NJ Estate Tax Repealed, Whats Next?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…
Pending Legislative Update
A proposal to phase out the New Jersey estate tax passed Senate and Assembly committees on June 23. The proposal would increase the New Jersey estate tax exemption from $675,000 in 2016 to $1 million for 2017 decedents, $2 million for 2018 decedents and $3 million for 2019 decedents. After 2020, the State’s estate…
REMINDER: Different Rules, Requirements, and Deadlines Can Apply for Taxpayers with Foreign Connections
As tax season winds down, individual taxpayers and their accountants usually breathe a large sigh of relief on April 15 (or, this year, April 18): Unless due dates for returns are properly extended, they will generally (and hopefully) be filed by the aforementioned deadline. However, filing becomes more complicated for…
Kristin L. Schmid Named Associate
Kulzer & DiPadova is pleased to announce that Kristin L. Schmid, Esq has joined the firm as an associate. Ms. Schmid earned her J.D. from Villanova University School of Law specializing in Corporate Law, and earned her bachelor’s degree at the University of Pennsylvania where she majored in Political Science…
Directed Trusts – Jewel Inside the UTC
On January 19, 2016, Governor Christie signed Assembly Bill 2915/Senate Bill 2035, known as the “Uniform Trust Code” (“UTC”), as Chapter 276, P. L. 2015. The UTC was created as a project of an ad hoccommittee of trust and estates lawyers in the New Jersey Bar Association who attempted to conform…