Kulzer & DiPadova, P.A.
76 E. Euclid Avenue, Suite 300
Haddonfield, New Jersey 08033-2342

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News, Articles & Resources

New Jersey Supreme Court tackles issue of real estate taxation of private businesses on public properties

New Jersey Supreme Court tackles issue of real estate taxation of private businesses on public properties
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Gourmet Dining, LLC, is a “for-profit” business entity that had entered into a management agreement with Kean University to operate a “high-end” restaurant called “Ursino” on Kean University property. The Gourmet Dining business is on University property and, as a state school, it is operated on property owned by the…

Governor Murphy’s Revised Fiscal Year 2021 Budget Proposal Includes Tax Increases

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On August 25, 2020, Governor Murphy released his revised budget proposal for Fiscal Year 2021 (FY 2021). The proposal includes tax policy changes estimated to yield just over a billion dollars for the nine-month FY 2021 period, including: Imposing the millionaire’s tax on all income above $1 million; Permanently incorporating…

New Jersey Sales Tax and Surcharges for COVID-19

New Jersey Sales Tax and Surcharges for COVID-19
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The New Jersey Division of Taxation issued a notice on the taxation of surcharges for COVID-19 precaution and prevention costs. Some sellers are imposing additional fees on customer invoices for COVID-19 related cost. These additional charges may be termed a COVID-19 Fee, Coronavirus Fee, PPE Fee, Sanitation Fee, Cleaning Fee…

Estate tax planning in 2020, it’s deja vu all over again! Time to consider gifting strategies in some cases

Estate tax planning in 2020, it’s deja vu all over again! Time to consider gifting strategies in some cases
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Authored by Glenn A. Henkel and Samantha Heaton Recent developments with the coronavirus have caused some proactive and wealthy clients to consider whether tax law changes may create an increased tax burden in the future.  As a result, some are revisiting the tax rules and determining whether immediate action is…

Paying your Taxes in the Time of COVID

Paying your Taxes in the Time of COVID
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The IRS recently issued Fact Sheet 2020-10 to remind taxpayers that they “have a variety of options to consider when paying federal taxes.” Due to the COVID-19 pandemic, the filing deadline and tax payment due date was extended from April 15, 2020, to July 15, 2020. Taxpayers filing Form 1040…

Estate and Trust Income Tax Return Reporting Changes

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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

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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

Amending Partnership Returns
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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

Remote Notarization of Legal and Estate Planning Documents During the COVID-19 Crisis
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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.

New Jersey Extends Certain Tax Filings due April 15, 2020.
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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….

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