RRHC News

RRHC WELCOMES ADDITIONS TO THE FIRM

RRHC is proud to announce that three new associates have joined the firm.

Tony Lopes has joined our Business and Taxation Department and brings a wealth of experience in the counseling of business owners, emerging entrepreneurs and corporate executives on matters relating to franchising, licensing agreements, business planning, succession planning, and federal and state tax planning. Fluent in Spanish and Portuguese, Tony has worked with international and foreign clients applying for E-Q and EB-5 investor visas. Tony earned his LLM in Taxation and an Estate Planning Certificate at Temple University and is active in many professional and civic organizations in southeastern Pennsylvania.

Greg Heleniak has joined the Land Use and Zoning Department at RRHC and brings with him experience in the representation of developers, landowners and real estate investors on development projects throughout the region. Prior to entering the practice of law, Greg worked with an engineering and land surveying firm which gives him a very good understanding of various civil engineering and site development challenges. Prior to joining RRHC, Greg practiced land use law in Montgomery County, Pennsylvania. Greg obtained his law degree from Widener University School of Law.

Jeff Cronin practices in the Real Estate Practice Group at RRHC. Prior to joining RRHC, Jeff served as in-house counsel for a national residential mortgage company, representing the company in all commercial leasing matters including landlord/tenant disputes. Jeff practices in both Pennsylvania and New Jersey. Jeff obtained his law degree from the Pennsylvania State University, Dickinson School of Law.

© 2018. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.

FROM OUR HEARTS TO THEIR HOMES

RRHC continues to contribute to the community by donating to the Chester County Food Bank.

© 2018. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.

IRS Gives more Guidance on Section 199A Tax Breaks for Certain Businesses

Thanks to the Tax Cuts and Jobs Act of 2017 (which was signed into law on December 22, 2017), and more specifically the new Section 199A (which is a part of that Act); owners of pass-through business entities may be able to substantially reduce their income tax burden.

The IRS has now issued proposed regulations, which provide guidance to determine the eligibility and the amount of any potential Section 199A deduction.  For example, many taxpayers will be limited by certain income limits ($315,000 for returns filed as “married filing jointly” or $157,500 for other filers).  Other taxpayers may be limited by the type of service their business provides.

Some of the questions we must consider concerning eligibility are: Continue reading “IRS Gives more Guidance on Section 199A Tax Breaks for Certain Businesses”

© 2018. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.

CLIENT UPDATE: WAIVERS FROM SUBDIVISION ORDINANCE NOT SO SIMPLE ANYMORE

Continue reading “CLIENT UPDATE: WAIVERS FROM SUBDIVISION ORDINANCE NOT SO SIMPLE ANYMORE”

© 2018. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.

SIGNIFICANT TAX CHANGES IN 2018

As you know, President Trump signed the Tax Reduction Act into law on December 22, 2017. Now that the dust has settled, businesses and individuals should take note of the more significant changes.  

For Businesses

The new law will significantly reduce corporate federal income tax rates from a maximum rate of 35% to a maximum rate of 21% for tax years beginning after December 31, 2017.

New entity selection planning is now more important as many business ventures may benefit from a 20% tax rate on certain types of pass-thru income.

The new law eliminates a taxpayer’s ability to deduct payments and legal fees relating to settlement of sexual harassment claims if the settlement is subject to a non-disclosure or confidentiality clause.

Like-kind Exchanges (Section 1031) entered into after December 31, 2017 will be limited to exchanges of real property.  Tax free exchanges of artwork, collectibles, boats and airplanes will no longer be available for like-kind exchanges.  There will be a transition rule for transactions that have been initiated by December 31, 2017.

For Individuals

Tax rates have also been reduced but the code will retain 7 graduated brackets ranging from a low of 10% to a high of 37%.

The Standard Deduction for individual taxpayers will almost double in amount from their current levels BUT there will be new limitations on itemized deductions for state, local tax or property taxes capped at $10,000.  Also home mortgage interest will only be deductible on loans up to $750,000 in value.

The new law has eliminated the personal exemption for tax years after December 31, 2017.

Estate and Gift Taxes have also been revised to double the lifetime exemption from $5 million to $10 million (indexed for inflation) which creates additional estate and gift tax planning opportunities for many of our clients.

The items listed above are just a few of the changes in this new tax law.  Tax and Estate plans should be revisited as planning put in place under the prior tax laws may now be in need of adjustment.  Riley Riper Hollin & Colagreco is ready to assist you with your estate and income tax planning, entity selection planning and tax planning for transactions to help you take advantage of the opportunities under the new law.

