OFFICE HOURS UPDATE
As we approach the unofficial end to the summer, we will be returning to our regular business hours starting on Tuesday, September 6, 2022. We will be open from 8:30 AM until 4:30 PM, Monday through Friday.
Also, as a reminder, our office will be closed on Monday, September 5, 2022, in observance of Labor Day.
DATE TO REMEMBER - Thursday, September 15, 2022
STUDENT LOAN FORGIVENESS
The Biden administration is forgiving up to $10,000 in federal student loans for those making less than $125,000 a year for individuals or $250,000 for married couples or heads of households and up to $20,000 for Pell Grant recipients who meet the income threshold. Private loan holders are not included in the plan. As all details of this program have not been finalized, stay tuned for more information as we become aware of it.
REQUIRED EMPLOYMENT FORMS
As a reminder to all employers about the importance of having the proper forms completed and saved in their files when they hire new employees. At a minimum, for Federal purposes, you need a copy of the new employee’s ID, and completed W-4 and I-9 forms. Pennsylvania has an additional form that needs to be completed and filed with the state to determine if the new employee owes back child support. Failure to comply with these regulations could result in fines by the U..S Department of Homeland Security and Immigration and Customs Enforcement (ICE) for not having the proper paperwork on file.
PA RECOGNITION OF LIKE-KIND EXCHANGES
Starting in tax years after December 31, 2022, Pennsylvania will conform to Federal IRC Sec. 1031 regarding the exchange of property held for productive use of investment. Federal law allows tax on the gain from real property to be postponed, or deferred, if the proceeds are re-invested in similar property as part of a qualifying like-kind exchange. Under current law, such transactions are taxable in Pennsylvania.