Estate and Trust Income Tax Return Reporting Changes
Authored by Michael Rios (summer law clerk) and Joseph T. Kenney, Esq. On May 11, 2020, the United States Treasury published proposed regulations (“Prop. Regs.”) (REG-113295-18) under the Tax Cuts and Jobs Act of 2017 (TCJA) related to the deductibility of certain expenses incurred by estates and non-grantor trusts. The Prop….
Long Awaited “Retail Glitch” Technical Correction
The Tax Cuts and Jobs Act (“TCJA”) expanded the bonus depreciation provision in I.R.C. Section 168(k) from fifty (50%) percent to one hundred (100%) percent. Unfortunately, Congress failed to assign qualified improvement property a fifteen (15) year recovery period when drafting the TCJA, rendering qualified improvement property ineligible for bonus…
Amending Partnership Returns
The heading of this note is somewhat misleading, because as the result of changes made by the Bipartisan Budget Act of 2015, you can no longer amend a partnership return (but for a limited duration exception discussed below). If a change needs to be made to a partnership return because…
Remote Notarization of Legal and Estate Planning Documents During the COVID-19 Crisis
On April 14, 2020, Governor Phil Murphy signed into law P.L. 2020, Chapter 26 to allow for remote notarization of documents. The State of New York had taken similar action by executive order of Governor Andrew Cuomo on March 7, 2020 and Pennsylvania’s initial regulatory provision was subsequently overruled on…
New Jersey Extends Certain Tax Filings due April 15, 2020.
On April 14, 2019, Governor Murphy signed P.L.2020, c.___ (A3918) extending to July 15, 2020 the deadline for Gross Income Tax (GIT) and Corporation Business Tax (CBT) filings and payment ordinarily due April 15, 2020. The new law aligns New Jersey with the new federal deadline announced late last month….
The SBA and Treasury Issue Additional Guidance for Paycheck Protection Program
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136 (the “CARES Act” or the “Act”). The legislation is intended to provide relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. One of the most significant…
Coronavirus Aid, Relief and Economic Security Act
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136 (the “CARES Act” or the “Act”). The legislation is intended to provide relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. Below are summaries of the…
SBA Provides Small Business Guidance
The U.S. Small Business Administration has issued initial guidance regarding the Paycheck Protection Program (the “PPP”), a keystone of the legislative response to the Coronavirus (COVID-19) pandemic. The PPP provides loans designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will…
IRS announces People First Initiative in response to COVID-19 Pandemic
On March 25, 2020, the Internal Revenue Service announced the “People First Initiative” that will assist taxpayers by providing relief on a variety of tax collection and enforcement issues. Installment Agreements For taxpayers under an existing Installment Agreement with the IRS, payments due between April 1 and July 15, 2020…
COVID-19 Notice to Clients & Friends
To our valued clients and friends, We at Kulzer & DiPadova hope you and your family are well and taking measures to ensure your ongoing health and safety while adapting to this serious public health situation. We want to assure you that throughout the COVID-19 pandemic we will continue…