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…
Kulzer & DiPadova Attorneys Named 2016 SuperLawyers
Congratulations to the six attorneys at Kulzer & DiPadova, P.A. who were recognized by New Jersey Super Lawyers* Magazine for 2016. The following attorneys were recognized as New Jersey SuperLawyers for 2016 in these primary practice areas: Arthur A. DiPadova – Estate Planning & Probate Glenn A. Henkel – Estate Planning & Probate James B. Evans, Jr. – Taxation…
New “Repair Reg” Safe Harbor for Remodel-Refresh Expenses
On November 19, 2015, the Internal Revenue Service issued Revenue Procedure 2015-56. Rev. Proc. 2015-56provides certain retailers and restaurants a safe harbor method of accounting for remodel or refresh expenditures on qualified buildings, and helps eliminate confusion around which costs may be deducted immediately and which must be capitalized and depreciated over…
The New Jersey UTC: The Time Has Come
What is the Uniform Trust Code (UTC) and why should it be adopted in New Jersey? The Uniform Trust Code is, as the name denotes, an attempt to codify rules related to trust administration and planning. It was originally proposed by the National Conference of Commissioners on Uniform State Laws…
Other Recent NJ Estate Legislation
On January 19, 2016, Governor Christie signed 93 bills just before the 2014/2015 legislative session deadline ended. Bills that were not signed by noon on January 19th would have expired and would have needed to be reintroduced in the new legislative session. Nevertheless, among the bills signed are several affecting the…
Extenders Package Makes Various Credits & Deductions Permanent
On the morning of Dec. 18, the U.S. House of Representatives passed a $1.1 trillion spending bill and accompanying legislative package of tax extenders (the “Protecting Americans from Tax Hikes (PATH) Act of 2015”) by a vote of 316 to 113. A short time later, the U.S. Senate voted 56…
New Partnership Level Audit Rules
On November 2, 2015, the President signed into law the Bipartisan Budget Act of 2015 (the “Act”). The Act had numerous provisions, none of which relate to tax except almost the very last provision which now provides new rules for auditing partnerships. Under the Act, absent elections discussed below, all…