Kulzer & DiPadova, P.A.
76 E. Euclid Avenue, Suite 300
Haddonfield, New Jersey 08033-2342

P: 856.795.7744
F: 856.795.8982
E: info@kulzerdipadova.com

News, Articles & Resources

Unseen Tax Consequences for Fraud Victims

Unseen Tax Consequences for Fraud Victims
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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
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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
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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

NJ Real Property Tax Assessment Appeals
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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

Tax Court reminder – IRS levies on IRA accounts are taxable
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  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

IRS ISSUES CONSEQUENTIAL RULING ON TRUST MODIFICATIONS
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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

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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

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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
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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

K&D Upcoming Tax Seminars
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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…

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