Philadelphia Estate and Tax Attorney Blog
Overview of 2015 Tax Law Changes On Friday, July 31, 2015, President Barack Obama signed HR 3236, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” (the “Act”). Not sure how this name relates to taxes but in any event the following tax law changes and provisions became law under this Act:… Read more »
IRS Penalty Relief for Failure To File Your Retirement Plan Form 5500 Have you failed to file your retirement plan reporting form for your retirement plan? If you have failed to do so, the Internal Revenue Service on July 14, 2015 provided eligible small businesses a low-cost penalty relief program enabling them to quickly come… Read more »
Philadelphia Use and Occupancy Tax as of July 1, 2015 Philadelphia has just increased its Use and Occupancy Tax as of July 1, 2015. The new Use & Occupancy Tax rate will be 1.21%. This is an increase from the prior rate of 1.13%. This new rate will be effective with the July 2015 Use… Read more »
2015 Philadelphia Wage Tax Reduction Philadelphia business owners and those that withhold taxes on employees that live in Philadelphia should take notice that the City of Philadelphia has reduced the City Wage Tax rate effective July 1, 2015. • The new Wage Tax rate for residents of Philadelphia is 3.9102% (.039102). • The new Wage… Read more »
My Very Own Philadelphia Estate and Tax Attorney Blog Has Just Won as the Best Tax Blog In America for 2015! I am most appreciative of all of you who took the time to vote for my blog. You can see the final voting results by going to: http://wallethub.com/blog/best-tax-blog/10470/?user=sjfpc. Thanks so much to everyone who voted!
2015 Philadelphia Notice Requirements for Businesses If you are a business that has employees or independent contractors who live in Philadelphia, the City of Philadelphia imposes notice requirements. Beginning January 1, 2015, Title 19, Chapter 19-4000, of the Philadelphia Code, entitled “Income Inequality Initiative – Earned Income Tax Credit,” requires all employers to provide notice… Read more »
Overview of 2014 Year-End Tax Planning The arrival of year-end presents special opportunities for most small businesses to take steps in lowering their tax liability. The starting point is to run projections to determine the income and tax bracket for this year and what it may be next year. Once this is known, decisions can… Read more »
Overview of Year-End Tax Planning: As the year-end quickly approaches, there is still time to do year-end tax planning to generate significant tax savings. As many of you know, changes to the tax laws in 2013 made many tax rates (subject to cost of living adjustments) and certain tax breaks permanent. The President has signed… Read more »
How Grandparents Can Help Grandchildren and Save Taxes Too With college tuition coming due, families should consider tax efficient ways to pay for these expenses. Grandparents who wish to help their children with tuition costs can take advantage of some special gift tax breaks. Grandparents have the usual annual present interest gift tax exclusion (now… Read more »
Tax Planning For Those Getting Married and Newlyweds The excitement, joy and anticipation of getting married can be almost overwhelming. With the planning that goes into the wedding it is easy to overlook the tax implications of marriage. Although taxes are probably not high on your wedding plan checklist, it is important to be aware… Read more »
Streamlined Foreign Offshore Procedure Offers Tax and Compliance Relief For US Citizens Living Abroad A couple of weeks ago, I had someone come in my office who has lived abroad since he was 7 years old. He is a citizen of the United States and Netherlands. He has never filed United States income tax returns…. Read more »
Philip Seymour Hoffman: Estate Planning Lessons To Be Learned The sad and tragic death of Philip Seymour Hoffman at age 46 is yet another reminder of the importance of estate planning. Most of us go along each day not thinking or worrying about what would happen to our loved ones if we suddenly died. Some,… Read more »
The Really Bad Idea of Transferring Real Estate When You Are Older Can Result in Needless Income Taxes Being Paid By the Family With the increase of the federal estate tax exemption to $11,700,000 in 2021, most taxpayers are not subject to federal estate taxes. The focus for many now has shifted to the income… Read more »
Year-End Tax Planning For Businesses The arrival of year-end presents special opportunities for most small businesses to take steps in lowering their tax liability. The starting point is to run projections to determine the income and tax bracket for this year and what it may be next year. Once this is known, decisions can be… Read more »
Estate Planning For 2013 On Thanksgiving when you look around the room at your loved ones, think about whether they are legally protected with an estate plan that works to protect them and minimize taxes when you were gone. Estate Planning 2013: Now What? A Must Read For Everyone.