Please contact Bob Cohen at bobc@rrhc.com or 610-458-4400, Ext. 231 if you would like to schedule an appointment to discuss your individual situation.

 

 

© 2018. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.

John Jaros and the Southern Chester County Chamber Host NFIB Chairman Kevin Shivers at the Chamber’s Annual Fall Luncheon

http://www.dailylocal.com/business/20171020/national-federation-of-independent-business-executive-sees-cause-to-fight-for-small-business

© 2017. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.

Client Alert: PROPOSED TAX REFORM HIGHLIGHTS

PROPOSED TAX REFORM HIGHLIGHTS

It appears with Healthcare Reform now on the “back-burner” the Administration is pressing forward with its much anticipated tax reform.  Below are some of the major highlights that are being proposed.

1.     Corporate Tax Rate – Corporate maximum tax rate of 20%.

2.    Tax Rate on Flow-Through Business Income – Flow through entity tax rate of 25% on business income after reasonable compensation income.

3.     Individual Tax Rate – Individual maximum tax rate of 35% and elimination of the 3.8% Medicare surtax on Investment Income.

4.     AMT – Repeal of the Corporate and the Individual Alternative Minimum Tax (AMT).

5.     Itemized Deductions – Elimination of most itemized deductions except for Mortgage interest and Charitable Contributions (but doubling of the standard deduction). 

6.     Capital Expensing – Immediate expensing of new investments in depreciable assets (other than structures), made after 9/27/17, for at least five years.

7.     Interest Expense – Partial limitation of interest expense incurred by a C corporation (no detail here) and consideration of appropriate treatment of non-corporate taxpayers.

8.     Domestic Production (Manufacturing) Deduction – Elimination of the Section 199 domestic production (manufacturing) deduction due to the lower tax rate incentive.

9.     R&D Tax Credit – Continued ability to claim the R&D tax credit.

10.  Estate Tax – The Estate tax and Generation Skipping Tax (GST) will be repealed but there is no mention of the gift tax.

Based on the current tax reform proposals, year-end tax planning can yield significant tax savings.  RRHC attorneys have the business and tax expertise to assist you with your estate planning and business planning.  Please contact Bob Cohen at bobc@rrhc.com if you would like to discuss your individual or business situation and gain a better understanding of how these proposals may affect you.

 

© 2017. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.

Client Update: The Pennsylvania Supreme Court Has Found the School District Practice of Selective Assessment Appeals Unconstitutional

The Pennsylvania Supreme Court issued an opinion today in Valley Forge Towers Apartments N, LP, et al. v. Upper Merion Area School District, et al. deciding that taxing authorities are not permitted to selectively appeal only the assessments of commercial properties, such as apartment complexes, while choosing not to appeal the assessments of other types of property, such as residential properties.

 

The Supreme Court held that the statute which permits taxing authorities, such as the school districts, to file assessment appeals, is valid.  Nevertheless, that authority violates the Pennsylvania Constitution if the district chooses to selectively challenge one classification of property to the exclusion of others.

 

The Upper Merion School District had argued that there was no violation of the Uniformity Clause of the Pennsylvania Constitution where the School District evaluated the properties within its district and pursued appeals only where it made economic sense to do so.    The School District chose only to challenge commercial property assessments.  Commercial property owners argued that this practice unfairly and unconstitutionally targeted only commercial properties, to the exclusion of underassessed residential properties, and the Supreme Court agreed.

 

This decision may have a far reaching impact on the school districts’ current practice of filing appeals on commercial properties, particularly those recently the subject of a sale.  Please contact Jane Richardson at (610) 458-4400 with questions or for more information.

© 2017. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.

Gina Gerber Joins Riley Riper Hollin & Colagreco Team

Riley Riper Hollin & Colagreco is pleased to welcome Gina Gerber to the firm.  Gina, named Main Line Today Magazine‘s “Top Real Estate Lawyer” in 2016, has extensive experience in negotiating and securing development entitlements for property owners and developers throughout the region.  She concentrates her practice in the areas of land use, zoning and real estate. Continue reading “Gina Gerber Joins Riley Riper Hollin & Colagreco Team”

© 2017. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.

CII Council Features Edward Hollin in Educational Briefing

The Chester County Commercial Industrial Investment (CII) Council featured Edward J. Hollin, a shareholder at Riley Riper Hollin & Colagreco, as a panelist in an educational briefing, “Contracts and Booby Traps: How to Avoid Legal Issues in CRE Brokerage.”  Over 60 professionals from commercial real estate gathered to attend the event on May 17 at the Chester County Economic Development Council. Continue reading “CII Council Features Edward Hollin in Educational Briefing”

© 2017. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.