Philadelphia Estate Planning, Tax, Probate, Estate Administration, Small Business Attorney
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 »
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 »
Failure To Pay Attention To Detailed Tax Requirements and Contemporaneous Documentation Can Result in IRS Disallowing Tax Deductions 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… Read more »
2013 Medicare Tax: 3.8% Stealth Tax The Supreme Court has recently ruled that the new health care act is constitutional. As a result, on January 1, 2013, as part of this health care law, the new 3.8% medicare tax will start to impact many taxpayers. It would seem prudent for taxpayers to plan now for… Read more »
Summer Camp: Tax Breaks Now that the summer is in full bloom, parents who have sent or considering sending their children to summer camps may not be aware of the tax implications. Parents who have placed children in camp while they are working or looking for work may be eligible for various tax breaks such… Read more »
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 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
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 »
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 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 »
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.
