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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.

New Key Numbers for 2018

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 City Wage Tax Reduction

Philadelphia City Wage Tax Reduction effective July 1, 2018.

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.

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. Learn more ...

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