Tax Warrior Chronicles

ATTENTION Philly Property Owners – Beware the Use & Occupancy Tax

Posted on Thu, Nov 15, 2018

Irina EricBy: Irina Moyseyenko, CPA, MT

 

If you own a Philadelphia property, which is used for business purposes, you are subject to the Philadelphia Use & Occupancy Tax (“U&O Tax”).  This tax is charged to the owner of the property and is 1.21% of the assessed value of the property. Surprised? Read on for more information, including exemptions and the process for appeals.

 

The U&O Tax is in addition ... Read More

Divorce and Your Employee Stock Compensation Plans

Posted on Tue, Nov 13, 2018

DONNA PIRONTI - OFFICIAL - 2018-1By: Donna Pironti, CPA, MSA, CFF

 

Tax Warrior Donna Pironti, CPA, MSA, CFF, co-authored an article in the American Bar Association's magazine, Family Advocate. The article gives detailed explanations of the different types of employee stock compensation plans and how their value may be transferred or split ... Read More

The Wizards of “OZ” Introduce Resource Center and Incentive Ideas for Opportunity Zones

Posted on Mon, Oct 29, 2018

CHRIS CATARINO - OFFICIAL - 2016By: Chris Catarino, CPA, MT

 

While Drucker & Scaccetti is elbow deep reviewing the proposed Opportunity Zone (OZ) regulations Treasury recently released, we’ve also been working with local leaders to explore ideas that will drive national capital into Philadelphia’s abundant OZ real estate projects. So far, most of this energy has been focused on offering resources and other benefits to ... Read More

On the Forefront of Innovation

Posted on Wed, Oct 24, 2018

Tactical-Tax-PlanningOn occasion, we marvel at things our clients do that impact our lives. And, from time to time, with their permission, we’d like to share these incredible stories of innovation, perseverance, and hope. Dr. Tom Devlin* is such an individual. He was recently featured in The Economist for developing a groundbreaking innovation on a cell phone that has saved many lives…and could save yours. We are proud of what Dr. Devlin has achieved, and invite you to view and share this video describing his ... Read More

Tax Considerations of Converting Your Primary Residence into a Rental Property

Posted on Thu, Oct 18, 2018

D&S - 2016-Web_090-1By: Clare Porreca, CPA, MT

 

Converting a primary residence into a rental property is a common occurrence.  With the real estate market on a slight decline, more taxpayers may decide to rent rather than sell their homes to wait out the market.  If you’re in this situation, read on so you’re aware of the tax implications of converting your home into a rental property.

 

Tax ... Read More

Keep Your Eye on the Exit

Posted on Thu, Oct 11, 2018

Modern-Family-and-LGBTQ-Tax-Consulting-&-Financial-PlanningBy: Michael W. Donahue, CPA, CFP, MT

 

In the past few years, we have assisted family business clients in a time of strong economic growth. This growth continues across many industries. In meeting with these clients, we’ve noticed an increase in the owners’ interest in “cashing in” on their ... Read More

Unprepared Heirs: Starting the Family Conversation About Wealth Transfer

Posted on Mon, Oct 08, 2018

Multistate-Tax-ServicesBy: Jane Scaccetti, CPA, MT, PFS and Nastassja Markham Coletta, JD, LLM

 

The reports differ from $30 trillion to perhaps only $9 trillion, but nearly all experts agree the greatest wealth transfer in history will happen in the next 25 years with a significant transfer of wealth happening in ... Read More

Tax Avoidance vs. Tax Evasion – My Opinion on the Trump Conundrum

Posted on Thu, Oct 04, 2018

ronald_druckerBy: Ronald H. Drucker, CPA, JD, LLM

 

As a Drucker & Scaccetti Tax Warrior, lawyer and CPA, who lived in Fred Trump’s now somewhat famous Beach Haven Apartments complex in Brooklyn, I feel the need to provide some commentary on the New York Times article of October 2, 2018, about Donald Trump and his questionable financial dealings with his father, Fred. 

 

The complex, built ... Read More

Pre-Immigration Planning Options and Considerations for Nonresident Aliens

Posted on Tue, Oct 02, 2018

International-ServicesBy: Patrick J. McCormick, JD, LLM

 

The Tax Warriors® at Drucker & Scaccetti pride themselves both on optimally servicing clients and on establishing themselves as experts within the tax industry, regularly publishing and speaking on an assortment of tax topics.  As one example, Tax Warrior Patrick McCormick, JD, LLM, was sought out to publish a portion of a ... Read More

Head of Household in Post-TCJA Times: Still a Worthy Tax Filing Status?

Posted on Thu, Sep 27, 2018

Tax_1040-resized-600By: Donna M. Pironti, CPA, MSA, CFF

 

Since the Tax Cuts and Jobs Act of 2017 (TCJA) we have received many questions on the head of household (HOH) filing status changes.  Although the definition of HOH and how one can claim that status has not changed, the rate changes have caused it to lose some of its pre-TCJA value. 

 

Pre TCJA, if a taxpayer met the HOH ... Read More