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…
2014 SuperLawyers
Six attorneys at Kulzer & DiPadova were recognized by New Jersey *Super Lawyers magazine for 2014. Kulzer & DiPadova attorneys recognized as New Jersey Super Lawyers for 2014. Arthur A. DiPadova and Glenn A. Henkel were named in the area of Estate Planning & Probate Michael A. Kulzer in the area of Closely Held Business,…
Revised Streamlined Program Offers Resident Taxpayers Options Regarding Foreign Assets
On June 18, 2014, the Internal Revenue Service announced revisions to the Streamlined Domestic Offshore Procedures (the “Streamlined Program”). The revised Streamlined Program offers reduced penalties for certain taxpayers with offshore reporting issues as compared to the higher penalties imposed under the Offshore Voluntary Disclosure Initiative (the “OVDI Program”). The Streamlined Program,…
Attorney Eric A. Feldhake Successfully Represents Client Before Pennsylvania Appellate Court
Toll Naval Assoc. v. Chun-Fang Hsu, PICS Case No. 14-0214 (Pa. Super. Jan. 30, 2014) Bender, J. (15 pages.) Eric A. Feldhake of Kulzer & DiPadova, P.A. appeared before the Pennsylvania Appellate Court representing Chun-Fang Hsu. Fox Rothchild represented Appellant Toll Naval Assoc. which appealed from the judgment entered against it confirming…
Attorney Glenn A. Henkel Appointed to Board of Philadelphia Estate Planning Council
Shareholder, Glenn A. Henkel, Esquire, was recently appointed to the Board of the Philadelphia Estate Planning Council. The Council is a “highly recognized interdisciplinary organization for professionals involved in estate planning, providing its members with opportunities to enhance their skills and expand their network through programs and interaction.” Mr. Henkel is admitted to practice before the…
Attorney Joseph M. Kempter Installed as President of SJ Chapter of Society of Financial Service Professionals
Shareholder, Joseph M. Kempter, Esquire, was recently installed as the President of the South Jersey Chapter of the Society of Financial Service Professionals. “To be accepted for regular membership in the Society, an individual must have achieved and demonstrated a high level of achievement in his or her professional career. Among other requirements, he…