Philadelphia Estate and Tax Attorney Blog


NEED CASH? LITTLE KNOWN TAX BREAK UNDER 2020 NEW TAX ACT: SPECIAL WITHDRAWAL RULES FOR IRAs AND RETIREMENT PLANS

Posted: October 25, 2020

2020 Cares Act Special Tax Breaks The CARES Act adopted in March, 2020 gives a special tax break for those taxpayers that need to take money out of their retirement plans. Taxpayers can take out up to $100,000 in 2020 from their retirement plan. As a special tax break, they can spread the tax bill… Read more »

2017 IRS Mileage Rates

Here Are The IRS 2017 Standard Business, Medical and Moving Mileage Rates

Posted: June 20, 2017

IRS Standard Mileage Rates For 2017 The Internal Revenue Service has recently issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or… Read more »

2017 Pennsylvania Tax Amnesty Program

Posted: May 25, 2017

WHAT IS THE PENNSYLVANIA TAX AMNESTY PROGRAM? The PA Tax Amnesty program creates an incentive for taxpayers to pay there tax liabilities during a narrow time period that ends on June 19, 2017. While this program is open, the PA Department of Revenue will waive all penalties and half of the interest for anyone who… Read more »

IRS Installment Agreements: 2017 User Fee Schedule and Options

Posted: February 28, 2017

IRS Installment Agreements: 2017 User Fee Schedule and Options Starting in 2017, the IRS has revised its user fee schedule for installment agreements. The new fee schedule applies to installment agreements entered into, restructured or reinstated on or after January 2, 2017. The final regulations increase the existing user fees (except for low-income taxpayers) and… Read more »

Retirement Plan Contribution Table

A Handy Chart of 2017, 2016 and 2015 Retirement Plan & IRA Contribution Limits, Maximum Benefits, Maximum Income Subject to Social Security

Posted: January 10, 2017

Retirement Plan & IRA Contribution Limits, Maximum Benefits, Maximum Income Subject to Social Security

2016: IRS Warns & Updates Taxpayers of Numerous Tax Scams Nationwide: All Taxpayers, Tax and Financial Advisers Need To Read This

Posted: December 15, 2016

2016 Tax Scam Alert As tax season approaches, the Internal Revenue Service, in IR-2016-164,  has just reminded taxpayers to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every tax season, there is an increase in schemes that target innocent taxpayers by email, by phone and… Read more »

2016 IRS Launches New Online Tool to Assist Taxpayers with Basic Tax Account Information

2016 IRS Launches New Online Tool to Assist Taxpayers with Basic Tax Account Information: Do You Want To Know About Your IRS Account Balance?

Posted: December 06, 2016

IRS Online Tool The Internal Revenue Service announced on December 1, 2016 (IR-2016-155) the launch of an online application that will assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way. This new and secure tool, available on IRS.gov allows taxpayers to view their IRS account balance, which will include the amount… Read more »

2016 Tax Update: Governor Christie Reverses and Repeals New Law and Reinstates Pennsylvania-New Jersey Reciprocal Tax Agreement Preventing Adversely Impacting 250,000 Workers & Thousands of Employers

Posted: November 16, 2016

IMPORTANT TAX ALERT: New Jersey Governor Chris Christie on Tuesday, November 22, 2016, reinstated a four-decade old tax reciprocity agreement with Pennsylvania that allows residents who work in either state to pay income taxes at their home state’s rate. You can almost hear the collective sigh of relief of the many commuters that would have been… Read more »

City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2016

City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2016

Posted: July 12, 2016

Philadelphia Landmark: The Famous and Quirky 45 Foot Steel Clothes Pin Created by Sculptor Claes Oldenburg Across from City Hall City of Philadelphia Wage Tax Reduction For July 1, 2016 The City of Philadelphia has reduced the City Wage Tax rate effective July 1, 2016. The new Wage Tax rate for residents of Philadelphia is… Read more »

2016 Standard Mileage Rates for Business, Medical and Moving

2016 Standard Mileage Rates for Business, Medical and Moving

Posted: December 18, 2015

2016 Standard Mileage Rates for Business, Medical and Moving The Internal Revenue Service on December 18, 2015 issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a… Read more »

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From their offices in Philadelphia, PA, the law firm of Steven J. Fromm & Associates, P.C. provides a full range of estate planning, probate and estate administration, tax, business and corporate legal services to clients throughout eastern Pennsylvania and the Delaware Valley, the Lehigh Valley Area, the Five-County Area, Bucks County, Delaware County, Montgomery County, Chester County, Philadelphia County, Berks County, Lehigh County, Lancaster County, York County, Harrisburg, Norristown, Doylestown, Media, West Chester, Allentown, Lancaster, and Reading.