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

P: 856.795.7744
F: 856.795.8982
E: info@kulzerdipadova.com

News, Articles & Resources

When Gifting to Save Estate Taxes, it is Essential to Consider Loss of Step-Up in Basis

When Gifting to Save Estate Taxes, it is  Essential to Consider Loss of Step-Up in Basis
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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

Income Tax Planning with Individual Retirement Accounts
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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?

Could dramatic estate tax changes be looming?
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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

House Ways and Means Democrats Proposed Tax Changes
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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

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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 Qualified Plan Mandate and Qualified Plan Document Deadlines Approaching
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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

New Jersey Extends Retirement Income Exclusion
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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…

Tax Advisors May Now Sue IRS

Tax Advisors May Now Sue IRS
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In CIC Services LLC v. Internal Revenue Service decided in May 2021, the United States Supreme Court held the Anti-Injunction Act (AIA), section 7421(a) of the Internal Revenue Code (Code), does not preclude a pre-enforcement challenge to an IRS notice enforced through civil and criminal penalties. The AIA generally precludes…

Biden Administration Releases Fiscal Year 2022 Budget with a Revenue “Greenbook”

Biden Administration Releases Fiscal Year 2022 Budget with a Revenue “Greenbook”
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On May 28, 2021, the U.S. Department of the Treasury released its “Greenbook,” which are explanations of the Biden Administration’s 2022 Revenue Proposals. This book provides additional information on proposals previously announced as American Families Plan and the Made in America Tax Plan.   Many of these proposals center on improving…

EFPCSNJ Awards Arthur DiPadova 2021 Founders Award

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Kulzer & DiPadova congratulates Arthur DiPadova as he is awarded the 2021 Founders Award presented by the Estate and Financial Planning Council of Southern New Jersey at the June 3rd Installation and Awards Reception. The EFPC Founders’ Award recognizes individuals who have “provided distinguished service to the estate and financial…

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