Norris McLaughlin & Marcus, P.A.

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Taxation

May 01, 2017

Will President Trump’s Tax Reform Affect Your Income Bracket?

President Trump announced his proposed tax reform proposal which he labels as the largest tax cut in history. In his proposal, virtually every business and individual will be affected on some level. This proposal has a long way to go before becoming law, and at that time may look much different. Therefore, our clients and friends should not get too excited or concerned at this moment.» Read More

Dec 05, 2016

Eyewitness Report: IRS Public Hearing On Section 2704 Proposed Regulations

On December 1, the Internal Revenue Service held a public hearing to allow individuals to present oral testimony on the proposed regulations regarding “Estate, Gift and Generation-Skipping Transfer Taxes; Restrictions on Liquidation of an Interest (REG-163113-02)” that were released on August 2, 2016.  The publication of these proposed regulations indicated that the IRS would potentially disallow the discounting of the value of family business interests for purposes of the federal transfer taxes. » Read More

Jan 13, 2016

Congratulations! You Won the Powerball! How Much is Your Tax Bill?

After 10:59 tonight, this post will only apply to one lucky person (possibly 2 or 3).  Until that time, let’s pretend that you are that lucky person who wins $1.5 billion.  Your lottery ticket will not end up in the trash.  You will not be frantically hoping that no one had a winning number so that you have another chance on Saturday night. » Read More

Aug 07, 2015

Taxpayers: Fincen Form 114 (Electronic FBAR) Due Date Modified Along with Other Due Dates

The Senate passed the short-term highway funding extension last week, and the bill was signed into law by the President on July 31, 2015.  The new law modifies the due dates for several important tax returns as follows for tax years beginning after December 31, 2015.

Fincen Form 114 (the electronic FBAR) is now changed from June 30 to April 15. » Read More

Feb 12, 2015

The Hidden Cost of Short Sales: The implication of the failure to extend the Mortgage Forgiveness Debt Relief Act through 2015

Since the great housing market crash of 2008 and ensuing recession, many Americans have been struggling with a mortgage balance that far exceeds the value of their home.  Many have continued to make payments in the hope that, eventually, the market will pick up and their homes’ values will be restored.  But even more have struggled to make payments, have fallen behind, and are trying to find a way out before their lender has to foreclose.» Read More

Jun 06, 2014

End of Same-Sex Marriage Ban Not the End of Same-Sex Marriage Litigation in Pennsylvania

Although a recent ruling in federal court in the Middle District of Pennsylvania determined that Pennsylvania’s same-sex marriage ban is unconstitutional, this decision has not put an end to litigation arising from same-sex marriage issues.  In an ongoing lawsuit in the Northampton County Court of Common Pleas, widow Barbara Baus is petitioning the Court to find that Pennsylvania must retroactively recognize her same-sex marriage so she will not have to pay the inheritance tax on her spouse’s estate. » Read More

Feb 11, 2014

Neighborhood Improvement Zones & City Revitalization Zones: Revitalizing Cities & Promoting Economic Development

Pennsylvania’s Neighborhood Improvement Zones, enabled by Act 50 of 2009, are springing up across the state and the Lehigh Valley and are generating noteworthy development within the region.  With last month’s announcement by the Department of Community and Economic Development (DCED) that the City of Bethlehem was awarded one of the two coveted CRIZ designations, a look at the similarities and differences between the two zones is timely.» Read More

Jan 21, 2013

2013: Life After the Fiscal Cliff

As of January 1, 2013, Congress agreed upon legislation that would prevent the expiration of many tax deductions and favorable tax rates.  The American Taxpayer Relief Act of 2012 (PL 112-240) was officially signed into law by President Obama on January 2, 2013.  The following is a summary of the more popular provisions of the legislation:» Read More

Jan 15, 2013

Summary of Pennsylvania Taxes Applicable to Brewers

The proper payment of all taxes is essential for any business. Generally, Pennsylvania taxes applicable to manufacturers of malt or brewed beverages are not that different then those taxes applied to other businesses with the exception of the malt beverage tax. The following is a brief summary of the Pennsylvania taxes a manufacturer is likely subject to.» Read More

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