• Skip to content
  • Skip to primary sidebar

Header Right

  • Home
  • About
  • Contact

Taxes

Urbach Teaching Divorce Taxation Webinar

July 24, 2019 by Pamela Avraham

Back by popular demand, Jeff Urbach, partner, a long time NACVA (National Association of Certified Valuators and Analysts) Instructor and Course Developer, will be teaching Divorce Taxation Including the Impact of the 2017 TCJA (Tax Cut and Jobs Act) for the third time in 2019. The course is Day 5 of a Five-Day Matrimonial Litigation Series of Webinars given by NACVA.

What will the course cover?

  • Impact of TCJA
  • Taxation of Alimony and Equitable Distribution 
  • Marital Residence
  • QDROs
  • Marital Tax Fraud
  • Tax Filing Status
  • Other Related Topics

Jeff authored this popular course and first taught it in Ft. Lauderdale in December 2018. Since then, he led a Webinar in March 2019 and presented the class live at the NACVA/CTI 2019 Annual Consultants Conference in Salt Lake City in June 2019.

When?

The webinar is on Friday, August 9, 2019 at 1:00 PM EST is open to anyone through registration on the NACVA (www.nacva.com ) website. It will also be presented live again in Ft. Lauderdale in December 2019.

Who can benefit?

Attorneys and financial experts involved with the complex area of divorce taxation will find this program helpful either as a refresher class for experienced practitioners or an introduction for those new to the field.

Filed Under: Alimony, DIVORCE FORUM, LITIGATION SUPPORT, Tax Fraud, Taxes, Taxes Tagged With: Divorce, Divorce Taxes

NJ Death Taxes are not all Dead

January 31, 2019 by Pamela Avraham

Prior to 2018, all NJ estates in excess of two million dollars were subject to the NJ estate tax. As of Jan. 1, 2018, NJ repealed its long-standing estate tax. Even out-of staters with beach houses no longer are subject to the NJ estate tax.

When Aunt Em passed away, you as the favorite niece expect to inherit without any NJ death tax. Not so fast, the wicked witch is still not dead.

NJ Inheritance Taxes are still haunting us

New Jersey imposes two death taxes- the estate tax and the inheritance tax. The inheritance tax in NJ is alive and kicking. This tax has different rates depending on who the beneficiaries are.

Is anyone exempt from this inheritance tax? Immediate family members, who are Class A beneficiaries, can inherit without paying the tax. Class A beneficiaries include spouses, parents, grandparents and descendants- children, grandchildren and great-grandchildren of the deceased.

What are the rates? For assets passing to Class C beneficiaries the rate is 11% to 16% for amounts in excess of $25,000. This class of beneficiaries includes siblings, and the spouse, widow or widower of a child of the decedent. For assets passing to all other beneficiaries (Class D beneficiaries-nieces, nephews, sisters and brothers-in-law, cousins, etc.) the inheritance tax rate is 15% to 16%.

Any surprise situations? Frequently there are unusual situations which unexpectedly trigger the NJ Inheritance Tax. Uncle Henry, a widower, leaves all his assets to his children. No NJ Inheritance tax- right? Read the Will carefully. Henry had been living with his girlfriend in recent years and left her the right to remain in his home for two years after his passing. This right to live in the home is called a life estate. It is an asset subject to NJ inheritance tax in this case because the recipient, his girlfriend, is a Class D beneficiary.

Grandpa Zeke was widowed and remarried. He leaves all his assets to his grandchildren and to the grandchildren of his second wife. Step-children are Class A beneficiaries and exempt from the inheritance tax. However, step-grandchildren are not Class A beneficiaries but rather Class D and subject to the tax.

How is the tax paid? The NJ Inheritance Tax Return, Form IT-R for residents or Form IT-NR for non-residents, must be filed with the state and the tax paid within eight months after the decedent’s date of death. The state automatically places liens against a decedent’s property until inheritance taxes are paid, or it is established that the recipient of the property is exempt.

Need estate tax planning? We work with many qualified estate tax attorneys who are wizards in estate taxation and can assist you in estate planning. Our CPA firm prepares NJ Inheritance Tax Returns and assists executors in filing timely and paying the lowest tax possible.

