Pennsylvania collected $4 billion in General Fund Revenue in December 2022, which was $319.9 million more than anticipated, Gov. Tom Wolf and the Department of Revenue announced Tuesday. 

Last month, Pennsylvania collected $3.1 billion in general fund revenue, 6.4% more than anticipated, the Department of Revenue reported.

Reducing the Corporate Net Income Tax in Pennsylvania will improve the business climate when the new legislation is signed by Gov. Tom Wolf, according to the Pennsylvania Chamber of Business and Industry. 

The Pennsylvania State Senate Finance Committee approved legislation (SB 771) to reduce the state's Corporate Net Income Tax (CNIT) rate, the highest non-graduated rate in the country. 

In December of 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law. Only four years later, another piece of major tax legislation is expected to be enacted. Like the TCJA, proposed 2021 tax legislation would be far-reaching and only require a simple majority in the Senate. Recently, the U.S. House Ways and Means Committee released the latest version of President Biden’s Build ...

The media has been full of headlines discussing various income tax proposals, many of which focus on the “wealthy.” Fortunately, many business owners fall into that category, and many are concerned about higher future tax rates. Let’s look at why taxes might increase and how to think differently about your personal and business tax plan. Many ...

Business owners looking to sell or transfer their business to a family member may have some tax decisions to make if the Biden administration gets its tax code revisions through Congress this year.

Now is the time of year when companies start their tax planning, but as with just about everything, the COVID-19 pandemic has created obstacles to normal tax-planning efforts.