NJ Opportunity to Compete Act Affects Job Applications
On March 1, 2015 New Jersey’s Opportunity to Compete Act (the “Act”) will take effect. In essence the law restricts employers with 15 or more employees from inquiring, either verbally or in writing (e.g. employment application) about a potential employee’s criminal record. However, this restriction applies only during the initial employment application…
IRS Issues Relief from Repair Regulations and Form 3115 Filing Requirement for Small Taxpayers (Rev. Proc. 2015-20)
On Friday, February 13, 2015, the IRS released an advance version of Rev. Proc. 2015-20, 2015-5 I.R.B. 450, that allows a “small business taxpayer” to make certain tangible property and dispositions changes in methods of accounting with an I.R.C. § 481(a) adjustment that takes into account only amounts paid or incurred,…
K&D Sponsors Philadelphia Estate Planning Council Ethics forum
Kulzer & DiPadova is a proud sponsor of this year’s Philadelphia Estate Planning Council Annual Ethics Forum. Hosted at the Union League, the program will take place on April 22, 2015. Attracting many estate planning professionals, this meeting is an annual meeting to focus on Ethical dilemmas that arise in…
Notice 2015-9: Penalty Relief for Excess APTC Payments
On January 26, 2015, the IRS released an advance copy of Notice 2015-9, 2015-6 I.R.B. 1, which provides certain penalty relief for taxpayers who have a balance due on their 2014 income tax return as a result of reconciling advance payments of the premium tax credit (as allowed for coverage under a…
Bross Trucking Inc. v. Commissioner of Internal Revenue
T.C. MEMO 2014-107 (2014). Bross Trucking is a fascinating case from an estate planning perspective because it presents facts that occur frequently in the representation of family businesses and the planning issues confronting the entrepreneur. In estate planning for families, advisors often encounter circumstances where the family business is growing, either…
Uncertainty Still Looms – Tax Increase Prevention Act of 2014
With only two weeks remaining in 2014, Congress did the expected and passed the Tax Increase Prevention Act of 2014 (TIPA), with President Obama signing the Act into law soon thereafter. For the 2014 tax year, TIPA extends certain business and individual tax breaks, most commonly known as the “extenders.” For…
Brian P. O’Neil Named Associate
Kulzer & DiPadova, P.A. is pleased to announce that Brian P. O’Neil has joined the firm as an associate. Mr. O’Neil is a graduate of St. Joseph’s Preparatory School. He earned his Bachelor of Business Administration, Finance Concentration from Loyola University Maryland and has earned his J.D. from Rutgers School of Law in Camden, NJ. He is…
Attorney Glenn A. Henkel to Recieve Distinguished Service Award
K&D shareholder, Glenn A. Henkel is this year’s award recipient of the Dorothy G. Black Distinguished Service Award, an award given by the New Jersey State Bar Association (NJSBA), Real Property Trust and Estate Law Section. This award recognizes distinguished service to the Trust and Estate part of the Real Property,…
Personal Service Corporation Flat Tax Rate Not Applicable to Consolidated Group Income
Under Internal Code Section 11(b)(2) the taxable income of a qualified professional service corporation is taxed at the flat tax rate of 35%. The graduated rates of Internal Code Section 11(b)(1) do not apply. In Applied Research Associates, Inc. et al. v. Commissioner, the Tax Court held that the graduated tax rates…
Back-to-Back Loans Under Federal Regs
Background Corporate losses and deductions that can pass-through and be deducted by a shareholder are limited by I.R.C. §1366(d)(1). This limit is the shareholder’s total adjusted basis in the corporation’s stock and debt. If a shareholder’s share of losses and deductions exceeds such basis, the excess losses are suspended and…