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Pamela Avraham's Blog (44)

Special Needs Trust- Complimentary Seminar

Urbach & Avraham, CPs

INVITES YOU TO A

Complimentary Seminar on Special Needs Trusts  

for your Disabled Family Member

Join us on Wednesday morning, May 22, 2019

at our Edison CPA firm for an informative seminar.

Learn the basics about special needs trusts and the benefits for 

special needs…

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Added by Pamela Avraham on May 19, 2019 at 4:00pm — No Comments

Join Us for Complimentary Seminar on Medicaid & Long Term Care

Urbach & Avraham, CPAs invites you to a complimentary seminar on

Medicaid and long-term care. 

We are hosting 

Mark Friedman, Esq. of Friedman Law  on March 27

from 8:00 AM to 9:45 AM at our Edison, NJ office.

Mark is…

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Added by Pamela Avraham on March 12, 2019 at 1:11am — No Comments

New Tax Deduction for Owners of Qualified Businesses

Good news for partnerships, S corporations, sole proprietorships, and estates and trusts 

(pass-throughs) which can deduct  up to 20% of their Qualified Business Income (QBI) under new IRS Section 199(A). See which businesses qualify. 

There are still options to maximize this deduction for 2018.  For more information click here: …

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Added by Pamela Avraham on February 11, 2019 at 9:28am — No Comments

NJ Death Taxes are not all Dead

NJ estate tax was repealed as of Jan. 2018. When favorite Aunt Em passed away you expect to inherit without any NJ death taxes. NJ also has an inheritance tax which is alive and kicking. Your inheritance from your aunt is subject to a 15% NJ Inheritance Tax. Follow the yellow brick road for more details:…

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Added by Pamela Avraham on January 31, 2019 at 12:46am — No Comments

Still Time to Reduce 2018 Estate and Trust Income Taxes

Executors and trustees can make distributions now and save on 2018 steep estate and trust income taxes.

About  five more weeks to take advantage of this tax savings possibility before March 5, 2019.…

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Added by Pamela Avraham on January 27, 2019 at 11:34pm — No Comments

2018 Income Tax Changes- A Guide for the Perplexed

Confused by the many new tax laws? Let our summary of the deductions for qualified business income, mortgage interest, real estate taxes, and student loan interest assist you. Includes an explanation of the new capital gains tax and gifting provisions. Click here for the summary:

Summary of 2018 Tax…

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Added by Pamela Avraham on January 4, 2019 at 12:36pm — No Comments

Holiday Gift from NJ- Tax Amnesty Program- Running Now!

The Clock is Ticking…NJ Tax Amnesty Program Runs Through Jan. 15, 2019

 

Businesses and individuals with unpaid NJ tax liabilities may be able to get a break on penalties under the Amnesty Program which is in effect from November 15, 2018 through January 15, 2019.  The measure applies to all state taxes including gross income, corporate business tax and sales and use tax.  However, it does not apply to…

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Added by Pamela Avraham on December 12, 2018 at 11:03am — No Comments

NJ Employers- August Deadline to Reduce NJ Payroll Taxes

NJ Employers recently received a NJ Notice of new unemployment rates. This is not an invoice. It is an opportunity to make a voluntary payment to reduce your NJ unemployment rates. But there is a deadline soon. For more information click here:NJ Unemployment Taxes Voluntary Payment

Added by Pamela Avraham on August 1, 2018 at 10:38am — No Comments

NJ Tax Amnesty Coming Soon

Owe back taxes to NJ?

Haven't filed your NJ business or personal income tax returns?

Now is the time to file your delinquent NJ Tax Returns and pay your back taxes.

NJ will abate ALL penalties and one-half of the interest.

For more information click here: …

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Added by Pamela Avraham on July 27, 2018 at 9:32am — No Comments

New 529 Changes Offer More Educational Savings

There are new and exciting changes to 529 plans. The new tax act allows qualified expenses from 529 plans of up to $10,000 per beneficiary per year to be used for elementary and secondary school expenses. These expenses include tuition at religious institutions. 

Now Savta can help her grandchildren save for Jewish day schools and yeshivot.

For many of the other…

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Added by Pamela Avraham on February 6, 2018 at 11:43am — No Comments

Should I pay my Child Wages?

Your child probably knows a lot more about technology—from designing a website to posting on social media—than you ever will. At many family businesses, Junior may already be helping with a variety of digital and other tasks.

