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

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News, Articles & Resources

2009 Tax Break for Haiti Relief Donations

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Tax Break for Haiti Relief Donations – On January 12, 2010, a massive earthquake struck the nation of Haiti, causing catastrophic damage inside and around the capital city of Port-au-Prince. President Obama promised the people of Haiti that “you will not be forsaken; you will not be forgotten” and ordered an immediate…

Tax Reform Advice for President’s Task Force

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On March 25 President Obama announced the creation of a special task force to review the shortcomings of the U.S. tax system. The group is part of the President’s Economic Recovery Advisory Board.  Headed by Paul Volcke, the task force has come to be known as the Volcker task force…

Special Federal Loss Carryback Option to Expire

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IR-2009-72, Aug. 13, 2009 WASHINGTON — “CARRYBACK OPTION”. Time is running out for many small businesses wishing to take advantage of the expanded business loss carryback option included in this year’s recovery law, the Internal Revenue Service said today. Eligible individuals have until Oct. 15 to choose this expanded carryback…

Is the AMT in need of a fix?

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New Jersey ranks first among the states in the percentage of Alternative Minimum Tax filers.  273,589 New Jersey taxpayers, 6.5% of all New Jersey taxpayers paid the AMT in 2006.  The Joint Committee on Taxation projects that without another legislative patch or AMT reform, more than 1.6 million New Jersey…

Current Applicable Federal Rates

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Each month, the IRS provides various prescribed rates for federal income tax purposes. These rates, known as Applicable Federal Rates (or AFRs), are regularly published as revenue rulings. Click here for the IRS Index of Applicable Federal Rates (AFR) Rulings

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…

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