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Read our Monthly Newsletter

Need to Know

In an effort to keep you up to date on current tax and financial developments we will present a timely summary of the latest information that we believe will have the greatest impact to you and your business.

If you have any ideas for future updates, we would like to hear from you.

Christie keeping income tax agreement with Pennsylvania

Gov. Chris Christie announced November 22, 2016 that he will keep in place a four decade old agreement that allows New Jersey and Pennsylvania residents who work across state lines to pay income taxes where they live rather than where they work.

Christie originally announced in September, 2016 that New Jersey would be pulling the state out of the 1977 agreement. This comes as a relief to many people as the ending of the agreement would have cost many taxpayers significant money and made their state tax filings unduly complicated.

New Key Numbers for 2017

All the numbers you need in one place including maximum retirement contributions including IRAs, standard mileage reimbursement, tax rates, estate and gift tax thresholds and more. Print this reference chart for use throughout the year.

City of Philadelphia Tax Basics

Philadelphia business taxes are complicated. There are a number of taxing and registration provisions for businesses that are unique to Philadelphia. For companies doing business in Philadelphia (essentially stepping foot in the City), failure to comply with any of these regulations can be costly as the interest and penalty provisions are steep. Many businesses are not fully aware of all their reporting obligations and only find out when it is too late. Philadelphia has gotten more sophisticated in tracking down taxpayers who are not in compliance.

If you are considering, or currently doing business in Philadelphia, it is important to understand and comply with their regulations. City of Philadelphia Tax Basics provies a brief overview of the most common business taxes. Although this is a good starting point, business owners are always better served when working with a knowledgable accountant.

Bassman Laserow, Adelman & Weiss is here to help, with City tax preparation and all your accounting needs.

Philadelphia Paid Sick Leave

Starting May 13, 2015 employees who work at least 40 hours a year within the City of Philadelphia limits will be eligible to earn paid/unpaid sick leave. Learn more ...

Philadelphia City Wage Tax Reduction

Philadelphia City Wage Tax Reduction effective July 1, 2017.

Phantom Taxes on the "Wealthy"

While the American Taxpayer Relief Act increases the top tax rates on individuals with taxable income in excess of $400,000 ($450,000 for married taxpayers), there are also tax provisions in the Affordable Care Act, (Obamacare) that effect individuals with AGI (adjusted gross income) in excess of $200,000 ($250,000 for married taxpayers). Although this material is already covered elsewhere on our website, this article is intended to highlight only those changes that effect the wealthy. Read article for details.

American Taxpayer Relief Act

The American Taxpayer Relief Act (the Act), while preventing many of the tax hikes that were scheduled to go into effect also retains many favorable tax breaks that were scheduled to expire. However, it has increased income taxes for some high-income individuals and slightly increased transfer tax rates. This article provides an overview of the Act's key provisions. Read article for details.

Affordable Care Act (Health Care Act)

The July 2012 Supreme Court ruling upholding what's collectively referred to as the Affordable Care Act (ACA) or Health Care Act, often referred to as the Obamacare, has resulted in a number of changes to the US tax code. As such there are a number of tax implications for individuals and businesses. With that in mind, let's take a closer look at what it might mean for you. Learn more ...

Deduction for losses in Ponzi schemes

IRS announced special relief for victims of Bernard Madoff's Ponzi scheme (and for investors in other similar fraudulent schemes). Because Madoff's scheme continued for years, many investors are faced not only with the loss of their original investments, but also with having paid taxes on "phantom income," based on fraudulent statements sent by Madoff's firm to investors over a number of years. Read more.

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