Fundamentals of Probate Litigation
Administration Procedure and Timing According to an article in the AAA Dispute Resolution Journal, an estimated $41 trillion of wealth will be transferred from the “Greatest Generation” to their children, the Baby Boomers, between 1998 and 2052. This massive transfer of wealth through estates both large and small has spurred…
October is the Right Time to Consider Property Assessment Appeals
October 1 is the time of year the fair value of property is assessed for the following year, providing essentially the “snapshot” of fair value for the 2018 property assessment. Additionally, municipal budgets for the next tax year are typically set in December, making this time of year particularly opportune…
Reform or Repeal – Regulations Identified as Imposing Undue Burden on Taxpayers
The Secretary of the Treasury has identified eight regulations that it intends to modify or repeal as instructed by Executive Order 13789. Under the Executive Order, the Treasury was given sixty (60) days to review all “significant tax regulations” issued on or after January 1, 2016 in order to identify…
International Reporting Failures Create Penalty and Statute of Limitations Problems
An ever-growing number of businesses and individuals are going global. Familiarity with the U.S. tax forms that are necessary to properly disclose foreign assets and interests is thus paramount. Four critical forms – Foreign Bank Accounting Re-port (FBAR), 8938, 8621, and 3520 – are summarized, including applicable penalties. READ MORE…
A Whiff of Fraud?
The New Jersey Tax Court recently addressed, for the first time, the State’s civil fraud tax penalty. The New Jersey Division of Taxation may impose a civil fraud penalty if any part of a state tax assessment is due to the taxpayer’s fraud. The penalty is 50% of the assessment…
Michael Kulzer Named Camden County Professional Lawyer of the Year
Kulzer & DiPadova founding shareholder, Michael A. Kulzer, was named the 2016 Harvey M. Mitnick Camden County Professional Lawyer of the Year. This distinction is awarded to an attorney who is well recognized in the community for character and competence, respected by all, and is considered a model of professional behavior. Mike will…
IRS Announces Late Portability Election Relief for Eligible Estates
On June 9, 2017 the Internal Revenue Service (the “IRS”) published Revenue Procedure 2017-34 (“Rev. Proc. 2017-34”) to announce a new simplified procedure for particular estates to obtain an extension of time to file a federal estate tax return and make a “late” portability election. First introduced into federal law…
Christie Vetoes ‘Home-Sharing’ Tax Bill
UPDATE: On Friday, July 21, 2017, Governor Christie vetoed Assembly Bill No. 4587, which bill would have imposed State sales and use tax and hotel and motel occupancy fees on transient accommodations like those provided through Airbnb. In support of the veto, Governor Christie stated “I strongly believe that levying new…
Tax Court Case Highlights New Jersey Inheritance Tax “3-Year Rule”
Much has been written about the pending repeal of the New Jersey Estate Tax in 2018. As is usually noted, the repeal of the estate tax does not have an effect on the New Jersey inheritance tax, which will remain in effect. The New Jersey inheritance tax will not apply…
Can a Partner/LLC Member be Treated as an Employee?
We are often asked whether an LLC, which is treated as a partnership for income tax purposes, can pay a member as an employee on a W-2 rather than simply making gross distributions from which the member pays self-employment taxes and makes quarterly estimated payments for income taxes. The short…