light of the
pending Build Back Better Act. This past Saturday, December 11, 2021, a Senate committee
released its version of the Build Back Better Act (the “Act”)
read more…
December 16, 2021
Previously, we communicated with you regarding strategies and tips to consider in light of the
pending Build Back Better Act. This past Saturday, December 11, 2021, a Senate committee
released its version of the Build Back Better Act (the “Act”)
read more…
Retirement Plan Dollar Limitation on Benefits and Contributions
November 17, 2021
The IRS has announced the 2022 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Certain limits are changed for 2022 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.
read more…
November 17, 2021
The IRS has announced the 2022 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Certain limits are changed for 2022 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.
read more…
Recent House Tax Proposals
September 24, 2021
The House Ways and Means Committee recently released draft legislation that proposes significant changes to the tax code. Included are mostly tax increases and a few tax cuts.
read more....
September 24, 2021
The House Ways and Means Committee recently released draft legislation that proposes significant changes to the tax code. Included are mostly tax increases and a few tax cuts.
read more....
Due Date Changes - Hurricane Ida Disaster Relief
September 14, 2021
The IRS has provided an automatic extension to victims of Hurricane Ida in parts of Pennsylvania
until Jan. 3, 2022, to file various individual and business tax returns and make tax payments.
read more....
September 14, 2021
The IRS has provided an automatic extension to victims of Hurricane Ida in parts of Pennsylvania
until Jan. 3, 2022, to file various individual and business tax returns and make tax payments.
read more....
Tax Deadlines Extended, State and Local
March 24, 2021
Last week, the IRS provided an automatic extension of the deadline from April 15 to Monday, May 17 to file and pay the tax due for 2020 individual income tax returns.
read more....
March 24, 2021
Last week, the IRS provided an automatic extension of the deadline from April 15 to Monday, May 17 to file and pay the tax due for 2020 individual income tax returns.
read more....
Tax Provisions from the American Rescue Plan Tax Act
March 16, 2021
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “Act”). Enclosed is a summary of the relevant tax provisions from the Act.
read more....
March 16, 2021
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “Act”). Enclosed is a summary of the relevant tax provisions from the Act.
read more....
IRS Issues Formal Guidance on ERC/PPP
March 4, 2021
The employee retention credit (ERC) was first introduced by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) with retroactive changes being made by the Consolidated Appropriations Act, 2021 (CAA).
read more....
March 4, 2021
The employee retention credit (ERC) was first introduced by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) with retroactive changes being made by the Consolidated Appropriations Act, 2021 (CAA).
read more....
Employee Retention Credit May Provide Significant Benefits
February 9, 2021
In our December 22nd alert, we communicated good news from the Consolidated Appropriations Act of 2021, which included tax deductions for expenses paid with forgiven PPP funds
read more....
February 9, 2021
In our December 22nd alert, we communicated good news from the Consolidated Appropriations Act of 2021, which included tax deductions for expenses paid with forgiven PPP funds
read more....
PPP Forgiveness Not Taxable for PA; State/ Local
Update
February 8, 2021
On Friday evening, the PICPA reported that Governor Wolf signed legislation passed that same day
(Senate Bill 109, now Act 1 of 2021) which provides COVID-19 relief to Pennsylvania small businesses, and exempts income received from the federal PPP from taxation under PA's Personal Income Tax.
read more...
Update
February 8, 2021
On Friday evening, the PICPA reported that Governor Wolf signed legislation passed that same day
(Senate Bill 109, now Act 1 of 2021) which provides COVID-19 relief to Pennsylvania small businesses, and exempts income received from the federal PPP from taxation under PA's Personal Income Tax.
read more...
Safety Measures for 2020 Tax Season
January 28, 2021
Our office is open! For your safety in response to the COVID-19 outbreak, we have implemented preventative measures while maintaining high-quality service to our clients.
read more...
January 28, 2021
Our office is open! For your safety in response to the COVID-19 outbreak, we have implemented preventative measures while maintaining high-quality service to our clients.
read more...
