On July 1, 2015, Pennsylvania’s new Entity Transaction Law went into effect and made it easier, faster, and cheaper for business entities to engage in “fundamental transactions” with another business entity. Examples of fundamental changes include a merger of one company into another, an amendment of a company’s articles of incorporation or converting your existing…
Continue reading ›For those of us that actually read the bottom of their lawyer‘s email you probably noticed the arcane “IRS Circular 230 Disclosure” that stated the advice contained in this email is not intended and cannot be used for tax avoidance purposes etc… You then probably thought to yourself, but I was just confirming lunch, what…
Continue reading ›These are dangerous times to be starting your new business. The economy is tight, money is not readily available and your legal budget is next to nil. You’ve heard that you need to incorporate to protect your family assets and you keep hearing on the radio that you don’t need a lawyer. In fact, you…
Continue reading ›Just last week a new law went into effect in Pennsylvania with very little fanfare but it’s likely to have a major impact on anyone who buys, sells, or owns real estate in the Commonwealth. Act 93 changed the tax lien law, making real estate tax judgments personal. What does this mean? Before this new…
Continue reading ›The October 31, 2013 compliance deadline under Philadelphia’s Energy Conservation Act is fast approaching. As previously detailed in my earlier blog entry (click here), commercial landlords have only until the end of October 2013 to comply and register their building’s electrical and water usage rates as well as other building characteristics. Fines will be levied…
Continue reading ›Delaware recently joined the fast growing Benefit Corporation “club”. Effective August 1, 2013, Delaware became the 20th state to adopt its own version of the Benefit Corporation. The provisions governing this new business entity can be found under new Subchapter XV of the Delaware General Corporation Law. Earlier this year you may recall (click here)…
Continue reading ›An angel investor who invests in a “qualifying” New Jersey emerging technology business in tax year 2012 and beyond is now eligible to receive a tax credit of up to 10% of the total amount invested. This law is designed to stimulate investment in emerging New Jersey technology companies by allowing the investor to use…
Continue reading ›Owners of commercial buildings located in Philadelphia in excess of 50,000 square feet are now required to measure energy and water usage and report the results into the EPA’s Energy Star Portfolio Manager annually. Bill No. 120428A titled “Energy Conservation” went into effect last month on June 13. Under this new ordinance, the owner of…
Continue reading ›Pennsylvania has just passed legislation that allows, if certain conditions are met, the tax free transfer of a family owned business to a decedent’s heirs. The idea behind this exemption is in these tight economic times to keep businesses in the family. This financial burden comes at a critical juncture as the business is now…
Continue reading ›The 2014 Pennsylvania property tax appeal deadline for Philadelphia and the surrounding four counties is fast approaching. The deadlines are as follows: August 1: Buck, Chester, Delaware and MontgomeryOctober 7: PhiladelphiaWith the Pennsylvania State Tax Equalization Board releasing the new Common Level Ratio (CLR) on July 1, this leaves a very short time period to…
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