 

Filed Under: Estate Taxes, ESTATE, TRUST, GUARDIANSHIP, LITIGATION SUPPORT, Taxes Tagged With: Estate Taxes, NJ Inheritance Taxes

NJ Tax Amnesty: Cool Savings Despite Sizzling Summer Heat

July 18, 2018 by Admin

 Businesses and individuals facing unpaid NJ tax liabilities may be able to get a break on penalties according to the tax amnesty measure signed into law on July 1, 2018. The amnesty period will not begin before November 1, 2018 and will end by January 15, 2019. The program will apply to state tax liabilities for tax returns due on and after February 1, 2009 and prior to September 1, 2017. The measure will apply to all state taxes including gross income, corporate business tax and sales and use tax. However, it does not apply to unemployment type taxes administered by the Department of Labor. 

Why should I do this now? Because under this limited-time offer (remember, the clock runs out by January 15, 2019) the Division of Taxation will forgive all penalties, and one-half of the accrued interest due at Nov. 1, 2018. 

Here are some more details

    • The program will also apply to amounts currently under audit or being contested with the NJ Div. of Taxation.
    • A start date for the program has not yet been announced.
    • NJ Amnesty will provide relief for 2009 – 2016 delinquent individual or business tax return filers.
    • The program also forgives all penalties and 50% of interest for delinquent sales and use tax filings for quarters ending Dec. 31, 2009 – June 30, 2017.

Is there a hitch?  Sort of. The bad news is that if a taxpayer is eligible for amnesty and does not take advantage of it, an additional 5% penalty will be added to the already imposed penalties and interest on the original tax liability.

To see if this program is right for you, please contact our Tax Manager, Steven Citron

 

 

Filed Under: BUSINESS FORUM, ESTATE, TRUST, GUARDIANSHIP, Hot Topics, Income Taxes, LITIGATION SUPPORT, MEDICAL PRACTICES, Payroll Taxes, Sales Tax, STAFFING AGENCIES, TAX TIPS FOR INDIVIDUALS, Taxes, Taxes, Taxes Tagged With: NJ Income Taxes, Payroll Taxes, Sales & Use Tax

Executor of Estate? Use our Executor Checklist

December 21, 2016 by Admin

In Charge of Dad’s or Mom’s Estate? 

Overwhelmed?

When a loved one passes away and you’re named as executor of his or her estate, you’re likely to feel a mix of emotions. Sadness over the individual’s demise, of course but mixed with that, will be feelings of apprehension: “How can I be sure I’m honoring the decedent’s last wishes and fulfilling all my responsibilities?”

What Do I Need to Know?
The responsibilities aren’t limited to deciding who gets which assets – it also means identifying all the decedent’s assets, and ensuring that the proper paperwork is filed with the IRS, the State and other agencies. To help you through this overwhelming time, Urbach & Avraham, CPAs has prepared an Executor Checklist that outlines the issues that an executor needs to consider.

Click here for the link to our Executor Checklist

Difficult Beneficiaries?….Family Owned Business?….IRA Nightmares?
The checklist is a roadmap of tasks, from probating the will, to filing a final Income Tax return and other required estate filings, to dealing with beneficiaries and distributing the assets. It’s loaded with tips on how to locate all assets, save various taxes and efficiently manage the estate administration.

This handy guide is packed with reminders about technical questions for your CPA, legal or other financial advisor. We work with many qualified estate attorneys to seamlessly coordinate your situation.

Finally, the Urbach & Avraham Executor Checklist highlights the complexities presented when a family owned business is involved. Was there a buy sell agreement? Who is paying the estate tax on the business, and are funds available to pay the tax?

As an executor, you’re already coping with a lot of emotional and other issues. We’re available to help lift the financial burden by assisting you with accounting and tax matters during this difficult time.

