Sales Tax Transition Rules
The New Jersey sales and use tax rate decreases from 7% to 6.875% beginning January 1, 2017. Effective January 1, 2018, the rate is further reduced to 6.625%. On and after January 1, 2017, but prior to January 1, 2018, sellers authorized to charge the 50% reduced rate are required…
Henkel Honored by the New Jersey State Bar Association
We are proud to announce that shareholder, Glenn A. Henkel, Esquire, has been honored by the New Jersey State Bar Association with the 2016 Distinguished Legislative Service Award for his years of concentrated effort on the Uniform Trust Code. On January 19, 2016, Governor Christie signed Assembly Bill 2915/Senate Bill…
IRS Releases Notice 2016-66 To Further Contest Small Captive Structures
On November 1, 2016, the Internal Revenue Service released Notice 2016-66, identifying “micro-captive transactions” (including certain small captive insurance companies) as transactions of interest. Involvement in such transactions can, under Treas. Reg. § 1.6011-4, necessitate heightened reporting requirements, both for participants and for their advisors. More important from an overarching…
Samantha Heaton Named Associate
Kulzer & DiPadova is pleased to announce that Samantha Heaton has joined the firm as an associate! Samantha Heaton is an associate with the firm. Mrs. Heaton earned her J.D., summa cum laude, from Rutgers School of Law where she also received a Certificate in Corporate and Business Law and served…
NJ Estate Tax Repealed, Whats Next?
On October 14th, New Jersey Governor Chris Christie signed legislation raising the state’s gas tax by 23 cents per gallon, from the 49th highest in the nation to the sixth, to help replenish the state’s expired transportation trust fund. As a trade off, the bill will lower the New Jersey…
Use of Trusts in Planning for Possible Divorce of Trust Beneficiary- MASSACHUSETTS CASE: PFANNENSTIEHL
BACKGROUND One common discussion point clients ask about is “What can I do to protect my child’s inheritance (or gift) due to a child’s bad marriage?” In that discussion, clients can consider placing assets in a trust because the assets maintained in the trust should receive more protection. The assets…
Tax Reporting Implications of Foreign Mutual Funds
Due to the increased prevalence of foreign mutual funds, tax practitioners should be familiar with the related reporting requirements. Patrick J. McCormick authored the below article in the September issue of Practical Tax Strategies, a national tax journal published by Thomson Reuters (and distributed electronically through RIA Checkpoint). The following article has…
International Taxation: Common Forms, Requirements, and Hazards
INTRODUCTION International tax is a rapidly expanding area, no longer an esoteric topic exclusively relevant to multinational corporations. As a result of expanding globalization, more and more clients maintain international ties, whether through dual citizenship, having previously worked overseas, or from having family members in other countries. Increased emphasis on…
IRS Issues Final Regulations Eliminating the Need to Submit a Copy of an I.R.C. §83(b) Election with Tax Return.
The tax consequences of a transfer of property in connection with the performance of services is covered by I.R.C. §83. In general terms, I.R.C. §83(a) provides that the fair market value of the property transferred over the amount of any payment for the property is included in the service provider’s…
OVDP or Streamlined: Choosing an Offshore Disclosure Program
Patrick McCormick published a featured article in the July 11, 2016 edition of Tax Notes International, the most-cited international tax journal in the United States. The article, republished with permission from Tax Notes International, can be downloaded in PDF format using the link below. Click Here to download the full article! Patrick McCormick is…