Have you considered paying your kids for their work? Besides motivating them, putting kid(s) on the payroll is an attractive way to transfer assets to them while saving taxes. You might be able to help them fund their college costs or purchase a home…

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Added by Pamela Avraham on September 14, 2017 at 2:11pm — No Comments

Who can access your LinkedIN, Facebook and online accounts when you can't?

You must leave specific consent to control your digital assets to your power of attorney, executor or social media provider in order for your appointee to access your account. For  more details, click here:Digital Assets

Added by Pamela Avraham on August 30, 2017 at 12:18pm — No Comments

Own a Foreign Mutual Fund? You may have a PFIC problem!

Not all foreign securities were created equally. Foreign mutual funds are considered PFICs (Passive Foreign Investment Companies) and are subject to complex tax rules. Those owning PFICs should  make sure they are reported them correctly. For more details click here…

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Added by Pamela Avraham on August 22, 2017 at 11:27am — No Comments

NJ Employers- Reduce your Unemployment Tax -August Deadline

 NJ Employers Face August Deadline to Reduce SUI Contribution Rates

 

Did you check your NJ SUI rates?

On July 28, 2017, the annual Notice of Employer Contribution Rates were mailed to all New Jersey employers.  This is not a bill, but rather a summary of the way the NJ Department of Labor calculates the employer contribution…

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Added by Pamela Avraham on August 14, 2017 at 10:00am — No Comments

Executor of an Estate? Use our Executor Checklist as a Guide for the Perplexed

In charged of mom or dad's estate? Overwhelmed by the myriad of responsibilities and complexities?

This position is a tremendous undertaking. Use our Executor Checklist as your GPS

Please call with any questions and let us know how we can assist you with the estate administration and tax issues.

Executor Checklist

Urbach & Avraham,…

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Added by Pamela Avraham on January 26, 2017 at 7:00pm — No Comments

Lost in a Divorce- Use Divorce Checklist as your GPS

Going through a Divorce? Overwhelmed?

Urbach & Avraham, CPAs Offers a Divorce Checklist

When a couple ties the knot, they plan on a lifetime union. Unfortunately, close to 50 percent of

marriages end in divorce. A divorce is never pleasant, but careful planning may make the process less stressful and enable you to obtain a better financial arrangement. To help you through this difficult time, Urbach & Avraham, CPAs has…

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Added by Pamela Avraham on December 20, 2016 at 7:20pm — No Comments

Multi-state Staffing Firms Need to Multitask

With more than three million temporary and contract employees working for America’s staffing companies, demand for other-than-permanent workers continues to stay strong.

 

One goal for many staffing firms involves multi-state expansion. Having a presence in more than one state acts as a buffer against a slowdown in one location; and it enhances the firm’s image, helping it pitch to large companies with multistate operations.

 

But staffing firms as…

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Added by Pamela Avraham on October 31, 2016 at 12:31pm — No Comments

Divorce- Savings & Retirement- Alimony Considerations

By: Jeffrey D. Urbach, CVA, CPA/ABV/CFF

At some point in the difficult divorce process you will be asked to fill out a CIS (Case Information Statement). The CIS is a financial disclosure document which, among other things, establishes your standard of living while married.

Schedule C of the CIS has a line where you put your historical savings/investments. Although the CIS shows monthly expenses (assuming 4.3 week/mo.), simply take your annual savings and divide…

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Added by Pamela Avraham on October 27, 2016 at 3:22pm — No Comments

2016 Guardianship Conference to be held March 15th

Are you the Guardian of Mom, Dad or a sibling? Are you an attorney, health care practitioner or financial adviser who works with individuals with disabilities or the elderly?

Urbach & Avraham has been active in The Guardianship Association of NJ (GANJI) for over 20 years. GANJI is presenting its 17th annual conference on March 15, 2016 at the Forsgate Country Club in Monroe Township, NJ.

Who Should Attend?

Attorneys, professional and family…

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Added by Pamela Avraham on February 11, 2016 at 8:32pm — No Comments

March 4, 2016 Deadline to Reduce 2015 High Estate & Trust Income Taxes

If you are the executor of an estate or the trustee of a trust, you should know that egregiously high income tax rates apply to estates and trusts at very low levels of income.  In 2015, for estates and trusts, the 39.6% income tax rate as well as the 3.8% Net Investment Income (NII) tax kicks in at $12,300 of income. That’s not very high. And don’t forget, you don’t need $12,300 of investment income to pay the NII tax. If the total income exceeds the $12,300 threshold, the…

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Added by Pamela Avraham on February 2, 2016 at 4:56pm — No Comments

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