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Proposed Changes to Estate Tax Regulations

Proposed Changes to Estate Tax Regulations

On June 28, 2022, the Internal Revenue Service (IRS) issued proposed regulations that introduce the use of present-value principles in determining the amount deductible by an estate for funeral expenses, administration expenses, and certain claims against the estate. The proposed regulations…

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Hospital Expense Statistics Illustrate Significant Labor Pressures

Hospital Expense Statistics Illustrate Significant Labor Pressures

What This Means for Fair Market Value Considerations Moving Forward

In most communities, hospital systems are still dealing with the effects of the pandemic on hospital staff and communities as a whole. According to Kaufman Hall’s August 2022 Flash Report (which reflects July data), hospital…

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IRS Provides Penalty Relief for Certain 2019 and 2020 Returns

IRS Provides Penalty Relief for Certain 2019 and 2020 Returns

The Internal Revenue Service (IRS) recently announced in Notice 2022-36 that it will forgive certain failure to file and international information return penalties for certain 2019 and 2020 tax returns that are filed on or before September 30, 2022. The IRS is also forgiving penalties for…

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New Federal Greenhouse Gas Funding Raises Profile of Green Banks

New Federal Greenhouse Gas Funding Raises Profile of Green Banks

The Inflation Reduction Act, signed into law August 16, 2022, included $27 billion to establish a Greenhouse Gas Reduction Fund.  These funds are intended to support qualified environmentally-oriented infrastructure projects of state, local, and tribal governments, as well as mission-driven,…

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Pennsylvania Tax Cuts

Pennsylvania Tax Cuts

Pennsylvania (PA) enacted H.B. 1342, which includes corporate and personal tax changes. The bill reduces the corporate net income tax (CNIT) rate over nine years from 9.99 percent to 4.99 percent. The rates for these years are:

9.99 percent for tax years from January 1, 1995, to December…

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Building and Maintaining Momentum

Building and Maintaining Momentum

This post is part of our continuing series, Your Guide to a Successful Digital Transformation.

How do you build and maintain momentum for a digital transformation initiative that will take place over the course of months or years?

Think of this as a new product launch. You…

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 Crossing the Finish Line for Lease Accounting: Race-Day Questions

Crossing the Finish Line for Lease Accounting: Race-Day Questions

If you are the person on the finance team that is responsible for lease accounting, congratulations. It has been a tough couple of years collecting the information and preparing to comply with Statement No. 87 (Leases) of the Governmental Accounting Standards Board (GASB).

You know the…

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Budget Bill Reinstates Superfund Taxes on Oil and Petroleum Products

Budget Bill Reinstates Superfund Taxes on Oil and Petroleum Products

The Inflation Reduction Act of 2022, which President Biden signed into law on August 16, 2022, reinstates Superfund excise taxes on crude oil and imported petroleum products for the first time since 1995. The changes are effective from January 1, 2023 to December 31, 2032.

Superfund Excise…

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