Tax Warrior Chronicles

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.

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.

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.

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.

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.

By: Eric R. Elmore

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

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.

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…

Philadelphia – Drucker & 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.