Category: Tax Planning & Compliance
IRS Taxes Gain On Sale of Shares Gifted to Charity to Donor
The recent case of Estate of Hoensheid v. Commissioner of Internal Revenue, decided in March 2023, shows that the IRS is continuing to aggressively attack gifts of shares of stock to a charity, followed by a sale of those shares by the charity. The object of the taxpayer is to…
Renewed Warning, Criminal Charges against Fraudulent ERC Promotors
Renewed Warning, Criminal Charges against Fraudulent ERC Promotors On February 1, 2023, a federal grand jury in Salt Lake City, Utah returned an indictment against Zachary Bassett, Mason Warr, and their firm COS Accounting & Tax LLC d/b/a 1099 Tax Pros. Each defendant faces twenty-five criminal counts for actions…
Supreme Court’s Non-Willful FBAR Holding Allows Taxpayers to Sleep at Night
Supreme Court’s Non-Willful FBAR Holding Allows Taxpayers to Sleep at Night During 2021, two different Appeals courts in the United States heard cases with similar fact patterns on a sensitive tax issue but held completely opposite decisions. Specifically, the Fifth and Ninth Circuits both ruled on cases dealing with taxpayers…
New Jersey ITIN Holders Director Assistance Excludable from Federal Taxable Income
New Jersey ITIN Holders Director Assistance Excludable from Federal Taxable Income The IRS ruled that a payment made under New Jersey’s ITIN Holders Director Assistance Program was excludible from federal taxable income as a payment is made for the promotion of the general welfare or as a disaster relief payment….
New Jersey Adapts to Federal Centralized Partnership Audit Rules
New Jersey Adapts to Federal Centralized Partnership Audit Rules On December 22, 2022, Governor Murphy signed P.L.2022, c.133 (A4295/S2876) that eliminates the requirement to affirmatively make a New Jersey S corporation election; ends the New Jersey COVID-related extension for State tax assessments and refund interest and adapts New Jersey Partnership…
New Jersey Ends COVID-related Extension for State Tax Assessments
New Jersey Ends COVID-related Extension for State Tax Assessments On December 22, 2022, Governor Murphy signed P.L.2022, c.133 (A4295/S2876) that eliminates the requirement to affirmatively make a New Jersey S corporation election; ends the New Jersey COVID-related extensions for State tax assessments and refund interest and adapts New Jersey Partnership…
New Jersey Piggy-Backs Federal S Corporation Elections
New Jersey Piggy-Backs Federal S Corporation Elections. On December 22, 2022, Governor Murphy signed P.L.2022, c.133 (A4295/S2876) that eliminates the requirement to affirmatively make a New Jersey S corporation election; ends the New Jersey COVID-related extension for State tax assessments and refund interest and adapts New Jersey Partnership Audit Rules…
New Jersey PTE/BAIT – Planning for 2022
New Jersey PTE/BAIT – Planning for 2022. Significant revisions to the elective New Jersey Pass-Through Business Alternative Income Tax (PTE/BAIT) are effective for tax years beginning in 2022. The PTE/BAIT, first effective for tax years beginning in 2020, is a work around for the federal $10,000 state and local…
Employee Retention Credit: You Got Your Check. Now What?
Employee Retention Credit: You Got Your Check. Now What? Included in the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was a new refundable employment tax credit, also known as the employee retention credit (ERC), which could amount to as much as $26,000 per qualified employee….
K&D Upcoming Tax Seminars
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…