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News, Articles & Resources

Category: Employee Compensation & Benefits

New Jersey Passes Wage Theft Act: What Employers Need to Know

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On August 6, 2019, New Jersey Acting Governor Sheila Oliver signed into law the New Jersey Wage Theft Act (the “Act”), P.L. 2019, c.212, modifying New Jersey’s existing wage and hour laws. Except for certain provisions dealing with criminal offenses, the Act took effect immediately upon enactment. The Act provides…

New Jersey Employers Required to Offer Mandatory Pre-Tax Transportation Fringe Benefits

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On March 1, 2019, Governor Phil Murphy signed into law Senate Bill No. 1567, “An Act concerning pre-tax transportation fringe benefits” (“Act”), which requires New Jersey employers with at least 20 employees to offer pre-tax transportation fringe benefits to its employees.  Transportation fringe benefits include employees’ costs incurred for alternative…

Can a Partner/LLC Member be Treated as an Employee?

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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…

NJ Opportunity to Compete Act Affects Job Applications

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On March 1, 2015 New Jersey’s Opportunity to Compete Act (the “Act”) will take effect. In essence the law restricts employers with 15 or more employees from inquiring, either verbally or in writing (e.g. employment application) about a potential employee’s criminal record. However, this restriction applies only during the initial employment application…

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…

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