In Pennsylvania, real estate tax exemption is constitutionally based. Article 8 of the Pennsylvania Constitution grants authority to the Pennsylvania General Assembly to exempt from taxation five [...]
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The Internal Revenue Service prohibits a charitable contribution deduction for any contribution of $250 or more unless the taxpayer substantiates this contribution by a contemporaneous written [...]
On Tuesday, May 20, 2014, in the case of Whitewood vs. Wolf, U.S. District Court Judge John E. Jones III ruled that Pennsylvania’s Defense of Marriage Act (“PDMA”) violated the due process [...]
A person creates a Grantor Retained Annuity Trust (GRAT) by transferring assets to an irrevocable trust for the benefit of a beneficiary and retains an annuity interest. A person who establishes [...]
The federal estate tax exclusion has grown from $5,000,000 in 2011 to $5,340,000 in 2014. Beginning in 2011, if properly elected, the unused exclusion of one spouse’s estate could be used by the [...]
When buyers and sellers enter into an asset purchase agreement, Internal Revenue Code Section 1060 requires that the buyer and seller agree to the allocation of the purchase price to the various [...]
The phase-out of Pennsylvania’s Capital Stock Tax & Franchise Tax was final as of January 1, 2016. This phase-out had been proposed for many years, however, the elimination of the tax [...]
With the recent dip in the stock market, now may be an excellent time to consider converting your Traditional IRA to a Roth IRA. Converting your IRA to a Roth IRA will subject your IRA to income [...]
The City of Pittsburgh’s new paid sick leave ordinance, which was set to take effect this month, has been struck down by the Allegheny County Court of Common Pleas. Judge Joseph M. James ruled [...]
