President Signs Homebuyer Credit Extension On July 2, 2010, President Obama signed the Homebuyer Assistance and Improvement Act of 2010 (H.R. 5623). The bill permits first-time homebuyers to qualify for the $8,000 credit. It also allows homeowners who have lived for five years in their current residence to purchase a new home and receive a credit of $6,500. In both cases, the buyers must have signed a contract for purchase by April 30. Read More

Small Business Health Care Credit Explained On May 17, 2010, the IRS released Notice 2010-44, which provides comprehensive guidance to small businesses that are eligible for a new health-care tax credit under the recently passed health care reform legislation. Read More

New Jersey Recordkeeping Rules Proposed The New Jersey Division of Taxation has proposed new rules clarify a Corporation's recordkeeping requirements under state tax laws. The proposal would provide that corporations are required to maintain all records used to determine their Corporation Business Tax liability and such other records as the Director of the Division of Taxation may require. Read More

Estate Planning in 2010 - K&D Video As 2009 drew to a close, most trust and estate practitioners believed that Congress would freeze the estate tax threshold at the 2009 exemption and rate structure of $3.5 million. This “fix” never happened! As a consequence, for individuals who pass away in 2010 there is presently no estate tax and new complicated rules for computing gain and loss from the sale of property inherited after 2009 have become effective. Read More

Roth IRA Conversions 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

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

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

Evans presents at the 2010 NJ SOCIETY OF CPAS NEW JERSEY CONVENTION & EXPO

James B. Evans, Jr. Esquire presented at the 2010 NEW JERSEY SOCIETY OF CPAS NEW JERSEY CONVENTION & EXPO.  Held Wednesday, June 2-Friday, June, 4, 2010 the expo is the premier in-state event of the NJSCPA.

Mr. Evans spoke on the impact to proposed tax changes on the choice of business entitiy.

 

DiPadova and Henkel present at the 2010 LEONARD M. GOLDBERG FEDERAL TAX LAW SYMPOSIUM

Arthur A. DiPadova, Esquire and Glenn A. Henkel, Esquire will speak at the 2010 LEONARD M. GOLDBERG FEDERAL TAX LAW SYMPOSIUM.

Presented Friday, May 14, 2010 in Edison, New Jersey by the New Jersey Institute for Continuing Legal Education in cooperation the New Jersey State Bar Association, the program provide timely information and planning tips for the constantly changing tax environment and upcoming developments in the law. 

The program focused on the latest developments and strategies in the following key areas of taxation:  estate planning, including the latest trends and developments; retirement benefit planning including intermediate and advanced strategies, and tax planning for corporations, partnerships and LLCs, including a presentation

 

Williams and Madanick present on

Robert H. Williams, Esquire and Douglas R. Madanick, Esquire presented to the Camden County Bar Association Probate Section.

Seven from K&D Recognized as Super Lawyers in 2010

Seven attorneys at Kulzer & DiPadova were recognized by New Jersey Super Lawyers magazine in 2010.

Five attorneys were recognized as New Jersey Super Lawyers for 2010 and two attorneys were recognized as New Jersey Rising Stars for 2010.

Five Kulzer & DiPAdova attorneys were recognized as New Jersey Super Lawyers for 2010:  Arthur A. DiPadova, Esquire, James B. Evans, Jr., Esquire, Glenn A. Henkel, Esquire, Michael A. Kulzer, Esquire and Robert H. Williams, Esquire

Two Kulzer & DiPAdova attorneys were recognized as New Jersey New Jersey Rising Stars for 2010:  Joseph M. Kempter, Esquire and Douglas R. Madanick, Esquire 

About Super Lawyers Magazines

Law & Politics publishes Super Lawyers magazines across the country. Super Lawyers can be found online at superlawyers.com, where lawyers can be searched by practice area and location.

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

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