Tax Warrior Chronicles

Planning Considerations When Changing State of Residence

Posted on Tue, Nov 16, 2021

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.

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Reflections on the OECD Global Tax Reform Deal

Posted on Fri, Nov 12, 2021

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.”

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State Tax Implications for Individuals Working Remotely

Posted on Wed, Nov 10, 2021

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.

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New Online Philadelphia Tax Center to Launch Nov. 1

Posted on Fri, Oct 29, 2021

The Philadelphia Department of Revenue announced that on Monday, November 1st 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. 

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Cyber Security: Signs of a Potentially Nefarious Email

Posted on Mon, Sep 27, 2021

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.

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What’s In the Ways & Means Committee Outline of Proposed New Tax Laws

Posted on Fri, Sep 17, 2021

By: Rosalind Sutch, CPA, MT

 

While many tax advisors were busy working to wrap up September 15th 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

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Medicare and Your Social Security Benefits

Posted on Wed, Sep 08, 2021

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.

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Online Gambling & Sports Betting: The IRS Perspective

Posted on Wed, Sep 01, 2021

In its May 2018 decision, the U.S. Supreme Court opened the door for legalized sports betting. Since the ruling, companies like DraftKings, FanDuel, and BetMGM have built a national presence along with some states’ online casinos. However, many are still unsure how to report winnings and/or losses. Whether it is traditional or online gambling, or sports betting, the IRS treats it all the same. Let’s dive into how the IRS treats these winnings and how losses can be a tax benefit for certain individuals.

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Proposed Capital Gains Rate Increase Impact on the Sale of a Family Business

Posted on Fri, Aug 27, 2021

By: Sherri Sorbello, CPA

 

Among President Biden’s tax proposals is an increase in the long-term capital gain tax rate from 20% to the top ordinary tax rate (37% for 2021 or 39.6% for 2022) for taxpayers with adjusted gross income (AGI) over $1 million. At the time of the publication of this blog, it is unclear if this change, if enacted, will be retroactive to a yet-to-be determined date in 2021 or if it will take effect as of January 1, 2022. For those looking to sell a family business, planning for the potential higher tax rate is essential to ensure you net the greatest cash flow from the sale of a business.

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GUEST BLOG – From a Distance: Tax Traps of a Remote Workforce

Posted on Wed, Aug 25, 2021

A pressing question from clients has been around remote workforces and the related tax implications. As businesses weigh their options regarding from where an employee is required to work (home, office, or hybrid) there is a lot to consider. Our guest blogger today is Jennifer Karpchuk, an attorney and co-chair of the state and local tax controversy planning practice at Chamberlain, Hrdlicka, White, Williams & Aughtry in Philadelphia. She describes the issues businesses should know regarding remote workforces. If you have remote employees, this is a must read.

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