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New Inheritance Tax Exemption For Family Businesses In Pennsylvania

Posted: August 23, 2013

Pennsylvania has just created a new tax break for transfers of businesses to certain family members.  This new inheritance tax law applies to estates of some one who dies on or after July 1, 2013. Qualification For Inheritance Tax Exemption: To qualify for this Qualified Family Owned Business exemption under new Section 9111(t), the following… Read more »

Playing Games With Employees: IRS May Come Knocking

Posted: July 09, 2013

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 correctly for tax purposes.  This report sheds more light on non-compliance and will result in more audits… Read more »

Estate Planning: Now What? A Must Read For Everyone

Posted: January 13, 2013

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 are not!). Anyway, here… Read more »

Hurricane Sandy: Tax Deductions For Casualty Losses

Posted: November 06, 2012

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 firm out of Oakland, California predicts… Read more »

Can I Trash It Now? Tax Record Retention Guidelines

Posted: October 23, 2012

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 if a tax audit… Read more »

Philadelphia Now Allows A Tax Credit for Hiring Veterans

Posted: September 23, 2012

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 discharge, served a minimum of six months in active full-time duty within the past… Read more »

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Risky Business: Playing Fast and Loose with Worker Classification

Posted: September 09, 2012

In light of the IRS’s fairly recent 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 available before the IRS or Department of Labor initiates an examination. Small companies and businesses of… Read more »

IRS Slams Taxpayers: Attention to Tax Details Matter

Posted: August 17, 2012

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 disallowed this deduction and the United States Tax Court agreed. The taxpayers had canceled checks and a letter… Read more »

Helping Elderly Parents with Their Finances and Estate Plan

Posted: July 29, 2012

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. In addition, dealing with one’s own mortality can prevent parents from focusing on… 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.