Author: Zhoudi Tang, CPA
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More VDA Updates – Pennsylvania Reduces Lookback Period for Corporate Tax VDA’s
In continuation of states that have updated their Voluntary Disclosure Agreements (“VDAs”) guidelines, the Pennsylvania Department of Revenue announces significant changes to the eligibility prerequisites for Pennsylvania VDAs, applicable to agreements entered into on or after August 1, 2023. Specifically this applies to taxpayers with liabilities from Pennsylvania “corporation taxes.” The department revises the “lookback…
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IRS Proposed Regulations – Reporting Digital Assets Transactions by Brokers
For people that have been enjoying trading digital assets, there are some unfortunate news in the horizon. The IRS has unveiled draft regulations mandating that brokers report transactions involving digital assets carried out by their clients. (Introduction to Proposed Regulation REG-122793-19; IRS Announcement 2023-153) These proposed regulations address various issues related to digital assets such…
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Ohio – Recent Changes to CAT Exclusion and Annual Minimum Tax
Ohio has released recent guidance following the enactment of Am. Sub. H.B. 33. The major changes from the Information Release is summarized below: • Effective for tax periods beginning on and after January 1, 2024, the CAT annual minimum tax is eliminated.• For calendar year 2024, the exclusion amount is increased from $1 million to…
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More Withholding Headaches – New Jersey Implements “Convenience of the Employer” Rule
New Jersey Division of Taxation has issued further guidance regarding their implementation of a “Convenience of the Employer” rule. New Jersey is not the first state to implement such a rule but it is only applicable to states that specifically has a similar rule in place (e.g., New York, Connecticut, Delaware, etc…). Under New Jersey’s…