Tax Warrior Chronicles

Guidelines to Adhere to New Philadelphia Ordinance on Reporting Federal Tax Changes

Posted on Mon, Jun 07, 2021

On May 6, 2021, the City of Philadelphia passed Bill No. 210139-AA, an ordinance requiring all Philadelphia taxpayers to report changes to their federal taxable income to the Philadelphia Revenue Department. This new ordinance, which was signed by the Mayor on May 19, 2021, is effective immediately.

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Update on Federal and State Tax Deadlines

Posted on Wed, Mar 25, 2020

UPDATED April 1, 2020

 

As of April 1, 2020, many states have released guidance to extend their tax filing or payment deadlines to align with IRS Notice 2020-18 or to provide their own extended filing or payment dates, while others are still slow to take action.  Additionally, on March 24, 2020, the IRS has also released information addressing Frequently Asked Questions (FAQs) and on March 27, 2020 the IRS issued Notice 2020-20.  Today’s blog will update you on the most current information available regarding federal, state and select local tax filing and payment deadlines.

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June 30th Opportunity Fund Testing is Near - Here’s What You Need to Know to Pass!

Posted on Mon, Jun 10, 2019

The most recent set of proposed Opportunity Zone (OZ) regulations, issued by Treasury in April, provide the clarity many OZ Fund sponsors need to begin doing deals. However, early-adopters formed funds in 2018 and the beginning of 2019 despite the uncertainty in the law. For these courageous few, a critical IRS testing date is fast-approaching on June 30, 2019. Today, we discuss what you need to know to pass your OZ Fund’s mid-term test.

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The Fairness of Taxes from the Perspective of Children

Posted on Mon, Apr 08, 2019

By: Eric R. Elmore

 

I’m privileged to work with many talented tax professionals—some are the best minds in tax. Our advisors tackle complex planning for many of the wealthiest families in America. Graduate degrees and credentials acquired over years of practice include CPA, MT, JD, LLM, PFS, CFP, and MBA. However, when we asked children at Philadelphia’s Mighty Writers to give us their interpretations of taxes, their answers reflected a surprisingly good understanding of the subject, despite their lack of financial or legal education.  Before we give you their responses, a little on Mighty Writers and how The Tax Warriors® became a big fan.

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ATTENTION Philly Property Owners – Beware the Use & Occupancy Tax

Posted on Thu, Nov 15, 2018

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.

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BIRT Payments Must Be Electronic Starting April 2018

Posted on Thu, Nov 09, 2017

By: Eric R. Elmore

 

While federal tax reform plows ahead in Washington, D.C., the City of Philadelphia announces its own shift in policy.

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City or the Burbs?  The Choice of Moving to Philadelphia

Posted on Thu, Jun 22, 2017

By: Tim Carroll, CPA, MT

 

The City of Brotherly Love, home to The Tax Warriors, is high on most lists as a suitable place to live and work. Whether you are a new graduate, in the middle of your career, or a recent retiree, Philadelphia is an attractive choice for a new home. On the other hand, any of the charming surrounding suburban towns could be the ideal place for you.  Today, we will examine a few considerations when deciding whether to live in Philadelphia or one of the surrounding suburbs...and, yes, taxes are one.

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What Happens When KOZ Tax Breaks Are Not Extended?

Posted on Fri, May 12, 2017

 

By: Nashwat Hussein-Sagaff, CPA

 

Since 1999, many businesses have benefited from the Keystone Opportunity Zone (KOZ) Program.  KOZ reduces or eliminates taxes to drive investment and economic development where little or none has taken place.  In 2018, many KOZ designated properties are due to expire, along with their zero-tax status.  Without an extension, these companies must prepare for normal business taxation. Here’s what they need to know…

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Drucker & Scaccetti Selected as Top Philly Accounting Firm

Posted on Mon, Mar 06, 2017

PhiladelphiaDrucker & Scaccetti (D&S) was recognized in AdvisoryHQ’s 2017 Ranking of the Top Accounting Firms in Philadelphia. D&S was one of 12 firms on the list and the only specialty firm represented.  It is the second consecutive year D&S is recognized for this unsolicited honor. 

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Papal Visit Inspires Expanded Philly Tax on Short-Term Rentals

Posted on Mon, Jul 20, 2015

Philadelphians are counting down to the 2015 World Meeting of Families, where Pope Francis will make his first visit to the area. This two-day papal visit will bring a record number of visitors into the city and surrounding areas. The latest estimate exceeds 2,000,000 people!  The preparations are extensive; so much so that new legislation has been introduced that may impact you if you are thinking about renting your home to travelers.

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