New Jersey Lawmakers Tweak Property Tax Relief Programs
New Jersey Property Tax Programs Tweaked by Lawmakers Background: New Jersey Senate Bill 3693/Assembly Bill 4706 (the “Bill”) was signed into legislation by Gov. Phil Murphy on November 1, 2024.[1] The Bill focuses on implementing the new Stay NJ property tax relief program and impacts several other state property tax…
Caroline C. Sutherland Named Associate
Kulzer & DiPadova is pleased to announce that Caroline C. Sutherland has joined the firm! Caroline C. Sutherland is an associate at Kulzer & DiPadova, P.A. She is a member of the Bar of the State of New Jersey. Ms. Sutherland earned her J.D., cum laude, from Villanova University School…
Harris Plans to Dramatically Increase Estate Taxes
Vice President Kamala Harris announced her endorsement of the estate tax provisions contained in the American Housing and Economic Mobility Act of 2024 (the “Act”). Many of these provisions are changes that President Biden wanted to make in 2020 but was not successful. Note that the Harris provisions are independent…
NEW JERSEY ELIMINATES SALES TAX EXEMPTION FOR ZERO EMISSION VEHICLES AND ANNUAL SCHOOL SUPPLY TAX HOLIDAY
New Jersey Sales Tax Exemption for Zero Emission Vehicles to be Phased Out. P.L. 2024, c. 19 phases out the New Jersey Sales and Use Tax exemption on sales of zero emission vehicles (ZEVs). The phaseout begins October 1, 2024 by imposing sales tax at the rate of 3.3125%, one-half…
K&D Shareholder, Kristin L. Schmid elected to 1st Vice President of EFPCSJ
Kulzer & DiPadova, P.A. is pleased to announce that shareholder, Kristin L. Schmid has been elected 1st Vice President of the EFPCSJ (Estate and Financial Planning Council of Southern New Jersey). The EFPCSJ is a professional association of estate and financial planning practitioners in southern NJ. Ms. Schmid earned her…
Employee Retention Credit Update
Employee Retention Credit Update On June 20th, the IRS provided an update (IR-2024-169) on its processing of employee retention credit (ERC) claims. Below is a high-level summary of the IRS update. First, the IRS has completed its review of the roughly 1 million ERC claims filed last year and divided…
Unseen Tax Consequences for Fraud Victims
Thieves and fraudsters have always been taxed on their ill-gotten gains. Now, their victims may also be taxed on the losses suffered at the hands of the scammers. As reported by the Majority Staff of the Senate Special Committee on Aging, fraud victims must pay income taxes on funds that…
Corporate Transparency Act Now In Effect
CORPORATE TRANSPARENCY ACT NOW IN EFFECT On January 1, 2024, a new federal anti-money laundering law, the Corporate Transparency Act (“CTA”), took effect. The new law will directly affect many of our clients who own interests in corporations, LLCs, limited partnerships, or other similar entities or who serve as senior…
Employee Retention Credit Update
Employee Retention Credit Update Moratorium Status. Last September, the IRS announced a moratorium on processing new ERC claims. At that time, the IRS was still working through a backlog of claims totaling around 700,000. Initial hopes were that the IRS would clear this backlog in a matter of months. Unfortunately,…
NJ Real Property Tax Assessment Appeals
Many New Jersey property owners believe their property tax assessments cannot be challenged. They can be. Property assessments hinge on the tax assessor’s calculation of the market value of a property, and often such calculations may not be accurate or reflective of current market value. Tax assessors are in control…