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: State & Local Taxes

Interesting Developments Concerning Income Taxation of Resident and Nonresident Trusts

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The Pennsylvania Department of Revenue recently changed its instructions for filing of an income tax return for trusts and estates.  While many people are aware that an individual must file Form 1040, a trust or estate will typically file IRS Form 1041. On the state level, corollary returns are prepared for…

Deadline Approaches for Local Real Property Tax Appeals

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Local real property taxes in New Jersey are assessed according to value.  A municipal assessor makes his or her determination of real property value as of each October 1. The tax assessor must notify each taxpayer of the current assessment and preceding year’s taxes by mail prior to February 1st…

Built-In Gains Holding Period for 2012 and 2013

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If a corporation that was previously a C-corporation files its S election after December 31, 1986 it is subject to the built-in gains tax under the Tax Reform Act of 1986.  As enacted, the tax was imposed on any built-in gain resulting from the sale of any assets owned at the time of…

American Taxpayer Relief Act of 2012 Update

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Just in time to replace the expired 2011 “patch” for the Alternative Minimum Tax (“AMT”) the American Taxpayer Relief Act of 2012 (“ATRA”) permanently extends AMT relief while retroactively increasing the AMT exemption for 2012. The ATRA increases the AMT exemption for 2012 for unmarried individuals to $50,600; for married taxpayers filing jointly and surviving spouses to $78,750;…

Tax Rates on Capital Gains & Qualified Dividends

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For tax rates on capital gains and qualified dividends, the 2012 Act largely left intact the existing tax rates applied to long term capital gains and qualified dividend income that existed through the end of 2012, with an increase for high income individuals. Old Law Prior to the 2012 Act, capital gains and…

Individual Tax Extender

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Tax Extender: Prior to the enactment of the American Taxpayer Relief Act of 2012 (“ATRA”), the potential expiration of a variety of credits and deductions caused individual taxpayers and tax return preparers to face unprecedented uncertainty for the 2012 and 2013 tax years which helped to carve the so-called “fiscal…

Social Security and Personal Income Taxes

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The Social Security tax rate on wages and self-employment income will revert to its previous rate of 6.2% for employees and 12.4% for self-employed individuals beginning January 1, 2013.  The Social Security tax rate for 2012 was 4.2% for employees and 10.4% for self-employed individuals. All wages and self-employment income up to the Social Security wage base in…

Limits on Deductions and Exemptions

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PEP limitations (Deductions and Exemptions) to apply to “high earners”. Taxpayers claim exemptions for themselves, their spouses and their dependents.  Last year, each exemption was worth $3,800.  Under the new law, for tax years beginning after 2012, the Personal Exemption Phaseout (PEP), which had previously been suspended, is reinstated with a starting…

American Taxpayer Relief for Business

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Enhanced small business expensing (Section 179 expensing) Generally, the cost of property placed in service in a trade or business cannot be deducted in the year it is placed into service if the property will be useful beyond the year.  Instead, the cost is “capitalized” and depreciation deductions are allowed for most property (other…

NJ Announces Private Ruling Procedures

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Beginning September 15, 2010, the New Jersey Division of Taxation will initiate a private letter ruling procedure. The new procedure will allow taxpayers to obtain a written determination from the Regulatory Services Branch of the Division. The private rulings will be based on the law and Division policies in effect…

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