Best Lawyers in America select K & D in 2012
Six from K&D selected for Best Lawyers in America® 2012 The firm overview for K& D is as follows: Six lawyers from Kulzer & DiPadova, P.A. were recently selected by their peers for inclusion in The Best Lawyers in America® 2012. Since its inception in 1983, Best Lawyers has become universally…
December 2010 Tax Law Makes Estate Tax Changes
On December 17, 2010 President Obama signed into law the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.” The new law: Extends for two years the current income tax rates and other income tax rates commonly called the “Bush Tax Cuts.” Provides tax incentives to businesses Cuts…
2011 Offshore Voluntary Disclosure Deadline
In a news release, IR-2011-84, Aug. 8, the IRS reminds taxpayers that the August 31 Deadline is fast approaching for the second special voluntary disclosure deadline initiative of offshore accounts. U.S. taxpayers are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the…
IRS Voluntary Classification Settlement
The Internal Revenue Service has announced a new Internal Revenue Service Voluntary Classification Settlement program that provides partial relief from federal employment taxes for eligible taxpayers that agree to prospectively treat workers as employees. The Voluntary Classification Settlement Program (VCSP) allows eligible taxpayers to voluntarily reclassify their workers for federal…
Estate Planning in 2010
As 2009 drew to a close, most trust and estate practitioners believed that Congress would freeze the estate tax threshold at the 2009 exemption and rate structure of $3.5 million for estate planning in 2010. This “fix” never happened! As a consequence, for individuals who pass away in 2010 there…
President Homebuyer Credit Extension
The Homebuyer Assistance and Improvement Act of 2010 (H.R. 5623) was signed on July 2, 2010, by President Obama. The bill permits first-time homebuyers to qualify for the $8,000 credit. It also allows who have lived for five years in their current residence to purchase a new home and receive a…
NJ Announces Private Ruling Procedures
Beginning September 15, 2010, the New Jersey Division of Taxation will initiate a private letter ruling procedure. The new procedure will allow taxpayers to obtain a written determination from the Regulatory Services Branch of the Division. The private rulings will be based on the law and Division policies in effect…
President Signs Small Business Tax Bill
President Obama signed H.R. 5297, the Small Business Lending Fund Act of 2010 (click link to download). The bill includes eight new small business tax cuts – all effective immediately, and applying to small businesses’ taxes for 2010 – providing an immediate incentive for businesses to make new investments and expand. Here…
New Rules Proposed for NJ Death Tax Escrows
The New Jersey Division of Taxation has proposed new rules for title insurance companies holding escrow amounts from real estate closings for the payment of transfer inheritance and/or estate taxes. New N.J.A.C.18:26-11.21 would require title companies to notify the Division in writing, within 10 days of receipt of the transfer…
Estate Planning and Circular 230
“Circular 230” is the body of federal government regulations which regulate individuals that “practice before” the Internal Revenue Service on tax matters. By now, many professionals have either adopted firm procedures for dealing with “Circular 230” or have begun to notice Circular 230 “disclaimers” plastered over letters, memos and even…