Philadelphia Business Tax Changes: What Business Owners Really Need to Know In the last few months, I have been asked on many occasions about the changes in Philadelphia Business taxes and what business owners should know. Note that this change is driven by a legal challenge and the City position that the previous position breaks
Since April 2025, there is ongoing uncertainty surrounding the agreement between ICE (Immigration and Customs Enforcement) and the IRS to share taxpayer information, particularly that of individuals filing with an ITIN. Under this new agreement, the ICE can request taxpayer information—including names, addresses, and tax years—from the IRS under the narrow confidentiality exception in Section 6103(i)(2).
Renouncing U.S. citizenship or giving up long-term residency is not only a personal milestone—it’s a complex financial event with major tax consequences. The U.S. exit tax, under IRC Sec. 877A, treats covered expatriates as if they’ve sold all their worldwide assets the day before expatriation, taxing unrealized gains. The rules apply to individuals who meet
Over the weekend, I came across an image of a ladder illustrating the stages of wealth, and it really made me reflect. Achieving financial wealth today feels more challenging than ever — with persistent inflation, rising living costs, global instability, and market volatility all playing a role. Still, it’s possible to make steady progress. You
Deciding when to start receiving Social Security benefits is one of the most impactful choices you'll make in retirement planning—and 2025 brings new rules, tax considerations, and potential opportunities. While benefits can begin as early as age 62 or be delayed until age 70, the decision should reflect not only your financial needs but also
A new Executive Order signed by President Trump on March 25, 2025 requires every federal agency to stop issuing and accepting paper checks by September 30, 2025. From that date forward, tax refunds, Social Security, vendor payments, and even taxes or fees you send to the government must move through secure electronic channels (direct deposit,
President Trump has publicly supported a Federal tax increase to 39.6% (currently, 37%) on the wealthiest Americans. The proposal is to increase the Federal tax bracket by 2.6% of individuals making more than $2.5 million (married couples more than $5 million). This change is intended to generate roughly $60 billion over 10 years, which could
If you have a visa, you might be wondering if you have to file taxes in the United States. Well, it depends. First a reminder that lawful permanent residents (green card test) who work in the US and US citizens have to file US taxes. Note that if you are a US citizen, you have
In a common partnership, you will find a) general partners - running the business and responsible for the debts and b) limited partners - similar to investors where the money at risk is the amount contributed and not being involved in the day to day. The general partners will be subject to the self-employment tax
At this point, our readers should be aware that there are certain industries that are more subject to examinations like restaurants and retail industries, especially if cash intensive and low controls in place. You can see numerous tax evasion schemes related to restaurants in the news, United States Attorney's Office of each State and the
