New Jersey Modifies Voluntary Disclosure Program The New Jersey Division of Taxation announced it has modified the terms of its Voluntary Disclosure Program effective after June 15, 2009. New Jersey’s Voluntary Disclosure Program allows certain delinquent taxpayers to come into compliance with their New Jersey tax filing and payment obligations. The terms and conditions of its Voluntary Disclosure Agreements under the program will be more stringent than they were previously. The general look-back period is extended from four years to seven (7) years (6 prior years and the current year). With this change, New Jersey adopts one of the longer look-back periods of any state offering a Voluntary Disclosure Program. Read More

IRS Enforcement Budget to Quadruple Reuters New Service reports that President Barack Obama proposed nearly doubling funds to enforce the federal tax laws next year and plans to quadruple funding for tax compliance to $2.1 billion within five years. Read More

Treatment of Madoff Losses Under GIT Explained The New Jersey Division of Taxation has revised a previously reported notice clarifying how taxpayers should report losses from the Bernard Madoff Ponzi scheme for purposes of the gross (personal) income tax. New Jersey does not follow federal law regarding carryforward losses and carryback losses and the loss on the 2008 New Jersey return is limited to the category of "Net Gains" or income from the disposition of property. Therefore, the loss cannot be taken on a prior year's New Jersey gross income tax return. The Division of Taxation maintains that there is no basis for filing amended GIT returns for prior years. Read More

NJ Corporate Dissolutions Required It is essential that the corporation be dissolved with the New Jersey State Treasurer through the Division of Revenue to avoid future Corporation Business tax, penalty, and interest. Read More

Domestic Partnerships & Death Taxes The Domestic Partnership Act made significant changes to the New Jersey Inheritance Tax but the New Jersey Estate Tax is not affected by the Domestic Partnership Act. Read More

Henkel receives Clapp Award for Excellence

Glenn A. Henkel, Esquire received the 2009 "Alfred C. Clapp Award for Excellence in Continuing Legal Education."  Mr. Henkel was selected by the Board of Trustees of the New Jersey Institute for Continuing Legal Education.  This noteworthy achievement recognizes Mr. Henkel's outstanding contributions to continuing legal education throughout his career.  The award was presented June 1 at the New Jersey Bar Center in New Brunswick.

K&D Present at NJSCPA Annual Convention

Members of K&D presented at the Annual Convention of the New Jersey Society of Certified Public Accountants.  The NJSCPA held its convention from Wednesday, June 3 through Friday, 5, 2009 at Bally's Park Place Casino/Hotel in Atlantic City.

James B. Evans, Jr., Esquire presented on the latest events, updates, legislative matters and hot topics regarding tax law changes in New Jersey, including tax changes in the State's 2009-2010 budget, tax amnesty and recent and pending reforms of the corpoation business tax.

Glenn A. Henkel, Esquire presented on the CPA's role as an essential estate planning advisor and provided updates on various estate planning topics, including a review of the changing laws and the latest on federal and New Jersey estate tax.

Kempter completes term as Estate Planning Council President

Joseph M. Kempter, Esquire completes his successful term as President of the Estate and Financial Planning Council of Southern New Jersey, Inc.  The Council is a professional association of estate and financial planning practitioners in southern New Jersey.  The Council is one of the most effective means of networking with other professionals in the estate and financial planning field and provides a multidisiplinary forum for discussing estate and financial planning issues of interest.

 

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 Dina M. Russell Douglas R. Madanick Cathleen M. Nowlen Barbara A. Kulzer

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