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Tax

Deferring A Tax Hit with A Sec. 1031 Exchange

Do you own commercial or investment real estate that has substantially increased in value? If you sell the property, you may be hit with a huge capital gain tax liability. Possible solution: Consider a Section 1031 exchange (also known as a like-kind exchange) in which you swap qualifying properties while paying zero or little current… View Article

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What Are NFTs and How Can Businesses Benefit?

Non-fungible tokens (NFTs) are rising in demand, and some brands are already generating great results in their campaigns and providing a unique experience to customers. As the hype around NFTs continues, businesses need to understand how they can benefit. What is an NFT An NFT is a valuable digital asset created using blockchain. Unlike cryptocurrencies,… View Article

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Electric Vehicle Tax Credits and the Future of the Automotive Industry

One highlight of the recently passed Inflation Reduction Act of 2022 (IRA; HR 5376) is modifications to what are commonly referred to as “EV credits.” Specifically, Section 30D of the Act is where the most important modifications are, and where the present tax credit for electric vehicles is spelled out in the U.S. Code. There… View Article

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One-Time Bonus Rebates On Property Taxes/Rent Are Starting to Be Distributed

On August 24, Governor Wolf announced that thousands of one-time rebates for claimants of the Property Tax/Rebate Program have started to be distributed. These rebates are a result of a proposal Governor Wolf made earlier this year that was signed into law earlier this month. This one-time bonus rebate, which will be paid to older… View Article

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Building Wealth Through Home Equity

Oftentimes, the first house a person buys is an affordable condominium, townhouse, or older single-family dwelling also referred to as a “starter home.” It might be small and lack features they dream about such as new appliances in the kitchen or dual sinks in the bath, to a large yard or a garage. However, the… View Article

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UPDATE: The Inflation Reduction Act: A Brief Overview of Potential New Legislation

On August 7, the U.S. Senate voted to pass the Inflation Reduction Act (IRA). The enormous bill—clocking in at 725 pages—contains a wide range of provisions and comes with a nearly $750 billion price tag. “The bill is fighting inflation and has a whole lot of collateral benefits as well,” said former Treasury Secretary Larry… View Article

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The IRS is Auditing Fewer Returns than Ever

One of the perennial fears of taxpayers is getting audited by the IRS. Financially, few scenarios strike such fear into hearts. However, taxpayers can probably breathe a sigh of relief – at least for now. This is because the rate at which the IRS is initiating audits of individual taxpayers is dropping like a stone…. View Article

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2022 – 23 PA State Budget Brings Corporate Tax Cut, Changes to Personal Income Tax

Pennsylvania passed its budget for the 2022 – 23 fiscal year on July 8, 2022. While the main purpose of the annual budget is to allow the state to continue to pay its bills, it is also the primary source of tax law changes in Pennsylvania. The recently passed budget brings a long-sought reduction to… View Article

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Divorce and Taxes – What Are the Implications?

This article explains the precautions to take when getting a divorce, and several tax concerns that need to be addressed to ensure that taxes are kept to a minimum and important tax-related decisions are properly made. Five issues to consider in the process of divorce include alimony or support payments, child support, personal residence, pension… View Article

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PA Tax Return Payments $15,000 Plus Must Be Paid Electronically

The June 15th deadline for return estimated payments for PA-40 and PA-41 is quickly approaching. The RBF tax team wanted to be sure you are aware that estimated payments of $15,000 plus must be paid electronically via myPATH online portal or PA will assess up to a $500 penalty. myPATH stands for “my Pennsylvania Tax Hub,”… View Article

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