Lawmakers in Harrisburg are considering a proposal that would exempt business assets from the state’s inheritance tax. The legislation is a welcomed glimmer of hope for many family-owned, small businesses in Pennsylvania.
Still struggling with the shaky economy and the usual mountain of federal taxes and regulations, many small business owners are just trying to survive and ride out the economic downturn.
One such company is the Sincavage Corp in Blakeslee. The business has had to pay tens of thousands of dollars in inheritance tax – twice. In addition to the thousands spent paying the tax, the Sincavages had to hire professional accountants and attorneys to help them navigate and ensure compliance with the intricacies of the law.
Unless the law changes, small businesses like the Sincavage Corp may end up closing the doors.
If you have recently lost a loved one and expect to incur an inheritance tax on a Pennsylvania business, contact the Scolieri Law Group today. Our staff of highly trained professionals can ensure compliance and recommend qualified business tax professionals if needed.
Located in western Pennsylvania, the experienced attorneys at Scolieri Law Group, P.C. can answer your business law questions, including the status of the state inheritance tax as it applies to business assets. Contact us today at (412)765-0546 or firstname.lastname@example.org.