Filed Under: BUSINESS FORUM, Business Valuations, Estate Taxes, ESTATE, TRUST, GUARDIANSHIP, Income Taxes, LITIGATION SUPPORT, TAX TIPS FOR INDIVIDUALS, Taxes, Taxes, Wills- Probate Tagged With: Estate Taxes, NJ Estate Taxes, NJ Inheritance Taxes

Foreign Bank Accounts? Don’t Miss the June 30, 2016 Deadline

June 6, 2016 by Admin

The FBAR: Who Should File? Do you have income overseas you forgot to report? Did Grandpa leave you his foreign bank account when he passed away? If you have foreign bank accounts holding more than $10,000 in the aggregate anytime during the year, you are required to file an FBAR (Report of Foreign Bank Accounts)  by June 30th of the following year (the 2015 FBAR must be received by the IRS by June 30, 2016). It doesn’t matter whether the foreign accounts generate income or not; just owning them, or having signature authority, requires you to file.

What’s the Big Deal?  Failure to file can result in serious consequences. The sanctions for not completing the FBAR include numerous severe civil penalties and potential prosecution followed by a term in federal prison. 

 What Can I Do?  , do not need to enter the OVDP, but can participate in the )penalty are due.  

 Time is Running Out Under the new rules, any taxpayer seeking to participate in the OVDP, who at any point in the 8 year look back period had an account at a bank which has been publically identified as a target of an IRS criminal tax investigation or as having reached a non- prosecution agreement with the IRS, will be subject to a FBAR penalty of 50% (not 27.5%) on all foreign accounts and assets.  Close to 100 Swiss banks are currently negotiating to enter into Non-Prosecution Agreements with the IRS, so the risk of facing a 50% penalty is growing.

 

 Better Safe than Sorry While the current voluntary disclosure program is currently running indefinitely, the rules can change at any time.  In addition, disclosing now allows you to transfer the money to your American accounts as well as to implement gifting and other estate planning strategies. Finally, for a “Get Out of Jail Free Card” it’s a pretty good deal. Now you will be able to sleep at night!

 

  

 

 

 

 

Filed Under: BUSINESS FORUM, LITIGATION SUPPORT, TAX TIPS FOR INDIVIDUALS, Taxes, Taxes Tagged With: Foreign Account Tax Compliance Act, Foreign Accounts, Foreign asset reporting

Take Advantage of our Updated Executor Checklist

June 7, 2013 by Admin

Urbach & Avraham, CPAs, is proud to offer an executor checklist to help alleviate the nightmare of financial affairs of a deceased relative. This comprehensive list, which is regularly updated to reflect the latest changes in estate tax regulation, will help you:

  • Ensure compliance with tax requirements
  • Take advantage of tax saving opportunities
  • Preserve the assets of the estate
  • Clarify the tax ramifications of distributions
  • To view the checklist, click here: Executor To-Do List

Filed Under: Estate Taxes, ESTATE, TRUST, GUARDIANSHIP, LITIGATION SUPPORT, TAX TIPS FOR INDIVIDUALS, Taxes Tagged With: Estate Taxes, executor checklist

  • Page 1
  • Page 2
  • Page 3
  • Page 4
  • Next Page »

Primary Sidebar

Search

Category

  • Alimony
  • Alternative Dispute Resolution
  • Alternative Dispute Resolution
  • BUSINESS FORUM
  • Business Valuations
  • Business Valuations
  • Business Valuations
  • Diversion of Assets
  • DIVORCE FORUM
  • Elder Care
  • Employee Classification
  • Estate Taxes
  • ESTATE, TRUST, GUARDIANSHIP
  • Financial Abuse of Elderly
  • Fraud
  • Guardianships
  • Hot Topics
  • Income Taxes
  • Income Taxes
  • Joint Accounts
  • LITIGATION SUPPORT
  • Management
  • MEDICAL PRACTICES
  • NJ Assistance
  • Non-Profits
  • OSHA Requirements
  • Overtime Pay
  • Payroll Taxes
  • Property Settlement Agreements
  • Sales Tax
  • Social Media
  • STAFFING AGENCIES
  • Tax Fraud
  • TAX TIPS FOR INDIVIDUALS
  • Taxes
  • Taxes
  • Taxes
  • Taxes
  • Uncategorized
  • Unreported Income
  • Wage & Hour Violations
  • Wills- Probate

Copyright © 2013 · https://www.uandacpas.com/blog