Million-Dollar Penalty Upheld for Failing to Disclose Foreign Financial Assets
In 2002, Letantia Bussell was criminally charged with concealing financial assets in offshore accounts. Bussell was required to disclose her financial interest in an overseas account which she had to report in 2007 by filing a Report of Foreign Bank and Foreign Accounts (“FBAR”). She failed to make the required…
How the New Qualified Business Income Tax Deduction Affects Attorneys
The New Law The Tax Cut and Jobs Act (the “Act”) was signed into law by President Trump December 22, 2017. One of the main objectives of the Act was to reduce the taxation of business income. The qualified business income deduction can provide significant tax savings for some attorneys…
Big Changes in Federal Tax Laws Have Not Reduced Charitable Deductions
The Tax Cuts and Jobs Act (ACT) went into effect on Jan. 1, 2018. It will take several years to figure out the full impact of the ACT, but areas such as charitable deductions are clear. With the cap on state and local taxes of $10,000, the standard deduction for…
Service Announces Pending Closure of Offshore Voluntary Disclosure Program
IR-2018-53 On March 13, 2018, the Service issued IR-2018-52, announcing its intention to close the Offshore Voluntary Disclosure Program (“OVDP”) effective September 28, 2018. The Service’s stated intention for the issuance of IR-2018-52 is to allow United States taxpayers with undisclosed foreign accounts to use the OVDP before the program…
U.S. News – Best Lawyers® Ranks K&D Among “Best Law Firms” List Financial Planning Conference
Kulzer & DiPadova, P.A. is pleased to announce that U.S. News & World Report has ranked 5 of the firm’s practice areas among the top two metropolitan tiers for the state of New Jersey in their 2018 “Best Law Firms” publication.
Gauging the Height of the Specified Service Business Guardrail
K&D shareholder, Daniel L. Mellor authored the following article, “Gauging the Height of the Specified Service Business Guardrail“, which appeared in the February 5, 2018 issue of Tax Notes. In this article, Mellor examines the key definitional element of the new 20% deduction for passthrough income under the recently-enacted Tax Cut and…
Status of the SALT Deduction
Under the Tax Cuts and Jobs Act, signed into law by President Donald Trump on December 22, 2017, the itemized deduction for state and local taxes (“SALT”) has been modified for tax years after 2017. Taxpayers in high tax states, such as New Jersey, are the most dramatically affected. Those…
The Tax Consequences of Expatriation
K&D shareholder Patrick J. McCormick authored “The Tax Consequences of Expatriation”, appearing in the November 2017 issue of the Journal of Taxation and the January 2018 Journal of International Taxation as their cover article. Mr. McCormick specializes in all areas of international taxation, regularly assisting clients with all aspects of…
Meet Kulzer & DiPadova’s Newest Shareholder
Kulzer & DiPadova, P.A. is pleased to announce the promotions of a senior associate. Daniel L. Mellor has been admitted as shareholders in the firm, effective January 1, 2018. “Our firm considers itself very fortunate to be able to welcome Dan, a highly qualified and dedicated attorney, as shareholders,” says Mike…
Consider Prepaying 2018 Property Taxes by December 31, 2017
The Tax Cut and Jobs Act (the “Act”) limits the deduction for state property and income taxes to $10,000 per year starting in 2018. Many taxpayers will be over that just for NJ income taxes and will get no benefit from paying property taxes going forward. If that is the…