Philadelphia Estate Planning, Tax, Probate, Estate Administration, Small Business Attorney
As the year-end quickly approaches, there is still time to employ 2020 year-end tax planning tips to generate significant tax savings. The Covid-19 pandemic has made life really difficult for all of us. As with most things in life when bad things happen, there may be a way to take advantage of these circumstances in…
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 »
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 »
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 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 & IRA Contribution Limits, Maximum Benefits, Maximum Income Subject to Social Security
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 »
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 »
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 »
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 »
IRS LETTERS: WHAT TO DO WHEN YOU GET ONE Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. This can be extremely upsetting when receiving this form of communication, whether it is from the IRS or any other taxing authority. The following tips are presented to reduce… Read more »
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 »
Tax Positions of Presidential Candidates
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 »
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.
