The IRS & The Commonwealth of Pennsylvania Have Extended The Deadline for Filing & Payments

On Friday, March 20, the IRS released Notice 2020-18 which supersedes the guidance referenced in our prior communication released on March 19. Under this new guidance, the original filing deadline for all taxpayers has been postponed from April 15 until July 15. The postponement of the deadline is automatic and no forms are necessary to be mailed. Taxpayers who wish to extend the deadline for filing until October 15 will need to file an extension before the new July 15 deadline.

Fairman Financial Operations During COVID-19

We are committed to protecting the health and well-being of our staff, our clients and colleagues. Our physical office is closed, but we have deployed our work-from-home protocol. Our staff continues to work remotely to support our clients.

How Individual Taxpayers Can Benefit From PA Educational Tax Credits

Individual taxpayers can take advantage of educational tax credits on their Pennsylvania Individual Income Tax Returns through the use of a Special Purpose Entity (SPE). A SPE is a pass-through entity specifically set-up to aggregate contributions of donors and contribute the money to the qualified organizations. SPEs are set up by organizations that apply for and receive educational tax credits from the Commonwealth of Pennsylvania.