Tax Warrior Chronicles

By: Salvatore Amato, CPA

For many of us, the holiday season brings the opportunity to share joy and presents with our families and friends. Gift giving, while fun and exciting, can also pose its challenges. Well-intended toys and games just add to the growing stockpile many children have, and there is always the difficulty of finding the “hot toy” of the season, if you don’t hit the stores early. This year, consider a contribution to a 529 college savings plan for a special child. Their parents, your tax bill, and, one day, the child, will thank you for it.

By: Brandon Caine, CPA, and Robert Polans, CPA, MT

As we approach the 2021 tax filing season, remember it is also Required Minimum Distribution (RMD) season. You generally have until December 31, 2021, to take your RMD out of tax-deferred retirement accounts to avoid costly penalties, unless this is your first RMD year, in which case you get a grace period until April 1, 2022. You generally do not have to take RMD’s from your employer’s plan until you terminate or retire. Individuals who inherited qualified plan accounts, including either traditional or ROTH accounts, must take their first RMD by December 31 of the year following the death of the original account owner. While many take

By: Joseph Moukhliss, EA

The Internal Revenue Service recently announced its annual inflation adjustments for tax year 2022 and many tax provisions have increased as a result. In today’s post, we’ll get you up to speed on the increased deductions and credits available in 2022. Inflation is usually a bad word, but in some cases it can be good. So today, let’s explore the good inflation that we all like to hear about, increases in tax deductions and credits. Let’s get at it!

By: NiCole Rosado

New employment opportunities, a booming housing market, and a change of environment or slower pace of life. These are just a few reasons why people are planning to move. COVID-19 gave all of us time for reflection and, for some, opportunities outside of their current domicile. In today’s blog, we’ll look at simple ways you can evaluate a change in residence before you pull the trigger…including taxes.

By: Ronald Kalungi, JD, LLM

The landmark Organisation for Economic Cooperation and Development (OECD) deal, agreed by 136 countries and jurisdictions representing more than 90% of global GDP, aims to ensure all multinational enterprises (MNEs) will be subject to a minimum of 15% tax rate starting in 2023. It also reallocates more than $125 billion of profits from around 100 of the world’s largest and most profitable MNEs to countries worldwide. Today, we’ll discuss the deal and what it means to multinational enterprises.”

By: Svetlana Goldina, CPA

The pandemic created an increased desire and/or need for individuals to work from home. As both employees and employers have become more accustomed to the new remote work environment, it is important to consider the tax implications. This blog will address some of the implications for employees.

The Philadelphia Department of Revenue announced that on Monday, November 1^st it will launch a new tax filing and payments website, The Philadelphia Tax Center. The Tax Center will allow Philadelphia taxpayers to file and pay taxes, as well as communicate with the Department of Revenue, all in one place. 

By: Paul R. Barresi, IT Manager

According to various sources, approximately 300 billion+ emails are sent worldwide every day. Unbelievably, more than half that number either has the potential to infect your computer with malware or make you reveal your passwords and other sensitive information. These come from criminals who want your money, your company’s data, your personal identifiable information (PII) or all the above. Today’s blog takes a decided non-tax bent and focuses on ways to identify emails that threaten you or your business.

By: Rosalind Sutch, CPA, MT

While many tax advisors were busy working to wrap up September 15^th deadlines on Monday, House Ways & Means Committee Chairman Richard Neal released 881 pages of proposed legislative text intended to become part of the Build Back Better Act, a budget reconciliation bill forthcoming from Congress. That same day, Ways & Means Committee staff prepared and released an 18-page, section-by-section outline of the potential tax legislation required to cover the Biden administration’s $3.5 trillion spending plan. It’s still early in the legislative process and what will become law is still somewhat of a guessing game. But we are at the stage when we start following

Jeremy Gussick, MBA, CFP, of LPL Financial, is no stranger to our subscribers.  He has become one of our Social Security and retirement planning go-to experts.  Today, he talks about Medicare and other Social Security benefits and when, where, and if taxation comes into play.