Steven J. Fromm's Guides

Pennslyvania Inheritance Tax: The Basics

The Pennsylvania Inheritance tax is a flat tax on the net value of the taxable estate. The following will provide a basic overview of the Pennsylvania Inheritance Tax rules:

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How Do You Amend Your Federal Income Tax Return

If you discover an error or mistake after you file your tax return, it can be corrected by filing an amended income tax return. Here are some of the basic rules and concepts to keep in mind:

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More Relief For Innocent Spouses: IRS Now Limits Two Year Rule

Where someone filesfiles a joint return, Section 6015 of the Internal Revenue Code provides innocent spouse reliefto help a taxpayer who did not know and did not have reason to know that his or her spouse understated or underpaid an income tax liability.There are basically three ...

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STUDENTS AND SUMMER JOBS: Tax Tips

Here are some tax tips for students involved with summer jobs.

Five-Month Extension for Partnership, Trust and Estate Returns Finalized

The IRS just released final regulations setting the time for automatic extensions of partnership, trust and estate income tax returns at five months. Under this rule, the extended returns and Schedules K-1 for partners and beneficiaries will generally be due Sept. 15.

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BASIC AND MAJOR STEPS IN AN ESTATE ADMINISTRATION

The provides a basic overview of the major steps involved in the administration of an estate. This outline is written from the perspective of how estates are administered in Pennsylvania. The details may vary in other states but the overall steps are basically the same.

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IRS Changes Optional Mileage Rate For the Rest of 2011

The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes instead of the actual costs.

FORMING AN LLC TO HOLD REAL ESTATE

It is sometimes a good idea to have real estate held by an LLC and not individually. Here are some of the issues and benefits to consider:

Protecting Assets Through Retirement Plans

The federal government protects certain retirement plans from creditor claims. Here are some of the rules in this area:

Asset Protection Trusts

The usual and common goal of an asset protection trust is to limit the interests of a beneficiary in such a way so as to prevent creditors from collecting against trust assets. In most jurisdictions, every asset protection trust must satisfy the following requirements:

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