If you do, you may be required to report the account to the Department of the Treasury. THE LAW Any United States person who has a financial interest in or signature authority over any financial [...]
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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 [...]
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 [...]
