Tax Warrior Chronicles

Which States Will Conform to Tax Law Changes?

Posted on Thu, Jan 17, 2019

DAN MARQUES - OFFICIAL - 2016Have you heard of the Tax Cuts and Jobs Act (“TCJA”)?  Of course, you have. And, you’ve likely heard more about the TCJA than any other tax law before it.  The last time the federal tax code was significantly transformed was in 1986, the year I was born, so the TCJA is a big deal. The question is, will states conform to the changes?

 

Despite significant media coverage of the TCJA, many forget this as a FEDERAL tax law.  ... Read More

Changes to Uniform LLC Act May Have Unexpected Impact

Posted on Fri, Jan 11, 2019

HerbFineburgFrom time to time, The Tax Warriors® at Drucker & Scaccetti call on highly skilled friends of the firm in the areas of law and wealth management to share knowledge that can help you better understand your own tax situation. Today, attorney Herbert Fineburg, of the law firm Offit Kurman discusses the changes to the PA Uniform LLC Act and how these changes may have an adverse impact on members.

 

The recently enacted changes under the Pennsylvania Uniform Limited Liability Company Act, 15 ... Read More

Jump Start Your Tax Filing – Do I Owe?

Posted on Thu, Jan 10, 2019

Uncle_Sam-Taxes-resized-600By: Stacie Court, CPA, MST

 

2019 is here and the tax filing season is right around the corner (can you believe it?).  Numerous changes to the tax code have taken affect for 2018 returns and the big question on everyone’s mind is, “Will I have a balance due in April?”  We’re here to help you get a jump start on gathering your tax documents, become aware of changes that may impact your tax liability and help you answer ... Read More

D&S Promotes Two to Partner

Posted on Tue, Jan 08, 2019

By: Drucker & Scaccetti

Philadelphia –Drucker & Scaccetti (D&S), a strategic tax planning and consulting firm, announced the promotion of two (2) of its team members. Promoted to Principal are Read More

Understanding the New 1040 Postcard

Posted on Mon, Jan 07, 2019

By: Rachel Kieser, CPA, MT

 

As a complement to the Tax Cuts and Jobs Act of 2017 (“TCJA”), President Trump and others in his administration promised to simplify the Internal Revenue Code so much that individual tax returns could be filed on a postcard.  Well, the final version of the Form 1040 “postcard” has been released and must be used for all 2018 personal tax returns.  We will walk you through some of the major changes to the form and its instructions. But first, this is what the new main form looks like:

Read More

New Tax Law Challenges Present Opportunity for Scams

Posted on Fri, Jan 04, 2019

EricBy: Eric R. Elmore

 

It’s been a full year since the Tax Cuts and Jobs Act of 2017 was passed. And, while the IRS and tax professionals continue to dissect it, scam artists are busy plotting to take advantage of the confusion to steal your money and identity. Today, we’ll discuss a few of their go-to scams and some new ones that have surfaced. Let's get at it!

 

The level of sophistication some scammers have achieved is ... Read More

Married, Living Separately…Together

Posted on Thu, Dec 20, 2018

Price2By: Keisha Price, CPA, MST

 

Increasingly, married individuals are “Living Apart Together” or “LAT,” as it is commonly referred to in sociology circles. Surveys, studies and personal interviews suggest several reasons (other than impending divorce) why couples are deciding to maintain separate households, sometimes thousands of miles apart.  Tax implications are just the tip of the financial iceberg. Today’s blog takes a high-level look at this ... Read More

IRS Issues Standard Mileage Rates for 2019

Posted on Mon, Dec 17, 2018

D&S Marketing_069By: Drucker & Scaccetti

 

Friday, the Internal Revenue Service issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

 

Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 58 cents per mile driven for business use, up 3.5 cents from the rate for ... Read More

Your Foreign Interests and the U.S. Tax Law

Posted on Fri, Dec 14, 2018

PATRICK MCCORMICK - OFFICIAL - 2018-1By: Patrick McCormick, JD, LLM

 

Tax Warrior Patrick J. McCormick, JD, LLM, recently wrote an article for Tax Notes titled, "How is My Foreign Interest Classified for U.S. Tax Purposes." If you or a client have investments or other income-generating enterprises based outside the U.S., this piece ... Read More

Finding and Securing Unclaimed Property

Posted on Thu, Dec 13, 2018

CECILIA FERNANDES - OFFICIAL - 2016By: Cecilia Fernandes

 

Wouldn’t it be nice to find $20 under the seat of your car, that’s been there for two years?  Of course, it would. Discovering an asset you did not know existed, and it belongs to you, is an exciting prospect. Today’s blog will explore how you may find your own unclaimed property and,  what to do with unclaimed property that belongs ... Read More