2020 New Form 1099-NEC / Year End 1099 Reporting
January 7, 2021
The following information is presented to assist you and your trade or business entity in identifying, preparing, and filing required information with the IRS for tax year 2020.
read more...
January 7, 2021
The following information is presented to assist you and your trade or business entity in identifying, preparing, and filing required information with the IRS for tax year 2020.
read more...
Great News! Deduction for PPP Costs, PPP2
December 22, 2020
BIG NEWS – tax deductions are now allowed for otherwise deductible expenses paid with the proceeds of a PPP loan that is forgiven, and the loan proceeds/forgiveness remains nontaxable. Previously, the IRS had issued Notice 2020-32 which disallowed these deductions.
read more...
December 22, 2020
BIG NEWS – tax deductions are now allowed for otherwise deductible expenses paid with the proceeds of a PPP loan that is forgiven, and the loan proceeds/forgiveness remains nontaxable. Previously, the IRS had issued Notice 2020-32 which disallowed these deductions.
read more...
2020 Year-end Tax Saving Tips
December 11, 2020
In the last several weeks, we have communicated with you regarding strategies and tips to consider in light of the pending Biden presidency. Click below for our year-end tax planning ideas and suggestions.
read more…
December 11, 2020
In the last several weeks, we have communicated with you regarding strategies and tips to consider in light of the pending Biden presidency. Click below for our year-end tax planning ideas and suggestions.
read more…
Retirement Plan Dollar Limitation on Benefits and Contributions
December 8, 2020
The IRS has announced the 2021 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Certain limits are changed for 2021 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.
read more…
December 8, 2020
The IRS has announced the 2021 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Certain limits are changed for 2021 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.
read more…
PPP Forgiveness Tax Implications
November 23, 2020
Our belief has been that until/unless Congress takes action (see the end of this alert for a sample email you can send), costs paid for with PPP funds expected to be forgiven will not be deductible in 2020, regardless of whether the forgiveness application is done in 2020 or 2021.
read more…
November 23, 2020
Our belief has been that until/unless Congress takes action (see the end of this alert for a sample email you can send), costs paid for with PPP funds expected to be forgiven will not be deductible in 2020, regardless of whether the forgiveness application is done in 2020 or 2021.
read more…
Uncertainty Remains Regarding Year-End Tax Planning
November 12, 2020
Even though the election is over, there is still uncertainty regarding future tax policy. President Trump has not conceded the election, and the House has shifted less Democratic.
read more…
November 12, 2020
Even though the election is over, there is still uncertainty regarding future tax policy. President Trump has not conceded the election, and the House has shifted less Democratic.
read more…
PPP: Read This Before You Complete Your Forgiveness Application
September 25, 2020
The long form loan forgiveness application may seem overwhelming at times but a few key tips
can help simplify the process.
read more...
September 25, 2020
The long form loan forgiveness application may seem overwhelming at times but a few key tips
can help simplify the process.
read more...
Employee Payroll Tax Deferral
September 3, 2020
On August 28, 2020, the IRS issued guidance via Notice 2020-65 on President Trump’s August
8 Presidential Memorandum regarding the payroll tax deferral on the withholding and payment
of the employee share of Social Security Tax (a 6.2% payroll tax withheld on wages up to
$137,700.)
read more...
September 3, 2020
On August 28, 2020, the IRS issued guidance via Notice 2020-65 on President Trump’s August
8 Presidential Memorandum regarding the payroll tax deferral on the withholding and payment
of the employee share of Social Security Tax (a 6.2% payroll tax withheld on wages up to
$137,700.)
read more...
