Philadelphia Estate Planning, Tax, Probate, Estate Administration, Small Business Attorney
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.
Fraud Alert: Typhoon Haiyan The Internal Revenue Service has just issued a consumer alert about possible scams taking place in the wake of Typhoon Haiyan. As most of us know, on Nov. 8, 2013, this typhoon known as Yolanda in the Philippines – made landfall in the central Philippines, bringing strong winds and heavy rains… Read more »
2013 IRS TAX SCAM ALERT: PHONY IRS AGENTS The IRS just renewed its October, 2013 warning about a pervasive phone scam that continues to target people across the nation, including recent immigrants. The Treasury Inspector General for Tax Administration called it the largest scam of its kind. As of March 20, this tax division reported… Read more »
Same-Sex Marriage Tax Guide: Essential Tax Rules and Tips Federal tax rules for same-sex couples have recently been issued in response to the Supreme Court decision in Windsor, No. 12-307 (U.S. 6/26/13). This landmark case invalidated a key provision of the 1996 Defense of Marriage Act (“DOMA”) and resulted in major changes in the tax… Read more »
2013 Tax Planning Overview As the year-end quickly approaches, there is still time to do some year-end tax planning. This 2013 tax year will be tough on many taxpayers due to recent tax law changes and the uncertain future of tax reform. Basically, taxpayers will have to deal with the following recent tax law changes:… Read more »
Pennsylvania Provides Special Inheritance Tax Break For Certain Family Owned Businesses Pennsylvania has provides an inheritance tax break for transfers of businesses to certain family members for estates of someone who died on or after July 1, 2013. Qualification For Inheritance Tax Exemption: To qualify for this Qualified Family Owned Business exemption under new Section… Read more »
The IRS Is Aware That Employers Do Not Comply With Employment Tax Rules and Have Increased Enforcement The Treasury Inspector General of For Tax Administration recently issued a report entitled Employers Do Not Always Follow Internal Revenue Service Determination Rulings that indicated the employers just do not get it when it comes to treating workers… Read more »
Estate Planning Strategies We now know what the federal estate tax laws will be this year and in the future. Our federal government has stated that these estate tax rules are now permanent after a decade of uncertainty. (A cynic may say that these federal tax laws are permanent until our federal government says they… Read more »
2012 Year-End Tax Planning Strategies With less than 30 days left in 2012, there is still time to do some year-end tax planning. This 2012 tax year is more difficult in that no one knows how the tax laws may change before the end of the year. With certain tax deductions and credits due to… Read more »
Casualty Loss Deduction For Hurricane Sandy My last post talked about when we can trash tax and other important records. Well, Hurricane Sandy brought a whole new meaning to the concept of trashing records and a whole lot more. Experts estimate that Hurricane Sandy has caused $50 billion of damage. Eqecat Inc., a financial advisory… Read more »
Tax Record Retention Guidelines Papers, papers and still more papers. When can I destroy these documents? There are no hard and fast rules in this area. The following offers some general guidance to carefully consider when determining any destruction of documents. Against the urge to purge, remember that maintaining documents and records is often essential… Read more »
Philadelphia Tax Credit For Hiring Veterans Between July 1, 2012 and June 30, 2014 Philadelphia has recently amended its Business Privilege Tax (business income and receipts tax) to allow a credit for employment of veterans of the Armed Forces. This new Philadelphia tax law defines a “veteran” as a person who has received an honorable… Read more »
EMPLOYERS PLAYING FAST AND LOOSE WITH WORKER CLASSIFICATION CAN BE DANGEROUS TO THE FINANCIAL HEALTH OF A BUSINESS In light of the IRS’s Voluntary Worker Classification Settlement Program (VCSP) issued in 2012, employers need to consider the benefits and risks of their current classification of employees as independent contractors. This window of opportunity is only… Read more »
Failure To Pay Attention To Detailed Tax Requirements and Contemporaneous Documentation Can Result in IRS Disallowing Tax Deductions Taxpayers found out the hard way that the documentation rules imposed by the IRS better be followed exactly and to the letter. In Durden, TC Memo, 2012-140, taxpayers claimed a $22,517 charitable contribution for 2007. The IRS… Read more »
How To Speak To Parents About Finances and Estate and Gift Tax Planning As our older parents age it is harder for them to deal with the financial details of their lives. With the complicated financial products out there and the low-interest rate environment it becomes very difficult for them to make sound financial decisions…. Read more »
2013 Medicare Tax: 3.8% Stealth Tax The Supreme Court has recently ruled that the new health care act is constitutional. As a result, on January 1, 2013, as part of this health care law, the new 3.8% medicare tax will start to impact many taxpayers. It would seem prudent for taxpayers to plan now for… Read more »
Summer Camp: Tax Breaks Now that the summer is in full bloom, parents who have sent or considering sending their children to summer camps may not be aware of the tax implications. Parents who have placed children in camp while they are working or looking for work may be eligible for various tax breaks such… Read more »
Quiet Disclosures of Foreign Bank Accounts Are Not The Answer Taxpayers with foreign accounts are in a tight spot now. They can take advantage of the current voluntary disclosure program (as discussed Foreign Offshore Accounts: IRS Third Amnesty Program) to minimize their tax exposure and to resolve these looming and unresolved problems. However this disclosure program… Read more »
FBAR Filing Deadline For Those With Foreign Accounts The filing deadline for FBAR is June 30, 2012, and there are no exceptions. Be aware that FBAR filings must be received by June 30, not just post-marked. For more about FBAR filing requirements please read Foreign Bank Account Reporting at the following link: Foreign Bank Account Reporting
IRS Now Examines Recorded Deeds For Unreported Gifts The IRS is now reviewing recorded deeds to discover gifts of real estate interests transferred without reporting such gifts on the Form 709 gift tax return. Please see my article entitled IRS Checking Real Estate Transfers For Unreported Gifts that provides an overview of the federal gift tax and the related income tax implications at the… Read more »
Worker Classification: Part II: Employee or Independent Contractor? Our previous post discussed the IRS new Voluntary Worker Classification Settlement Program (VCSP) offering past payroll tax relief when the employer agrees to reclassify workers as employees. For the details and discussion of this VCSP program please Employers Playing Tax Games with Workers: IRS Offers Way to… Read more »
Steven J. Fromm, J.D., LL.M (Taxation) Philadelphia Tax, Estate Planning and Estate Administration Attorney
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1420 Walnut Street Suite 300
Philadelphia, PA 19102
Telephone: 215-735-2336
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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.
