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Thanksgiving Holiday
Our office will be closed on Thursday and Friday, November 24th and 25th, for the Thanksgiving Holiday. At this time of the year, we would like to thank our clients and friends for your support and confidence in our firm and to wish you and your families a happy and safe holiday.
PA Business Taxes Moving to myPATH
The Pennsylvania Department of Revenue is on track to transition all of the business taxes it administers into a new system starting on November 30, 2022. This means that users of e-TIDES, the current online filing and payment system for business taxpayers, will need to convert their accounts to myPATH as this transition occurs. The department will send information directly to affected taxpayers to provide instructions on the steps they’ll need to take and the exact timing. In the meantime, the department is working to provide its customers with an overview of some of the changes and improvements that they can expect in the new system.
IRS Quickly Moves Forward with Taxpayer Service Improvement
The Internal Revenue Service announced significant progress to prepare for the 2023 tax filing season as the agency passed a milestone of hiring 4,000 new customer service representatives to help answer phones and provide other services.
These assistors have been hired over the last several months and are being trained to provide help to taxpayers, including answering phone questions. This is part of a much wider IRS improvement effort tied to the Inflation Reduction Act funding approved in August. The IRS continues working hard on implementing the landmark 10-year legislation, and updates on other improvement areas will be provided in the near future.
The goal is to add another 1,000 customer service representatives by the end of the year, bringing the total of new hires in this area to 5,000.
Year-End Tax Planning Strategies
One of the most important tax planning strategies is timing. How many times have you met with your CPA during tax season and are shocked at the total tax liability upon completion of your return? After you discuss the results with your tax practitioner, you realize that a phone call or meeting before December 31 could have saved you thousands of dollars of your hard-earned money. Please call your accountant today to schedule an appointment before the end of the year to help you save. Remember, call at 215-368-5755 or send an email now before it’s too late.