Richard S. Calabrese, Jr., is an attorney in the Firm’s Estate Planning & Administration of Estates & Trusts, Corporate Business & Banking and Taxation groups. Also a Certified Public Accountant (CPA), Mr. Calabrese’s primary practice area involves assisting clients with various business, transactional and tax matters. Mr. Calabrese also handles complex business and federal, local and state tax matters such as income tax planning, tax controversy assistance, sales tax exposure management, restructuring regarding acquisitions, organization simplifications and tax planning for estates and trusts.
With many governmental authorities expanding restrictions on group gatherings and issuing “stay at home” orders, FLB has provided answers (below) to some of the important questions that many individuals involved with Pennsylvania nonprofit corporations may have. We will continue to update our online postings and offer general advice on recurrent issues as they arise: What […]
In 2018, the United States Supreme Court issued a landmark decision in South Dakota v. Wayfair, Inc. (“Wayfair”). In Wayfair, the Court overturned decades of existing precedent by ruling that states could impose sales tax collection (and other requirements) on out-of-state retailers who only conducted online sales in states without maintaining a physical presence. The […]
What happened? On December 20, 2019, President Trump signed into law the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”). The SECURE Act, effective January 1, 2020, significantly affects many clients’ estate plans, especially as it relates to retirement accounts and beneficiary designations. Existing estate plans may be outdated due to […]
On December 19, 2019, the United States Department of Treasury finalized regulations providing guidance regarding investments in Qualified Opportunity Zones (QOZ(s)). In order for individuals (or businesses) to invest in these QOZs (several of which are located in the Lehigh Valley) they must first form a qualified opportunity fund (QOF). A QOF can be most […]
A few weeks ago I traveled down to Washington, D.C., where I did what everyone does when they visit our Nation’s Capital…attend a national tax conference for 16 hours over two days. The highlight of my trip was not the legislative tax updates, the best practices on how to achieve capital gain treatment on asset […]