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- A Handy Chart of 2017, 2016 and 2015 Retirement Plan & IRA Contribution Limits, Maximum Benefits, Maximum Income Subject to Social Security January 10, 2017
- IRS Warns & Updates Taxpayers of Numerous Tax Scams Nationwide: All Taxpayers, Tax and Financial Advisers Need To Read This December 15, 2016
- Do You Want To Know About Your IRS Account Balance? IRS Launches New Online Tool to Assist Taxpayers with Basic Tax Account Information December 6, 2016
- Tax Update: Governor Christie Reverses and Repeals New Law and Reinstates Pennsylvania-New Jersey Reciprocal Tax Agreement Preventing Adversely Impacting 250,000 Workers & Thousands of Employers November 1, 2016
- City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2016 July 12, 2016
- Did You Get a Letter in the Mail from the IRS? Here is What You Need to Do June 2, 2016
- 2016 Standard Mileage Rates for Business, Medical and Moving December 18, 2015
- Tax Positions of Presidential Candidates December 1, 2015
- New 2015 Tax Law Changes Tax and FBAR Filing Deadlines & Other Noteworthy Compliance Provisions: The Good, The Bad & The Ugly August 9, 2015
- Small Businesses Can Get IRS Penalty Relief for Unfiled Retirement Plan Returns July 19, 2015
- Philadelphia Use & Occupancy Tax Rate Change Effective July 1, 2015 July 9, 2015
- The City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2015. June 30, 2015
- Philadelphia Estate and Tax Blog Named The Best Tax Blog in America For 2015 March 17, 2015
- Philadelphia Businesses Must Now Provide A New Tax Notice To Employees and Non-Payroll Workers January 20, 2015
- 2014 Year-End Tax Planning Guide For Businesses: Discover 9 Proven Tax Planning Strategies December 26, 2014
- Year End Tax Planning Tips: Instantly Discover What You Can Do Now To Start Saving Taxes Before Year End With Proven Tax Attorney Strategies November 29, 2014
- College Tuition: Discover How Grandparents Can Help Their Grandchildren and Save Taxes Too September 1, 2014
- Weddings: Quick and Easy Tax Guide For Those Getting Married and Newlyweds July 14, 2014
- US Citizens Living Outside America: Streamlined Foreign Offshore Procedure Offers Tax and Compliance Relief June 19, 2014
- Philip Seymour Hoffman: Estate Planning Lessons For Us and Especially Women March 4, 2014
- The Biggest (Tax) Loser: Misguided Gifts of Real Estate By Uninformed Do It Yourselfers, Realtors & Attorneys January 10, 2014
- Small Businesses: 8 Great Year-End Tax Planning Tips and Tricks: A Must Read December 22, 2013
- Estate Planning 2013: Now What? A Must Read For Everyone November 26, 2013
- Fraud Alert: Latest Reprehensible Tax and Financial Scam: Phony Charitable Contributions To Aid Typhoon Victims November 19, 2013
- Renewed Warning: IRS Tax Scam Alert and What To Do To Protect Yourself: Scary and Disturbing Tactics By Phony IRS Agents November 2, 2013
- Same-Sex Marriage Tax Guide: 16 Essential Tax Rules and Tips October 17, 2013
- 2013 Year End Tax Planning Strategies: Learn What Can Be Done Now To Save Taxes and Prevent Costly Mistakes October 8, 2013
- New Inheritance Tax Exemption For Family Businesses In Pennsylvania August 23, 2013
- Playing Games With Employees: IRS May Come Knocking June 9, 2013
- Estate Planning: Now What? A Must Read For Everyone January 21, 2013
- 2012 Year End Tax Planning Strategies December 4, 2012
- Hurricane Sandy: Tax Deductions For Casualty Losses November 6, 2012
- Can I Trash It Now? Tax Record Retention Guidelines October 23, 2012
- Philadelphia Now Allows A Tax Credit for Hiring Veterans September 23, 2012
- Risky Business: Playing Fast and Loose with Worker Classification September 9, 2012
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- STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
- A Handy Chart of 2017, 2016 and 2015 Retirement Plan & IRA Contribution Limits, Maximum Benefits, Maximum Income Subject to Social Security
- IRS Warns & Updates Taxpayers of Numerous Tax Scams Nationwide: All Taxpayers, Tax and Financial Advisers Need To Read This
- Do You Want To Know About Your IRS Account Balance? IRS Launches New Online Tool to Assist Taxpayers with Basic Tax Account Information
- Tax Update: Governor Christie Reverses and Repeals New Law and Reinstates Pennsylvania-New Jersey Reciprocal Tax Agreement Preventing Adversely Impacting 250,000 Workers & Thousands of Employers
- City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2016
- Did You Get a Letter in the Mail from the IRS? Here is What You Need to Do
- 2016 Standard Mileage Rates for Business, Medical and Moving
- Tax Positions of Presidential Candidates
- New 2015 Tax Law Changes Tax and FBAR Filing Deadlines & Other Noteworthy Compliance Provisions: The Good, The Bad & The Ugly
- Small Businesses Can Get IRS Penalty Relief for Unfiled Retirement Plan Returns
- STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
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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 on-line. Taxpayers and tax professionals can not be too careful and should be on the lookout for these deceptive schemes.
“Whether it’s during the holidays or the approach of tax season, scam artists look for ways to use tax agencies and the tax industry to trick and confuse people,” said IRS Commissioner John Koskinen. “There are warning signs to these scams people should watch out for, and simple steps to avoid being duped into giving these criminals money, sensitive financial information or access to computers.”
Here are Seven of the Most Prevalent IRS Impersonation Scams:
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 they owe for tax, penalties and interest.
It also should be pointed out that taxpayers may also continue to take advantage of the Continue reading
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 adversely impacted by this new law. Continue reading
The Famous and Quirky 45 Foot Steel Clothes Pin Created by Sculptor Claes Oldenburg Across from City Hall
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 3.9004% (.039004).
- The new Wage Tax rate for non-residents of Philadelphia who are subject to the Philadelphia City Wage Tax is 3.4741% (.034741).
What does this mean to you?
Any paycheck that you issue with a pay date after June 30, 2016 must have Philadelphia City Wage Tax withheld at the new rate.
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 your anxiety and to provide a specific action plan for any correspondence received from the IRS (or from your state or local taxing authority):
- Don’t Panic: You can usually deal with a notice simply by responding to it. You should immediately contact your tax attorney, CPA or tax adviser to discuss this matter in more detail.
- Tip: Waiting can only compound and complicate your tax problems.
- Most IRS notices are about federal tax returns or tax accounts: Each notice has specific instructions, so read your notice carefully because it will tell you what you need to do. Follow the instructions very carefully. The goal here is to give a specific and detailed response to the tax issue in question.
- Tip: Only respond to the particular issue and do not provide or discuss issues that are not being raised by the IRS.
- Taxes You Owe or Payment Request: Your notice will likely be about changes to your account, taxes you owe or a payment request. However, your notice may ask you for more information about a specific issue.
- Tip: Do not assume that the taxes owed are correct. In many cases, the IRS calculates taxes without all the relevant facts.
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 car (also vans, pickups or panel trucks) will be:
• 54 cents per mile for business miles driven, down from 57.5 cents for 2015
• 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015 Continue reading