Estate Tax Planning Impacts of the OBBBA
On July 4, 2025, President Trump signed the extensive tax changes referred to as “One Big Beautiful Bill” Act (“OBBBA”). One of the major provisions will impact estate planning as we have known it. The OBBBA has extended the 2017 Tax Cut and Jobs Act provisions which were set to…
Property Tax Exemptions in New Jersey for Nonprofits, Religious Institutions, and Schools
New Jersey law provides real estate tax exemptions to certain nonprofit organizations, including religious institutions, educational entities, and other charitable organizations (each referred to here as an “Eligible Entity”). To obtain such an exemption, an Eligible Entity must complete and submit an Initial Statement Claiming Property Tax Exemption (the “Application”)…
K&D’s Associate Solaris A. Power Named July’s Volunteer of The Month for Volunteer UP Legal Clinic
Kulzer & DiPadova’s Associate, Solaris A. Power was named Volunteer of the Month for July by Volunteer UP Legal Clinic. Solaris has been working pro bono on two cases for the organization. The firm is proud of her dedication to the community and helping those in legal need. Congratulations Solaris!!
WILLIAM H. DUNGEY, III NAMED ASSOCIATE
Join us in welcoming William H. Dungey, III to K&D! Join us in welcoming William H. Dungey, III to K&D! We are pleased to announce that Will has joined our team as an associate attorney. A South Jersey native, Will brings with him a wealth of experience from his work…
“NEW” RULES IMPLEMENTED ON INHERITED INDIVIDUAL RETIREMENT ACCOUNTS (“IRAs”)
Beginning in 2025, individuals must begin taking withdrawals from IRAs they inherited in 2020 or thereafter. The Internal Revenue Service has finally provided guidance on the implementation of the “ten-year rule” that was part of the Secure Act of 2019 (“Secure Act 1.0”). The Secure Act 1.0 was enacted to…
New Jersey Increases “Mansion Tax” and Controlling Interest Transfer Tax
On June 30, 2025, New Jersey’s Governor Phil Murphy signed the “Fiscal Year 2026 Appropriations Act” into law, setting forth a budget for New Jersey’s Fiscal Year 2026 totaling a record $58.78 billion. Accompanying the 2026 budget, amendments were made to the existing New Jersey Realty Transfer Fee (RTF) and…
New Jersey GIT Adds IRC § 1202 Exclusion for QSBS Gains
New Jersey has aligned its Gross Income Tax with the federal exclusion of capital gains on Qualified Small Business Stock (QSBS) under Section 1202 of the federal Internal Revenue Code of 1986 (“IRC”). The New Jersey exclusion is effective for tax years beginning January 1, 2026. IRC § 1202 allows…
QSBS Tax Benefits Enhanced Under the OBBBA
Since its enactment as part of the Omnibus Budget Reconciliation Act of 1993, Section 1202 of the Internal Revenue Code has provided an exclusion for gain from the sale of qualified small business stock (QSBS) held for more than five years. To qualify as QSBS, the stock must be from…
Responsible Officers and Employees Can Be Held Personally Liable for New Jersey Sales Tax Collection Obligations Even When the Seller Corporation is No Longer “On the Hook”
An Explanation of Responsible Person Liability: The New Jersey Sales Tax is known as a “trust fund tax.” While sales tax is imposed upon the purchaser, it is the seller that has the obligation to collect and remit the tax to the New Jersey Division of Taxation (the Division). This…
K&D Shareholder, Joseph Kempter awarded the 2025 EFPC Founder’s Award
Kulzer & DiPadova, P.A. is pleased to announce that shareholder, Joseph Kempter has been awarded the 2025 EFPC Founder’s Award. The EFPC Founder’s Award is presented to an individual who has provided distinguished service to the estate and financial planning profession. The award recipient need not necessarily be a member…