K&D Upcoming Tax Seminars
Kulzer & DiPadova, P.A. is once again presenting a number of annual tax seminars reviewing the major changes and legislative trends in taxation throughout 2023. Join us virtually or in person to explore the latest in federal and state legislation, estate tax developments, international taxation requirements, and more! Click on…
IRS Announces Withdrawal Process for Employee Retention Credit Claims
On October 19, 2023, the IRS announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy. The process has been announced as part of a larger effort to protect small businesses and organizations from scams,…
K&D Attorneys Appointed New Positions
K&D would like to congratulate our attorneys on their latest appointed positions! Attorney & Shareholder Douglas R. Madanick – President of the Southwest Jersey Chapter of the New Jersey Society of Certified Public Accountants for the 2023-2024 fiscal year. Attorney & Shareholder Kristin L. Schmid – 2nd Vice-President of…
The Use of Irrevocable Trusts in Long-Term Care Planning
The Use of Irrevocable Trusts in Long-Term Care Planning In Revenue Ruling 2023-2 the IRS has ruled that assets held in a trust that is a “grantor trust” (a trust that is treated for income tax purposes as the alter ego of the grantor to the trust because of the…
Want to Make an Impact?—A Win-Win: Using Retirement Funds to Support Your Favorite Cause
Want to Make an Impact?—A Win-Win: Using Retirement Funds to Support Your Favorite Cause Introduction In December 2022, Congress passed the Secure 2.0 Act of 2022 (the “Act”). Included in the Act is a provision that allows certain individuals to make a one-time transfer of up to $50,000 directly from…
IRS Taxes Gain On Sale of Shares Gifted to Charity to Donor
The recent case of Estate of Hoensheid v. Commissioner of Internal Revenue, decided in March 2023, shows that the IRS is continuing to aggressively attack gifts of shares of stock to a charity, followed by a sale of those shares by the charity. The object of the taxpayer is to…
New Jersey’s WARN Act Finally Takes Effect with Recent Amendments
New Jersey’s WARN Act Finally Takes Effect with Recent Amendments On January 10, 2023, Governor Murphy signed into law amendments to the Millville Dallas Airmotive Plant Job Loss Notification Act, more commonly known as NJ WARN or “mini-WARN Act.” The law as amended recently went into effect on April 10,…
Renewed Warning, Criminal Charges against Fraudulent ERC Promotors
Renewed Warning, Criminal Charges against Fraudulent ERC Promotors On February 1, 2023, a federal grand jury in Salt Lake City, Utah returned an indictment against Zachary Bassett, Mason Warr, and their firm COS Accounting & Tax LLC d/b/a 1099 Tax Pros. Each defendant faces twenty-five criminal counts for actions…
Supreme Court’s Non-Willful FBAR Holding Allows Taxpayers to Sleep at Night
Supreme Court’s Non-Willful FBAR Holding Allows Taxpayers to Sleep at Night During 2021, two different Appeals courts in the United States heard cases with similar fact patterns on a sensitive tax issue but held completely opposite decisions. Specifically, the Fifth and Ninth Circuits both ruled on cases dealing with taxpayers…
New Jersey ITIN Holders Director Assistance Excludable from Federal Taxable Income
New Jersey ITIN Holders Director Assistance Excludable from Federal Taxable Income The IRS ruled that a payment made under New Jersey’s ITIN Holders Director Assistance Program was excludible from federal taxable income as a payment is made for the promotion of the general welfare or as a disaster relief payment….