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

P: 856.795.7744
F: 856.795.8982
E: info@kulzerdipadova.com

News, Articles & Resources

Category: Media Center

New Jersey Property Tax Assessment Appeals

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Many New Jersey property owners believe their property tax assessments are uncompromising. The truth is property assessments are not. Property assessments hinge on the tax assessor’s calculation of the market value of a property, and often such calculations may not be accurate or reflective of current market value. Tax assessors…

Where in the Metaverse is my Cryptocurrency?

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Where in the Metaverse is my Cryptocurrency? The internet has been used for many pursuits since its development. A futuristic internet could look something like a “metaverse,” which is a term that describes a futuristic society in which people only live, work, and play in a virtual world.  One version…

Expenses Paid with PPP Loan Proceeds Reduce Other Adjustment Accounts, According to Draft Instructions for S-Corporation Returns (Form 1120-S)

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Background. The Coronavirus Aid, Relief, and Economic Security (CARES) Act did not specify whether expenses paid using funds  received from a Paycheck Protection Program (PPP) loan would be deductible for federal income tax purposes.  Congress subsequently passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic…

Split Among Federal Circuit Courts on the Application of the “Non-Willful” FBAR Penalty

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Any individual that has direct ownership, signatory authority or beneficial ownership over a foreign bank account that has a balance of $10,000 during any point of the year is required to file a Report of Foreign Bank and Financial Accounts (“FBAR”).  The penalties for failing to file an FBAR can…

Governor Murphy’s Revised Fiscal Year 2021 Budget Proposal Includes Tax Increases

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On August 25, 2020, Governor Murphy released his revised budget proposal for Fiscal Year 2021 (FY 2021). The proposal includes tax policy changes estimated to yield just over a billion dollars for the nine-month FY 2021 period, including: Imposing the millionaire’s tax on all income above $1 million; Permanently incorporating…

COVID-19 Notice to Clients & Friends

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To our valued clients and friends,   We at Kulzer & DiPadova hope you and your family are well and taking measures to ensure your ongoing health and safety while adapting to this serious public health situation.  We want to assure you that throughout the COVID-19 pandemic we will continue…

IRS Releases Inflation-Adjusted Amounts for 2020

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The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. On Tuesday, November 6, 2019, the IRS released the adjustments that will apply for the 2020 tax year. Below is a highlight of some of those adjustments. Ordinary income. For married individuals…

Section 199A Proposed Regulations Provide De Minimis Safe Harbor for Specified Service Businesses

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New proposed regulations under I.R.C. § 199A provide a de minimis exception for owners of passthrough entities which offer a mix of products and specified services. QBI Deduction and Specified Service Trade or Business Generally, I.R.C. § 199A provides a deduction to non-corporate taxpayers of up to twenty (20%) percent…

Proposed 199A Regulations Narrowly Interpret “Reputation or Skill” Clause for SSTBs

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In a welcome development for owners of passthrough businesses, new proposed regulations under I.R.C. § 199A include a very narrow interpretation of the “catch-all” clause defining specified service trades or businesses. QBI Deduction and Specified Service Trade or Business Generally, Section 199A provides a deduction to non-corporate taxpayers of up…

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