Big Changes in Federal Tax Laws Have Not Reduced Charitable Deductions
The Tax Cuts and Jobs Act (ACT) went into effect on Jan. 1, 2018. It will take several years to figure out the full impact of the ACT, but areas such as charitable deductions are clear. With the cap on state and local taxes of $10,000, the standard deduction for…
Service Announces Pending Closure of Offshore Voluntary Disclosure Program
IR-2018-53 On March 13, 2018, the Service issued IR-2018-52, announcing its intention to close the Offshore Voluntary Disclosure Program (“OVDP”) effective September 28, 2018. The Service’s stated intention for the issuance of IR-2018-52 is to allow United States taxpayers with undisclosed foreign accounts to use the OVDP before the program…
U.S. News – Best Lawyers® Ranks K&D Among “Best Law Firms” List Financial Planning Conference
Kulzer & DiPadova, P.A. is pleased to announce that U.S. News & World Report has ranked 5 of the firm’s practice areas among the top two metropolitan tiers for the state of New Jersey in their 2018 “Best Law Firms” publication.
Gauging the Height of the Specified Service Business Guardrail
K&D shareholder, Daniel L. Mellor authored the following article, “Gauging the Height of the Specified Service Business Guardrail“, which appeared in the February 5, 2018 issue of Tax Notes. In this article, Mellor examines the key definitional element of the new 20% deduction for passthrough income under the recently-enacted Tax Cut and…
Status of the SALT Deduction
Under the Tax Cuts and Jobs Act, signed into law by President Donald Trump on December 22, 2017, the itemized deduction for state and local taxes (“SALT”) has been modified for tax years after 2017. Taxpayers in high tax states, such as New Jersey, are the most dramatically affected. Those…
The Tax Consequences of Expatriation
K&D shareholder Patrick J. McCormick authored “The Tax Consequences of Expatriation”, appearing in the November 2017 issue of the Journal of Taxation and the January 2018 Journal of International Taxation as their cover article. Mr. McCormick specializes in all areas of international taxation, regularly assisting clients with all aspects of…
Meet Kulzer & DiPadova’s Newest Shareholder
Kulzer & DiPadova, P.A. is pleased to announce the promotions of a senior associate. Daniel L. Mellor has been admitted as shareholders in the firm, effective January 1, 2018. “Our firm considers itself very fortunate to be able to welcome Dan, a highly qualified and dedicated attorney, as shareholders,” says Mike…
Consider Prepaying 2018 Property Taxes by December 31, 2017
The Tax Cut and Jobs Act (the “Act”) limits the deduction for state property and income taxes to $10,000 per year starting in 2018. Many taxpayers will be over that just for NJ income taxes and will get no benefit from paying property taxes going forward. If that is the…
Comparison of House and Senate Versions of Tax Cuts and Jobs Act
On December 2, 2017, the Senate passed its version of H.R. 1, the Tax Cuts and Jobs Act. While the bill must now go to conference committee to reconcile the differences between the House and Senate versions, the following chart summarizes the major provisions of the bill and where the…
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…