PPP: New IFR on Owner-Employees, Related Party Rent, Nonpayroll Costs
August 26, 2020
Earlier this week the SBA issued an Interim Final Rule (IFR) on forgiveness issues related to owner-employee compensation and on nonpayroll costs, including new limitations on related party rent.
read more…
August 26, 2020
Earlier this week the SBA issued an Interim Final Rule (IFR) on forgiveness issues related to owner-employee compensation and on nonpayroll costs, including new limitations on related party rent.
read more…
IRS Backlog in Processing Tax Payments
August 20, 2020
Many taxpayers have been receiving balance-due notices from the IRS even though they sent in their tax payments to the IRS months ago, because trailers full of mail have remained unopened during the pandemic.
read more…
August 20, 2020
Many taxpayers have been receiving balance-due notices from the IRS even though they sent in their tax payments to the IRS months ago, because trailers full of mail have remained unopened during the pandemic.
read more…
New FAQs on Loan Forgiveness
August 13, 2020
The SBA recently issued new frequently asked questions on PPP Loan Forgiveness. Although most of the FAQs repeated information that was already published, a few points were clarified.
read more…
August 13, 2020
The SBA recently issued new frequently asked questions on PPP Loan Forgiveness. Although most of the FAQs repeated information that was already published, a few points were clarified.
read more…
Protective Claim for Refund
July 13, 2020
The US Supreme Court has agreed to hear arguments regarding the constitutionality of the Affordable Care Act (the ACA, or Obamacare). This may have tax ramifications for you.
read more…
July 13, 2020
The US Supreme Court has agreed to hear arguments regarding the constitutionality of the Affordable Care Act (the ACA, or Obamacare). This may have tax ramifications for you.
read more…
PPP Update - Don't Have to Wait 24 Weeks
June 23, 2020
Last night, the SBA published additional welcome guidance.
read more…
June 23, 2020
Last night, the SBA published additional welcome guidance.
read more…
PPP Update New Law, Flexibility
June 5, 2020
Today the President signed into law the “Paycheck Protection Program Flexibility Act of 2020”, which was passed by the Senate on Wednesday night.
read more…
June 5, 2020
Today the President signed into law the “Paycheck Protection Program Flexibility Act of 2020”, which was passed by the Senate on Wednesday night.
read more…
PPP Forgiveness and Other PPP Terms Likely to Change
May 28, 2020
There has been concern that the 8-week covered period in the forgiveness guidance is not sufficient, as many borrowers have been restricted from opening their doors or are not operating at full capacity.
read more...
May 28, 2020
There has been concern that the 8-week covered period in the forgiveness guidance is not sufficient, as many borrowers have been restricted from opening their doors or are not operating at full capacity.
read more...
PPP Forgiveness Regulations Issued
May 26, 2020
Late Friday evening, the SBA released the eagerly-anticipated forgiveness regulations, as well as a document on loan review procedures.
read more...
May 26, 2020
Late Friday evening, the SBA released the eagerly-anticipated forgiveness regulations, as well as a document on loan review procedures.
read more...
PPP Forgiveness Application Released
May 17, 2020
Late Friday, the SBA released an 11-page PPP loan forgiveness application which includes instructions.
read more...
May 17, 2020
Late Friday, the SBA released an 11-page PPP loan forgiveness application which includes instructions.
read more...
PPP Update: Clarification on PPP Certification
May 13, 2020
Guidance was previously posted on Treasury’s website regarding the borrower’s good faith certification, which provided a safe harbor date of May 14, 2020 to repay the loan if the borrower determined that the certification was not made in good faith.
read more...
May 13, 2020
Guidance was previously posted on Treasury’s website regarding the borrower’s good faith certification, which provided a safe harbor date of May 14, 2020 to repay the loan if the borrower determined that the certification was not made in good faith.
read more...
PPP Update: (1) Safe Harbor Extended to 5/14; (2)Congressional Support for Deduction
May 6, 2020
On Friday we sent an alert regarding eligibility for a PPP loan and the borrower certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
read more...
May 6, 2020
On Friday we sent an alert regarding eligibility for a PPP loan and the borrower certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
read more...
PPP New FAQ, Rehire Offer Rejected
May 4, 2020
Certain employers have been concerned that even though they are ready to re-hire with
their PPP funds.
read more...
May 4, 2020
Certain employers have been concerned that even though they are ready to re-hire with
their PPP funds.
read more...
