K&D Upcoming Tax Seminars
Save the date(s)! Kulzer & DiPadova, P.A. is once again presenting a number of annual tax seminars reviewing the major changes and legislative trends in taxation throughout 2021. Join us virtually or in person to explore the latest in federal and state legislation, estate tax developments, international taxation requirements, and…
President Biden Prepares to Sign into Law the Infrastructure Investment and Jobs Act
On November 5, 2021, the House of Representatives passed the Infrastructure Investment and Jobs Act (H.R. 3684) (the “Act”) by a 228-206 vote after the Act was passed in the Senate by a 69-30 vote in August. The Act was presented to President Biden on November 8, 2021, and he…
IRS updates its process for frequently asked questions
The Internal Revenue Service (IRS) recently published a News Release in which it addresses its process for publishing frequently asked questions (FAQs) on tax legislation and taxpayers’ concerns regarding relying on such FAQs. With the enactment of the CARES Act and other coronavirus-related tax legislation providing taxpayer relief during the…
When Gifting to Save Estate Taxes, it is Essential to Consider Loss of Step-Up in Basis
Since the House Ways and Means committee proposed reducing the estate and gift tax exemption from $11,700,000 to approximately $6,000,000 (as adjusted for inflation) effective January 1, 2022, there has been a rush by many wealthy individuals to make gifts by utilizing the $11,700,000 exemption while it is still available…
Income Tax Planning with Individual Retirement Accounts
We are occasionally faced with a situation where an IRA is designated to an individual that has predeceased the IRA owner with no contingent designated beneficiary named. In a situation where no designated beneficiary is named, the custodian agreement will control beneficiary designation and many times the IRA ends up…
Could dramatic estate tax changes be looming?
As was reported in our newsletter dated September 16, 2021, House Ways and Means Democrats Proposed Changes (link), the Ways and Means Committee of the United States House of Representatives (the principal tax writing committee) recently proposed substantial tax changes. Several of the provisions in the bill could have a…
House Ways and Means Democrats Proposed Tax Changes
Details regarding tax increases needed to fund infrastructure and social safety net changes are beginning to emerge. House Ways and Means Democrats have released text with includes, among many other things, increases in corporate and individual tax rates. Corporate tax rates will increase from 21% to 26.5%. There are actually…
New Jersey Revises Rules For Notary Publics
On July 22, 2021, Governor Phil Murphy signed P.L. 2021, ch. 179, A-4250 (Downey)/S-2508(Gopal) upgrading the laws concerning notaries and notarial acts. What is “notarization”? When an individual executes a legal document, a licensed notary public serves as an impartial witness to the execution of the document and to the…
New Jersey Qualified Plan Mandate and Qualified Plan Document Deadlines Approaching
New Jersey Employer Qualified Plan Mandate. On March 28, 2019, New Jersey Governor Phil Murphy signed A4134 https://www.njleg.state.nj.us/2018/Bills/PL19/56_.HTM into law, establishing the New Jersey Secure Choice Savings Program (“Program”). The legislation requires employers with 25 or more employees that have been operating for 2 or more years that do not…
New Jersey Extends Retirement Income Exclusion
The State of New Jersey, recently reduced many retirees’ income taxes by extending a limited pension and retirement income exclusion to taxpayers with gross income exceeding $100,000 but not more than $150,000. New Jersey does not tax Social Security benefits or military pensions. Since 2000, New Jersey has provided taxpayers…