On November 6, 2019, the IRS released a process unit to train and educate its agents on partial asset dispositions of a building. The release of this educational material to its employees may indicate IRS intent to target these deductions for examination, which are common in the real estate industry. Before we address this development, we'll first give you a refresher and explain the information your tax preparer needs to determine if you may benefit from the deduction. Finally, we'll address risk mitigation, given the recent IRS pronouncement.... Read More
Tax Warrior Chronicles
There’s a knock at the door. It’s not your Aunt Rosie, it’s not your poker buds and it’s not Junior who forgot his key. It’s the IRS…unannounced! Yes, this is now a possibility. The IRS recently promulgated a policy for visiting certain taxpayers without prior notice. Sound scary? It could be; read on for the details.
First, a visit will occur only if you have an ongoing issue with the IRS, such as unfiled returns or significant taxes owed. Further, the visits will typically occur after the issue(s) has not been ... Read More
Philadelphia – The Shareholders of Drucker & Scaccetti (D&S), a strategic tax planning and consulting firm based in Center City, announced the promotion of four of its principals to Shareholder. Effective January 1, 2020, joining the Shareholders are Chris Catarino, CPA, MT; Rachel Kieser, CPA, MT; Dottie Leonardi; and Dan Marques, CPA, MT.
We are excited to invite the talent of Chris, Rachel, Dottie and Dan ... Read More
In 1990, the City of Philadelphia was immersed in a financial crisis and on the verge of bankruptcy. Randall Cunningham led the Eagles to the playoffs and the city’s first skyscrapers, Liberty One and Two, were completed—much to Billy Penn’s chagrin. 1990 is also the year Drucker & Scaccetti was born. Join us in celebrating our 30th anniversary as we look at 30 other significant events from 1990. How many do you recall?
Here is a list of some top events from around the world that occurred in 1990. ... Read More
By: Beth Gaasbeck, CPA, MBA and Robert N. Polans, CPA, MT, PFS
Welcome to Part II of our two-part blog discussing the SECURE Act and its impact on retirement and estate planning. The Act was signed by the President on December 20, 2019, and is effective as of January 1, 2020. Today’s focus is on the not-so-good parts of the Act.
Running your own business can be very satisfying and rewarding; and with the emergence of the “Gig Economy,” more of you are moving from being an employee and receiving a W-2 to being self-employed. Whether you have a side hustle or own a small business, today’s post should help with managing the tax and income-reporting process.
What do you do, when do you do it and how ... Read More
Recent tax code changes were supposed to make filing easier. Now the IRS is reviving Form 1099-NEC, Non-employee Compensation, which has been absent since 1982. It’s aimed at reducing confusion, but does it really? Here’s how and when this latest change may affect you.
With the reinstatement of Form 1099-NEC, the IRS is truly trying to simplify filing, but sometimes the Service can’t get out of its own way. The Read More
By: Eric R. Elmore
Amidst all the talk about impeachment and the hard-line partisan politics in Washington was a pearl of good news for the American taxpayer. Over the weekend, congressional leaders and the White House agreed to extend, through 2020, the group of tax provisions commonly known as "tax extenders." What does this mean for you? Let’s take a look…
The agreement is a year-end tax package that renews expired incentives for businesses ... Read More