PPP Update: (1) Risk Factors and (2) Tax Impact
May 1, 2020
Risk Factors & Tax Impact to Consider for PPP Loan Eligibility/ Certification
read more...
May 1, 2020
Risk Factors & Tax Impact to Consider for PPP Loan Eligibility/ Certification
read more...
PPP Guidance on Partners and Self-Employed, Forgiveness
April 14, 2020
This afternoon, Treasury issued guidance on how partners and self-employed individuals fit in on the Paycheck Protection Program (PPP) loans, and provided additional guidance on how forgiveness will be calculated.
read more...
April 14, 2020
This afternoon, Treasury issued guidance on how partners and self-employed individuals fit in on the Paycheck Protection Program (PPP) loans, and provided additional guidance on how forgiveness will be calculated.
read more...
Additional IRS due dates moved to 7/15
April 10, 2020
Yesterday, the IRS issued Notice 2020-23 (here) which extended additional IRS tax return filing and payment due dates. No action is required ? these extensions are automatic.
read more...
April 10, 2020
Yesterday, the IRS issued Notice 2020-23 (here) which extended additional IRS tax return filing and payment due dates. No action is required ? these extensions are automatic.
read more...
FINALLY - FAQs Issued on Paycheck Protection Program
April 7, 2020
Late last night, Treasury released the much?needed guidance we’ve all been waiting for on the Paycheck Protection Program (PPP), in a series of Frequently Asked Questions (FAQs.)
read more...
April 7, 2020
Late last night, Treasury released the much?needed guidance we’ve all been waiting for on the Paycheck Protection Program (PPP), in a series of Frequently Asked Questions (FAQs.)
read more...
PPP Application Form New Questions
April 3, 2020
Note that there are new questions and other minor changes on the Borrower Application Form (SBA Form 2483) - please make sure you are using the most recent version.
read more...
April 3, 2020
Note that there are new questions and other minor changes on the Borrower Application Form (SBA Form 2483) - please make sure you are using the most recent version.
read more...
New Guidance Issued on PPP Loans
April 3, 2020
New guidance (the “Interim Final Rule”) was posted to the Treasury website around midnight last night.
read more...
April 3, 2020
New guidance (the “Interim Final Rule”) was posted to the Treasury website around midnight last night.
read more...
Application Form Now Available for PPP
April 1, 2020
The application for borrowers for the new Paycheck Protection Program is now available.
read more...
April 1, 2020
The application for borrowers for the new Paycheck Protection Program is now available.
read more...
CARES Act / SBA Loan Forgiveness
March 26, 2020
Senate passed the $2 trillion dollar economic stimulus package discussed in yesterday’s alert, referred to as the “CARES Act”
read more...
March 26, 2020
Senate passed the $2 trillion dollar economic stimulus package discussed in yesterday’s alert, referred to as the “CARES Act”
read more...
COVID-19 Relief Programs for Businesses
March 25, 2020
Relief programs are being updated daily. Following are some programs available to help impacted businesses
read more...
March 25, 2020
Relief programs are being updated daily. Following are some programs available to help impacted businesses
read more...
COVID-19 Updates and Helpful Links
March 23, 2020
Changes related to COVID-19 relief have been evolving daily and even hourly. We will keep you updated of relevant changes as they happen. Enclosed are helpful links and updates for individuals and businesses
read more...
March 23, 2020
Changes related to COVID-19 relief have been evolving daily and even hourly. We will keep you updated of relevant changes as they happen. Enclosed are helpful links and updates for individuals and businesses
read more...
GOOD NEWS – EXTENSION OF TAX PAYMENT DEADLINE
March 13, 2020
GOOD NEWS – the IRS has officially announced that the tax payment deadline has been moved from April 15th to July 15th (up to $1 million for individuals and up to $10 million for corporations.)
read more...
March 13, 2020
GOOD NEWS – the IRS has officially announced that the tax payment deadline has been moved from April 15th to July 15th (up to $1 million for individuals and up to $10 million for corporations.)
read more...
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