Tagged: Business


year-end-tax-planning-for-business

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

Posted: December 26, 2014

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 »

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

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

Posted: December 22, 2013

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 »

Inheritance Tax Exemption For Family Businesses In Pennsylvania

Inheritance Tax Exemption For Family Businesses In Pennsylvania

Posted: August 23, 2013

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 »

Playing Games With Employees: IRS May Come Knocking

Employers Playing Employment Tax Games With Employees: IRS May Come Knocking

Posted: July 09, 2013

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: Now What? A Must Read For Everyone

Posted: January 13, 2013

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 »

Tax Record Retention Guidelines

Can I Trash It Now? Tax Record Retention Guidelines

Posted: October 23, 2012

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 »

2012: Philadelphia Now Allows A Tax Credit for Hiring Veterans From 2012 To 2014

2012: Philadelphia Now Allows A Tax Credit for Hiring Veterans From 2012 To 2014

Posted: September 23, 2012

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 »

risky_business_1920-gladys_walton

Risky Business: Playing Fast and Loose with Worker Classification

Posted: September 09, 2012

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 »

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 »

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 »

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.