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…
Tax Court reminder – IRS levies on IRA accounts are taxable
The United States Tax Court recently issued a Memorandum opinion reminding taxpayers that when the Internal Revenue Service (IRS) seizes an Individual Retirement Account (IRA), the seized IRA needs to be included as taxable income. Lonnie Wayne Hubbard v. Commissioner of Internal Revenue (T.C. Memo. 2024-16). In 2017, disgraced…
IRS ISSUES CONSEQUENTIAL RULING ON TRUST MODIFICATIONS
Chief Counsel Advice (“CCA”) 202352018, an internal legal advice memo from the IRS National Office to field agents, released December 29, 2023, addressed the gift tax consequences to the beneficiaries of modifying an irrevocable trust that is a “grantor trust” under the tax code provisions of Internal Revenue Code (“I.R.C.”…
U.S. Supreme Court Agrees to Decide Valuation Dispute Involving “Buy-Sell” Agreements
Shareholder “Buy-Sell” Agreements (or similar terms contained in the Operating Agreement of an LLC or Partnership Agreement) are a common key element of the business plan for owners of closely held entities. These agreements generally restrict transfer of interest outside of a close group and are often used as part…
K&D Announces Associate Promotion & New Associate
Kulzer & DiPadova is pleased to announce that an associate has been elected shareholder and a new associate has joined the firm. Kulzer & DiPadova proudly announces that Samantha Heaton J.D, LL.M. has become a shareholder in the firm. Samantha Heaton is admitted to the Bars of the State…
New Priority Guidance Plan Announced For Limited Partner Exception to SECA
NEW PRIORITY GUIDANCE PLAN ANNOUNCED FOR LIMITED PARTNER EXCEPTION TO SECA For a number of years there has been an ongoing challenge by the IRS of taxpayers claiming limited partner status and exemption from the Self-Employment Contributions Act (SECA) tax. The activity in this area has greatly increased in…
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…