Brady Ware News

Pennsylvania State and Local Tax Updates July 2019

Pennsylvania law gives charitable organizations breathing room July 10, 2019 Under the Institutions of Purely Public Charity Act, a PA charitable organization with a valid exemption that’s within revenue limits is entitled to a “rebuttable presumption” that the organization is exempt from PA sales and use tax. That is, the charity had annual program service…

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Businesses Deduction for Vehicles Placed in Service in 2019

How Much Can Businesses Deduct for Vehicles Placed in Service in 2019? Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details. First-Year Depreciation Breaks The Tax Cuts and Jobs Act (TCJA) allows unlimited 100% first-year bonus depreciation…

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Important Considerations When Buying Another Construction Firm

Important Considerations When Buying Another Construction Firm Buying another construction firm can be an attractive way to grow your company’s revenue base. A merger or an acquisition can allow you to: Add a new subcontracting specialty, Acquire an experienced labor force to reach new markets, and Deepen your penetration into the market your firm already…

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Think About Taxes Before You Tie the Knot

Summer Loving? Think About Taxes Before You Tie the Knot For many couples, summer is the quintessential time to tie the knot. The weather is warm, the flowers are blooming and nature offers plentiful backdrops for photos. But there’s more than the ceremony to consider when a couple merges their lives, including taxes and other…

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Be Careful to Document Hardship Distributions and Plan Loans

Be Careful to Document Hardship Distributions and Plan Loans The IRS cautions plan administrators that they must document and keep necessary records of all employees’ hardship distributions and plan loans. The result of noncompliance could be a qualification failure for the plan. Hardship Distributions Basic information. In general, a retirement plan can make a hardship…

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