Category: Finance / Taxes

In our Spring 2010 issue we reviewed two significant Pennsylvania Superior Court decisions about joint ownership of bank accounts.  In that article we described how the Superior Court had decided, in particular instances, that the terms of a will could override the survivorship features that… Continue reading →

In 2001 Congress adopted a Tax Code revision which for technical reasons expired after ten years.  The parties have been at loggerheads over permanent revisions to the Code; as far back as 2005, I wrote here that a resolution seemed near.  Perhaps in terms of… Continue reading →

Bankruptcy not only stops collection efforts against the bankrupt party, but it can effectively “avoid” payments made in the past.  An “avoidance” of a payment essentially orders the creditor to repay the debtor.  The Bankruptcy Code gives the debtor and/or the bankruptcy trustee several devices… Continue reading →

Few negative connotations can match that of Charles Ponzi; the “Ponzi Scheme” is indelibly etched into our consciousness as a colossal swindle. Ponzi in 1920 placed an advertisement in newspapers promising a 50% return on investments in 45 days and 100% return in 90.  It… Continue reading →

The Roth IRA is a retirement account created under the Internal Revenue Code.  It has some of the very desirable attributes of and differs significantly from the “traditional” IRA.  The Roth IRA is funded with after-tax dollars (as opposed to pre-tax dollars which fund the… Continue reading →

Income tax deductions are good; if you are in a 30% tax bracket and receive a $100 deduction, that’s $30 saved.  But tax credits are great!  For a $100 tax credit, you put $100 in your pocket, irrespective of your tax bracket. Congress has created… Continue reading →

      Under the Hiring Incentive to Restore Employment Act, which President Obama signed into law on March 18, 2010, employers who hire a person who was previously unemployed for at least 60 days prior to being hired (a Qualified Employee) after February 3, 2010,… Continue reading →

 We have seen an uptick in the number of employees or former employees of bankrupt companies that seek help filing “proof of claim” forms.   An employee who has been terminated either before or after the date that his employer has entered into bankruptcy should… Continue reading →

In related articles in this and recent issues,  we have discussed the effect of joint ownership of bank accounts.  In one article we noted the general rule that the right of survivorship (which causes the ownership of the entire account to pass to the surviving… Continue reading →

Year End Gift Planning   One of the best ways to avoid the federal estate tax is to make gifts before you die, so that the money or property is not in your estate when you die.  For the year 2009 the Internal Revenue Code… Continue reading →