Kevin Carlin, CPA, JD

Have you heard? Rhode Islanders who have been impacted by severe storms and flooding may qualify for a tax extension. Learn more here: https://lnkd.in/dAq9ZP9r #RI #Extension #TaxExtension #RhodeIsland #RIStormTaxExemption

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Pennsylvania provides NOL limitation relief, amends related party “addback” In brief What happened? Budget-related tax legislation enacted in Pennsylvania on July 11 increases the net operating loss (NOL) deduction limitation (from 40% to 80% of taxable income by 2029), provides an election concerning the related party expense addback “subject to tax” exception, and amends provisions regarding the deduction of goodwill for bank shares tax purposes, among other changes.  [S.B. 654, enacted 7/11/24]  Why is it relevant?  The legislation marks the latest chapter in Pennsylvania’s limitations on NOL utilization, which has been subject to litigation and amended multiple times over the years. This legislation increases the current percentage limitation in 10% annual increments but continues the 40% limitation for NOL carryforwards from loss years prior to 2025.  Actions to consider  Taxpayers should consider the need to track NOLs by year and the potential impact of this legislation on their ASC 740 tax provision.  https://lnkd.in/gKpGv_-Q

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Please, take some time to read the latest update from the Pennsylvania DOR on its proposed amendments to PA Tax Law concerning the Corporate Business Income Tax. Of note are changes to the laws concerning accepted methodology changes for sourcing of service income and tax categories allowed to be paid via EFT to the PA DOR.

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Communication is of the utmost importance to the Alloy Silverstein Group. When you reach out to a member of our team, you can expect a response the same day or prior to 10:00 AM the following business day. Your business is your priority - you should not have to wait to speak with the team that is managing your finances. Visit https://lnkd.in/eJfwtBXn to learn more about our commitment to our clients and our solutions for your business. #AlloySilverstein #business #businessowner #businesssolutions #smallbusiness #accounting #accountant #CPA #clientexperience

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Your business is important, and your accountant should see it that way. Tax season is a busy time for everyone, but that doesn’t mean that your accountant should leave you in the dust. At Alloy Silverstein, our team has a “Client Bill of Rights” - meaning that all phone calls, emails, and other inquiries will be responded to the same day or prior to 10:00 AM the following business day. Don’t chase your accountant - visit our website below to contact an Alloy Silverstein advisor today. #AlloySilverstein #accountant #accounting #CPA #business #employer #employee

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