2009 Tax Break for Haiti Relief Donations Under the The Haiti Assistance Income Tax Incentive Act, taxpayers are be able to write off certain charitable donations to Haiti earthquake relief efforts when filing their 2009 tax returns. Cash donations to charities for the Haitian relief effort given after January 11 and before March 1 of this year may be treated as if the contribution was made on December 31, 2009 so that the contribution can be deducted from 2009 income. This measure applies to monetary donations, not goods or services. Read More

Gov. Christie Transition Team Outlines Tax Goals Governor Christie's Transiton Team released a series of subcommittee reports. The report of the Subcommittee on Economic Development & Job Growth offered a number of state tax-related recommendations. Read More

Roth IRA Coversions in 2010 and Beyond Iindividuals who have never before qualified to convert a traditional IRA to a Roth IRA will be eligible beginning in 2010. Joseph M. Kempter, Esquire, outlines the rules applicable to the conversion and the factors which must be considered in making the determination whether the conversion will be beneficial to the individual. Read More

New Jersey Confirms Roth IRA Rules The New Jersey Division of Taxation has confirmed that New Jersey will follow federal tax deferral rules governing the taxation of Roth IRA conversions. Specifically, New Jersey will follow the Federal Tax Increase Prevention and Reconciliation Act of 2005 provision regarding the federal income tax reporting of a distribution from a traditional IRA which the taxpayer converts to a Roth IRA in 2010. Read More

Pennsylvania Tax Amnesty Guidelines Released On December 5, 2009, the Department of Revenue released a Statement of Policy setting out the 2010 Tax Amnesty Prgram guidelines. Pennsylvania has authorized a tax amnesty period from April 26 to June 18, 2010. For 54 days, the Pennsylvania Department of Revenue will waive 100 percent of penalties and half of the interest for taxpayers paying delinquent state taxes under the amnesty program. The program will apply to all Pennsylvania taxes administered by the Department of Revenue that are delinquent as of June 30, 2009 and to unknown liabilites for five years prior to June 30, 2009. Read More

1% Realty Transfer Fee - Mixed Class Properties In response to the New Jersey Tax Court’s decision in The Ridgewood Commons Group, LLC, v. Director, the Division of Taxation has revised instruction for completing form RTF-1EE (Affidavit of Consideration for Use by Buyer). Read More

Guidance for Required Minimum Distribution Waivers The IRS issued Notice 2009-82 advising that individuals who have received a 2009 required minimum distribution (“RMD”) have until the later of November 30, 2009, or 60 days after the date the distribution was received to roll it over. Thus, the IRS is waiving the 60 day rollover requirement to give taxpayers who received distributions in 2009 prior to the waiver of RMDs for 2009 the opportunity to return the 2009 RMD to the IRA or plan. The Notice also outlines the steps a retirement plan sponsor must take to allow participants to not receive an RMD during 2009. The one rollover per year limitation was not altered by the Notice so taxpayers who have already completed a rollover under the 60 day rule will be ineligible. Read More

IRS Issues Series of Savings Incentive Rulings The IRS has released of seven new pieces of guidance. The several revenue rulingans and notices are intended as savings initiatives to make it easier and more automatic for employees to save. Read More

Creating a Profits Interest in an S Corporation One disadvantage of the S corporation compared to the LLC is that S corporations lack flexibility of creating different classes of economic interests for its owners. This limits the ability of an S coproation to give special interests in the corporation to its key employees. An option might be for the S corporation to create a limited liability company and to grant profits interests in the LLC to its key employees. Read More

K&D Presented Annual Tax Programs to NJSCPA Chapters

The attorneys of Kulzer & DiPadova will presented Annual Tax Update Programs to three chapters of the New Jersey Society of Certified Public Accountants. On December 11, 2009 the firm presented to the Southwest Jersey Chapter and to the Atlantic/Cape May Chapter.  On January 9, 2010 the firm presented to the Monmonth/Ocean Chapter.

The program examined the developments in federal and state taxation during 2009 and look forward to the possibility of income and estate tax reform in 2010.

Kulzer & DiPadova has been honored to present annual tax programs to chapter members of the NJSCPA for more than twenty-five years.  These annual programs help support other chapter programming and also allow participating chapters to make contributions to the NJSCPA Scholarship Fund.

For fifty years, the NJSCPA Scholarship Fund has supported the study of accounting in high school and college. In 2009, the Scholarship Fund awarded more than $420,000 in scholarships, the highest total in the program’s history.

Henkel Presented at the PBI 16th Annual Estate Law Institute

 

Glenn A. Henkel, Esquire, presented this year at the Pennsylvania Bar Institute 16th Annual Estate Law Institute.  The PBI held this year’s seminar on Thursday, December 10, through Friday, December 11, 2009 at the Pennsylvania Convention Center in Philadelphia.  Mr. Henkel’s presentation addressed the New Jersey Estate Tax Law Update and several developments in the New Jersey estate and inheritance tax arena.  These and other Pennsylvania estate planning and estate administration issues will be the focus of this program, the largest estate law program sponsored by the PBI. 

Five from K&D selected for Best Lawyers in America® 2010

Five lawyers from Kulzer & DiPadova were recently selected by their peers for inclusion in The Best Lawyers in America® 2010.  Since its inception in 1983, Best Lawyers has become universally regarded as the definitive guide to legal excellence and inclusion in Best Lawyers is considered a singular honor.

Arthur A. DiPadova, Esquire was selected for inclusion in The Best Lawyers in America® 2010 in the fields of taxation and trusts & estates.

James B. Evans, Jr., Esquire was selected for inclusion in The Best Lawyers in America® 2010 in the field of taxation.

Glenn A. Henkel, Esquire was selected for inclusion in The Best Lawyers in America® 2010 in the fields of taxation and trusts & estates.

Michael A. Kulzer, Esquire was selected for inclusion in The Best Lawyers in America® 2010 in the field of taxation.

Robert H. Williams, Esquire was selected for inclusion in The Best Lawyers in America® 2010 in the field of taxation.

Best Lawyers is based on an exhaustive peer-review survey in which more than 32,000 leading attorneys cast almost two million votes on the legal abilities of other lawyers in their specialties, and because lawyers are not required or allowed to pay a fee to be listed, Corporate Counsel magazine has called Best Lawyers “the most respected referral list of attorneys in practice.”

 

 

Michael A. Kulzer Arthur A. DiPadova James B. Evans, Jr. Robert H. Williams Glenn A. Henkel Ronald M. Warren Joseph T. Kenney Joseph M. Kempter Eric A. Feldhake Douglas R. Madanick Cathleen M. Nowlen Barbara A. Kulzer Dina M. Russell

Welcome      Attorneys      Practice      Resources