International Reporting Failures Create Penalty and Statute of Limitations Problems
An ever-growing number of businesses and individuals are going global. Familiarity with the U.S. tax forms that are necessary to properly disclose foreign assets and interests is thus paramount. Four critical forms – Foreign Bank Accounting Re-port (FBAR), 8938, 8621, and 3520 – are summarized, including applicable penalties. READ MORE…
A Whiff of Fraud?
The New Jersey Tax Court recently addressed, for the first time, the State’s civil fraud tax penalty. The New Jersey Division of Taxation may impose a civil fraud penalty if any part of a state tax assessment is due to the taxpayer’s fraud. The penalty is 50% of the assessment…
Michael Kulzer Named Camden County Professional Lawyer of the Year
Kulzer & DiPadova founding shareholder, Michael A. Kulzer, was named the 2016 Harvey M. Mitnick Camden County Professional Lawyer of the Year. This distinction is awarded to an attorney who is well recognized in the community for character and competence, respected by all, and is considered a model of professional behavior. Mike will…
IRS Announces Late Portability Election Relief for Eligible Estates
On June 9, 2017 the Internal Revenue Service (the “IRS”) published Revenue Procedure 2017-34 (“Rev. Proc. 2017-34”) to announce a new simplified procedure for particular estates to obtain an extension of time to file a federal estate tax return and make a “late” portability election. First introduced into federal law…
Christie Vetoes ‘Home-Sharing’ Tax Bill
UPDATE: On Friday, July 21, 2017, Governor Christie vetoed Assembly Bill No. 4587, which bill would have imposed State sales and use tax and hotel and motel occupancy fees on transient accommodations like those provided through Airbnb. In support of the veto, Governor Christie stated “I strongly believe that levying new…
Tax Court Case Highlights New Jersey Inheritance Tax “3-Year Rule”
Much has been written about the pending repeal of the New Jersey Estate Tax in 2018. As is usually noted, the repeal of the estate tax does not have an effect on the New Jersey inheritance tax, which will remain in effect. The New Jersey inheritance tax will not apply…
Can a Partner/LLC Member be Treated as an Employee?
We are often asked whether an LLC, which is treated as a partnership for income tax purposes, can pay a member as an employee on a W-2 rather than simply making gross distributions from which the member pays self-employment taxes and makes quarterly estimated payments for income taxes. The short…
Henkel Appointed Chair of State Bar CLE Committee
K&D shareholder, Glenn A. Henkel was recently appointed Chair of the Continuing Legal Education Advisory Committee for 2017-2018 (with a member term expiring in 2020) on behalf of the New Jersey State Bar Association (NJSBA). The committee plays an important role in helping licensed New Jersey lawyers and judges meet…
FBAR Penalty Assessment and Enforcement
K&D associate, Patrick J. McCormick, authored the below article, “FBAR Penalty Assessment and Enforcement“. This article, published here with permission, will appear in the July 2017 issue of the Journal of International Taxation (Thomson Reuters/Checkpoint). Mr. McCormick specializes in the areas of international tax and tax compliance. Introduction CLICK TO…
Haas Presents Extreme CLE ’17
K&D associate, Briele Haas, was among a group of speakers who took part in the Camden County Bar’s successful CLE program “Extreme CLE ‘17”, on March 24, 2017. Mrs. Haas presented the program on IRA’s and Estate Planning. The one-day event, which offered 16 programs, gave attorneys the opportunity to earn the…