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

P: 856.795.7744
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News, Articles & Resources

IRS Extends 2010 Tax Filing Deadlines for Flood Victims

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Victims of severe storms, floods, mudslides and landslides beginning March 12 in New Jersey may qualify for tax relief from the Internal Revenue Service. The President has declared the following New Jersey counties federal disaster areas qualifying for individual assistance:  Atlantic  Middlesex  Bergen  Monmouth  Cape May  Morris  Essex  Passaic  Gloucester…

Small Business Health Care Credit Explained

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On May 17, 2010, the IRS released Notice 2010-44, which provides comprehensive guidance to small businesses that are eligible for a new health care tax credit under the recently passed health care reform legislation. The Patient Protection and Affordable Care Act (PL 111-148) enacted new I.R.C. § 45R, effective for…

Roth IRA Conversions in 2010 and Beyond

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Introduction Roth IRA’s were first established under the Taxpayer Relief Act of 1997 which added I.R.C. §408A to the Internal Revenue Code as a new retirement savings vehicle.  Unlike traditional Individual Retirement Accounts (“IRAs”), distributions from which are subject to ordinary income tax, certain “Qualifying Distributions” received from Roth IRAs…

Guidance for Required Minimum Distribution Waivers

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Individuals must generally begin taking distributions from their qualified retirement accounts and IRAs beginning in the year they turn age 70½.  Under a law passed in late 2008, the required minimum distribution (“RMD”) rules mandating distributions were suspended for 2009.  The change was in response to the financial crisis.  Under the change, taxpayers…

IRS Issues Series of Savings Incentive Rulings

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The IRS has released seven new pieces of guidance for incentive rulings. The several revenue ruling and notices are intended as savings initiatives to make it easier and more automatic for employees to save. The guidance looks to encourage individuals to save more by: Providing guidance for employers to automatically enroll and increase the…

COBRA Compliance Mandates Seminar

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Joseph M. Kempter, J.D., LLM, CPA presented on COBRA compliance mandates of the American Recovery and Reinvestment Act of 2009 (ARRA) to the Estate and Financial Planning Council of Southern New Jersey on May 1, 2009 in Mt. Laurel, New Jersey. The ARRA was enacted on February 17, 2009. It contains important new compliance mandates for…

Differential Pay for Active Military Duty

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In Revenue Ruling 2009-11, the IRS ruled that the differential pay that employers pay to their employees while on active duty in the United States uniformed services for more than 30 days is subject to income tax withholding, but is not subject to Federal Insurance Contributions Act (“FICA”) or Federal Unemployment Tax Act…

IRS Enforcement Budget to Quadruple

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Reuters New Service reports that President Barack Obama proposed nearly doubling funds to enforce the federal tax laws next year and plans to quadruple funding for tax compliance to $2.1 billion within five years. The budget plan seeks a 5.2 percent increase over the IRS budget for 2009.  The IRS is responsible for…

New Jersey Recordkeeping Rules Proposed

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The New Jersey Division of Taxation has proposed new rules to clarify a Corporation’s recordkeeping requirements under state tax laws. The proposal would provide that corporations are required to maintain all records used to determine their Corporation Business Tax liability and such other records as the Director of the Division…

Pennsylvania Tax Amnesty Begins

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Pennsylvania’s Tax Amnesty period from April 26 to June 18, 2010. During this limited, 54-day timeframe, the Pennsylvania Department of Revenue will waive 100 percent of penalties and half of the interest for anyone who pays his/her delinquent state taxes. Individuals, businesses and other entities with Pennsylvania tax delinquencies as of…

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