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

P: 856.795.7744
F: 856.795.8982
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News, Articles & Resources

Category: State & Local Taxes

K&D Upcoming Tax Seminars

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Kulzer & DiPadova, P.A. is once again presenting a number of annual tax seminars reviewing the major changes and legislative trends in taxation throughout 2022.  Join us virtually or in person to explore the latest in federal and state legislation, estate tax developments, international taxation requirements, and more! NJCPA 2022…

Tax Update

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New Jersey Enacts Bill to Curb the Use of “Refund Anticipation Checks” by Tax Return Preparers Governor Murphy signed into law P.L.2022, c.90 (S891) that prohibits specified tax preparers from engaging in certain practices involving refund anticipation checks and loans.  An income tax refund is the largest lump-sum payment that…

New Jersey Deductions for Higher Education Expenses and Savings

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Beginning in 2022, the New Jersey College Affordability Act allows New Jersey taxpayers tax deductions for certain educational expenses. The deductions are targeted for taxpayers with gross income of $200,000 or less. Deductions are allowed for contributions to the NJBEST college savings plan, in-state higher education tuition costs and NJCLASS…

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…

New Jersey Revises Rules For Notary Publics

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On July 22, 2021, Governor Phil Murphy signed P.L. 2021, ch. 179, A-4250 (Downey)/S-2508(Gopal)  upgrading the laws concerning notaries and notarial acts.  What is “notarization”?  When an individual executes a legal document, a licensed notary public serves as an impartial witness to the execution of the document and to the…

New Jersey Extends Retirement Income Exclusion

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The State of New Jersey, recently reduced many retirees’ income taxes by extending a limited pension and retirement income exclusion to taxpayers with gross income exceeding $100,000 but not more than $150,000. New Jersey does not tax Social Security benefits or military pensions.  Since 2000, New Jersey has provided taxpayers…

New Jersey State and Local Tax (SALT) Deduction Planning Opportunity

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In January 2020, New Jersey Governor Phil Murphy signed legislation creating the Business Alternative Income Tax (BAIT). Effective for income tax years beginning on or after January 1, 2020, the legislation allows New Jersey pass-through entities (PTEs) to pay and deduct income tax at the entity level. The legislation provides…

New Jersey Budget Passage Includes Additional Income Taxes on Individuals with Taxable Income over $1 Million

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On September 29, 2020, Gov. Phil Murphy signed a budget for revised fiscal year 2021. The budget includes $32.7 billion in state funds and appropriation of 13.8 billion in federal funds.  The revised fiscal year begins October 1, 2020, due to the extension of fiscal year 2020 during the coronavirus…

New Jersey Supreme Court tackles issue of real estate taxation of private businesses on public properties

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Gourmet Dining, LLC, is a “for-profit” business entity that had entered into a management agreement with Kean University to operate a “high-end” restaurant called “Ursino” on Kean University property. The Gourmet Dining business is on University property and, as a state school, it is operated on property owned by the…

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…

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