By Joseph A. Bellinghieri, Esquire- One of the questions I am often asked by clients is why does Pennsylvania impose tax on income in one year when I have had losses in the same investment for years which Pennsylvania has not allowed me to take. The federal government does not do that. Doesn’t the Pennsylvania […]
By Donald P. Bristol, Paralegal and Louis N. Teti, Esquire- As many of us are aware, the prevalence of scam artists targeting and taking advantage of elderly individuals is increasing at an alarming pace. These scam artists consistently fine-tune and perfect their skills and the statistics are distressing – according to the Treasury Department’s inspector […]
By Joseph A. Bellinghieri, Esquire- If you are operating an activity that you think is a business but generates a loss each year, you may think you can deduct that loss on your personal federal income tax return. However, that may not be the case. The Internal Revenue Service (“IRS”) likes to claim that money-losing […]
On Friday, June 14, Lou Teti will participate as a panelist in the Chester County Community Foundation’s “Door Openers to Major & Planned Gifts” presentation. During this session of the C4 Series, participants will learn from the region’s advisors about their involvement in planned giving philanthropy decisions. When: June 14, 2019, at 9:00 am Where: […]
By Joseph A. Bellinghieri, Esquire- Opportunity Zones were added to the United States Tax Code by the Tax Cuts and Jobs Act on December 22, 2017. An Opportunity Zone is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been […]
By Frank Marano, Jr., Esquire- The Internal Revenue Service examines and audits returns and selects taxpayers for audit based on several factors, many of which are not disclosed by the Service. However, federal tax disputes often arise because tax authorities don’t agree with your tax position and because the taxation system depends on voluntary compliance. […]
By Frank Marano, Jr., Esquire- The 2017 Tax Act eased obligations on C-corporations by reducing the top corporate tax rate to 21% and placed passthrough business owners (sole proprietorships, partnerships, limited liabilities companies, and S corporations) at somewhat of a disadvantage as they continue to be taxed at the individual tax rates of the owners […]
By Frank Marano, Jr.- A recent sales tax decision from the Supreme Court in South Dakota v. Wayfair, Inc. will force businesses to reevaluate their interstate operations and systems. On June 21, 2018, the Court held that states may impose a tax on purchases made from out-of-state sellers, even if such seller does not have a physical […]
MacElree Harvey, Ltd. is pleased to announce that Louis N. Teti has been selected as Honorary Chair of the 3rd Annual Paoli Hospital Auxiliary’s Fine Art Show. Opening the weekend of October 6, the 2-day show will feature the work of Jan Wier and original art expression of 50 local and regional artists. Attendees throughout […]
By Stephen M. Porter As an estate planning attorney, I have been asked frequently about the impact that the Tax Cuts and Jobs Act of 2017 (TCJA) will have on planning due to the doubling of the exemption for the estate, gift, and generation-skipping taxes. As a result of this change, an individual can transfer […]
