Steven Sodini

Looking Ahead - Forthcoming Changes to Tax Return Due Dates

by Steven Sodini 16. December 2015 15:33
As of July 31, 2015, the U.S. Congress passed legislation that will impact the filing deadlines of certain income tax returns that will be filed in 2017. Under the name of the Surface Transportation Act of 2015 (a.k.a. the Stopgap Highway Bill), Congress intends to generate revenue that will partial... [More]
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Employee Classification Under Scrutiny

by Steven Sodini 21. July 2015 14:02
The misclassification of employees as independent contractors is impacting a progressively larger number of companies and governmental entities in the U.S., and this trend is enhanced by an increase in restructuring activity by U.S. businesses. [More]
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Good News for Pennsylvania Businesses

by Steven Sodini 5. June 2014 12:23
The Pennsylvania legislature has passed a bill that we expect will spur economic expansion and job creation within the Commonwealth by ensuring that local business taxes are collected more fairly and equitably. Previously a PA Supreme Court decision had undone the traditional process for determining... [More]
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Categories: Tax

7 Changes New Revenue Standard May Bring

by Steven Sodini 27. January 2014 14:48
As we have recently entered into the first quarter of 2014, companies should start planning for a new converged revenue recognition standard that’s currently in the final stages of development by FASB and the International Accounting Standards Board, which will lead to changes in financial rep... [More]
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Categories: Advisory | Tax

Tangible Business Property Alert

by Steven Sodini 13. December 2013 10:29
Action required by 12/31/13 related to Tangible Business Property  On September 13, 2013, the Internal Revenue Service (IRS) and Treasury Department released Internal Revenue Code 263(a), final tangible property regulations that affect the treatment of materials and supplies, capitalization of... [More]
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Top 10 Tax Changes and Strategies For 2013

by Steven Sodini 1. November 2013 17:28
Top 10 Tax Changes and Strategies for 2013   With two months left in 2013, tax planning strategies should definitely be examined now, as there is still sufficient time for both individual and business taxpayers to make changes or adjustments to their income and deductions before year-end. Ho... [More]
Categories: Tax

IRS Makes Changes Relating to Qualified Stock Dispositions

by Steven Sodini 11. October 2013 15:46
For more than 25 years, taxpayers and practitioners have made extensive use of the deemed asset sale election under Internal Revenue Code Section (Sec.) 338(h)(10) in taxable stock acquisitions. In a taxable stock acquisition, the buyer generally takes a carryover basis in the underlying assets... [More]
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Did You Know That the NFL is a Tax-Exempt Non-Profit: Round 2

by Steven Sodini 15. May 2013 13:02
      Back in December, we posted a blog regarding the surprising non-profit tax-exempt status of the NFL, NHL, and many other professional sports organizations, under Section 501(c)(6) of the Internal Revenue Code.  That blog was primarily based on the 2012 Wastebook that is ... [More]
Categories: Tax

Hidden Taxes on Mutual Funds

by Steven Sodini 5. February 2013 16:28
Thanks to the recently enacted American Taxpayer Relief Act of 2012, tax rates are going up for the highest income taxpayers. Even those slightly lower on the earnings ladder are getting hit with new taxes from the 2010 Affordable Care Act (aka “Obamacare”), and all of these tax increase... [More]
Categories: Tax

Federal Research Tax Credit Extension for 2012 and 2013

by Steven Sodini 9. January 2013 10:45
FEDERAL RESEARCH TAX CREDIT EXTENDED AND MODIFIED FOR 2012 AND 2013   On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (the “Act”) to address the so-called “fiscal cliff” and extend the federal research tax credit to cover expenses pa... [More]
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Categories: Tax