Pamela Avraham's Blog (50)

The mere fact that someone held an account jointly with a decedent doesn't necessarily mean he will avoid probate. While there is a statutory presumption that a right of survivorship is created when a party to a joint account dies, this presumption can be overcome with evidence showing that undue influence was used in the creation of the account, or that the account was solely for the convenience of the depositor. This was highlighted in a recent NJ appellate court…

If you’re a non-resident selling investment real estate in New Jersey, there’s a unique NJ tax you should be aware of. Both residents and non-residents always had to pay income tax on the gain upon the sale of real estate. This tax is required to be withheld for non-residents.  The “Exit Tax”, which came into law six years ago, requires the seller to file a GIT/REP form (Gross Income Tax form) in order to record a Deed for the transfer of his property. When a non-resident sells the…

The new 3.8% net investment income surtax is here. Click here to find out what you can do about it: Tax Tips for Net Investment Surtax

Even if your business doesn’t have “Tea Party” in its name, you may be receiving a notice of inquiry from the IRS. The controversial notices, titled ‘Notification of Possible Income Reporting’, have already been sent to at least 20,000 small businesses across America. The IRS is gathering data from several third parties, including credit card companies, to check that all income is being reported. Form 1099 has been modified in a manner that provides the IRS with more details about credit and…

Parents of a special needs child face many challenges, not the least of which is the high costs of providing care. Unfortunately, many are unaware that they may be eligible for several tax benefits that can offset some of those expenses. This can result in hundreds, if not thousands of dollars in tax savings. For a list of key tax benefits available to families with special needs, click here:…

The Obama administration has announced that the employer mandate, a key component of Obamacare, has been postponed until January 2015. This would have fined businesses with more than 50 employees up to $3,000 per uninsured worker. Why the delay? The announcement, posted on the Treasury website, explains that implementation of the new law is more complex than the Obama administration had anticipated.

This delay will have no impact on the individual mandate or the debut of new insurance…

The IRS is offering relief to affected areas of Hurricane Sandy. It has postponed various tax filing and payment deadlines that occurred starting in late October to February 1, 2013. These include:

• Fourth quarter individual estimated tax payment
• Payroll and excise tax returns
• Tax-exempt organizations required  to file Form 990 with a deadline between October 31, 2012 and January 31,2013

For more details and to see which counties qualify, please…

IRS is offering an opportunity for non-compliant U.S. Citizens overseas to catch up on deliquent income tax returns and FBARs (Report of Foreign Bank Accounts). Low compliance risk taxpayers,  may avoid penalties. See who qualifies at Overseas Non-Filers…

Beginning 2012, employers no longer receive an annual paper Notice of Employer Contribution Rates. Instead, the notice is now accessible through the Tax Web Enabled System (TWES). As a result of this change, it’s urgent that you check your TWES account as soon as possible. The new rates were posted as early as July 23, and there’s a 30 day deadline (from the date of “mailing”) to make a voluntary contribution. In many circumstances a voluntary contribution represents an excellent opportunity…