Philadelphia Estate and Tax Attorney Blog


Quiet Disclosures of Offshore Foreign Accounts

Quiet Disclosures of Offshore Foreign Accounts

Posted: June 29, 2012

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 Deadline is Quickly Approaching For Those With Foreign Bank Accounts

Posted: June 24, 2012

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 Examining Recorded Deeds For Unreported Gifts

Posted: October 27, 2011

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 »

Employers Playing Tax Games with Worker Classification: Part II: Employee or Independent Contractor?

Posted: October 13, 2011

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 »

New Tax Alert: Employers Playing Tax Games with Workers: IRS Offers Way to Come Clean

Posted: September 30, 2011

The IRS has just introduced a new Voluntary Worker Classification Settlement Program offering past payroll tax relief when the employer agrees to reclassify workers as employees.  For the details and discussion of this VCSP program please see my just published article at my website at the following link: Employers Playing Tax Games with Workers: IRS Offers Way… Read more »

Hidden Offshore Bank Accounts: IRS Offers A Second Chance To Come Forward

Posted: April 27, 2011

Hidden Offshore Bank Accounts: IRS Offers Another Chance To Come Clean The Internal Revenue Service announced on February 8, 2011 a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. Here are some of… Read more »

Failing To Update Retirement Plan: IRS VCP Program

Failing To Update Retirement Plans: How to Avoid IRS Plan Disqualification & Penalties by Using VCP

Posted: August 26, 2009

Correcting Failures To Update Retirement Plans: The IRS Offers a Special Program To Help Taxpayers In our fast paced world, many retirement plans are drafted and then often neglected.  In extreme cases, plans are put aside without ever being updated.  Some plan sponsors have failed to restate their plans for years or even decades.  For many individuals, retirement… Read more »

Michael Jackson & Farrah Fawcett: Estate Plan Wake Up Call

Posted: June 28, 2009

In the wake of the sad and tragic deaths of Michael Jackson and Farrah Fawcett, we are all reminded how fragile our lives can be and how quickly things can change. The death of these two iconic figures should be a call to many to put their estate plan in order. It should be noted that… Read more »

The Silver Lining of a Bad Economy: Gifting of Shares of Stock in a Closely Held Business

Posted: June 05, 2009

Gifting Shares of Stock In a Closely Held Business When Business Is Bad Presents Certain Tax Opportunities As with most things in life, when things are bad, there usually is something good that can come out of it. Our current economic troubles have resulted in many closely held or small businesses being worth far less… 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.