Tagged: Business


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2014 Year-End Tax Planning Guide For Businesses: Discover 9 Proven Tax Planning Strategies

Posted: December 26, 2014

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 made as to whether any… Read more »

Small Businesses: 8 Great Year-End Tax Planning Tips and Tricks: A Must Read

Posted: December 22, 2013

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 made as to whether any… Read more »

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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 »

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 »

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

Posted: October 13, 2011

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 see our just published article at my website at the following link: Employers Playing Tax Games with Workers:… Read more »

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

Posted: August 26, 2009

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 plan accounts represent the largest portion of their wealth.  As the following discussion will illustrate,… 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.