Hill Property Tax Appeals
Cherry Hill, NJ is reassessing
all 27,000 parcels of residential and commercial real estate. Now is
the time for a Property tax appeal.
Voorhees Property Tax Appeals
Voorhees is revaluing residential and commercial properties. The last
major reasseessment was 2006. This is a revaluation where there tends
to be more variances than a reassessment.
Moorestown is reassessing alll residential and commercial real estate.
Ronald J. Cappuccio,
LL.M.(Tax), Tax Lawyer, is a
Business and Tax Attorney emphasizing Personal and Business IRS Tax
Negotiation and controversies,
due taxes, Offers
In Compromise, Installment
Agreements, as well as Audits,
Collections Issues, Employee and
Independent Contractor issues, Payroll
Levy Release, Bank Levies
and Seizures. NJ Tax Court, US Tax and US Court of Federal Claims
We can help you start a Limited
Liability Company ( LLC ) which
can be the best form of business
as well as establish Corporations,
Partnerships, Limited Partnerships and Non-Profit
organizations. We also can
represent you in Buying and
Selling a business.
States attacking Independent Contractors
Service and 37 states are cracking down on companies that illegally try
to trim payroll costs by changing employees' status to independent
contractors See USA Today article. Fox
The Governments want the extra taxes from employers even
though it hurts small business and cuts
factors to determine independent
contractor status. The IRS and States are matching
1099's and K-1s to increase
audit activity trying to catch under-reporting by partners, LLC members
and independent contractors. In an important case, Federal Express won
against employee groups and man states, including New York, California
and New Jersey by having the Federal Court uphold
Independent Contractor Status
for its drivers.
New Jersey is continuing the attack on Home Improvement Contractors. more...
Increases Small Business Audits
Internal Revenue Service is increasing
of small businesses
(<$10mil of assets) and stepping up the intensity
of mail audits. The
IRS plans to check for unfiled tax returns and look for
unreported income from sole proprietors of small businesses during
correspondence audits. The IRS is also attacking
seeking unreported cash income.
is also attacking multinational
companies for inter company transfers. Even smaller businesses that
sell good and services or license intellectual property are under
Cash transactions are under increased IRS
Inside sources at the IRS said Taxpayer
Compliance audits will be “excruciating” and
somewhat like seeing a proctologist. In its alert to employers
the IRS advises companies to plan their response carefully should they
receive a letter initiating an audit under the research program. The
IRS says companies should form an internal team consisting of
representatives from payroll, accounts payable, accounting, human
resources, internal auditing, general counsel, and outside tax lawyers.
Call Ronald J. Cappuccio, J.D., LL.M.(Tax) at 856 665-2121
right away if you have independent contractors or receive an audit
Confirms $1.1mil home interest deduction
In Revenue Ruling 2010-25, the IRS ruled that a taxpayer can
deduct as qualified residence interest up to $1.1 million of the debt
securing the purchase of a taxpayer’s principal residence.
personal interest is nondeductible, qualified residence interest, which
includes both interest on acquisition indebtedness and home-equity
indebtedness, is generally deductible. IRC § 163(h)(3)(B)
provides that the total amount treated as acquisition indebtedness
cannot exceed $1 million for any period ($500,000 for a married
individual filing separately), and any indebtedness in excess of $1
million is not acquisition indebtedness. More...
Time to Buy
and Expand a Business
depression/recession is has been a disaster for many
businesses. Companies, both large and small, are unloading
assets and cutting staff. This may be the perfect time to start or
expand a business to take advantage of some good opportunities.
Acquiring a struggling rival business, hiring talented experienced
people and growing your market share. A business can focus on
opportunities like these to improve its competitive position at
fire-sale prices. Time to Buy a
are increasing! Small business audits, especially Schedule C
filers and pass-through entities such as Partnerships, S Corporations,
and Limited Liability Companies (LLC) are the focus of the government.
Because small businesses are the best form of tax shelter for most
people, they are under the greatest scrutiny.
The number of audits jumped 11 percent from 2008 to 2009 for returns
with earnings of $200,000 or more, but rose 30 percent for returns
showing earnings of $1 million or more. For those under $200,000 the
number of audits remained steady at about 1%. ...More
Wealthy Taxpayers Attacked! The IRS released a report showing that the
IRS audited 18.4 percent of taxpayers whose incomes exceeded $10
million last year, compared to 10.6 percent in 2009. ....More
get a notice of an audit, call
Ronald J. Cappuccio, J.D., LL.M.(Tax) - tax attorney- at 856 665-2121.
speak to the IRS. We will do
it for you and possibly prevent you from jeopardizing your case! ...More
to Collect Tax
The IRS us
beginning to Audit taxpayers who claim exemption from cancellation of
indebtedness income. To claim the exemption, IRS
Form 982 is filed with the 1040.
Although most Cancellation of Indebtedness Income (COD) on a
principal residence is excluded, investment properties, credit cards
and other loans are not unless the taxpayer is bankrupt or insolvent.
Accounting Office is looking for
the IRS to collect billions in extra tax.
Since January 1, 2010 anyone can
convert their regular IRA to a Roth IRA. The $100,000 income limitation
is removed for 2010 and 2011. That means if you have a regular IRA you
can convert it to a Roth IRA. The advantage of the Roth IRA is that it
grows tax-free, there is no minimum distribution requirement, and
withdrawals after age 59 1/2 are tax-free. The disadvantage is you have
to pay income tax on the conversion. ...more
Loosens Innocent Spouse Rules
when a joint return results in liabilities in the form of penalties,
tax, and interest, one spouse may be innocent. It used to be that an
innocent spouse had only two years to apply for relief in such cases.
Now a recent Tax Court decision loosens the restrictions in some
Advertisers Shut Down for Bilking Customers
Tax Relief, a company that
heavily advertised its ability to help taxpayers who were in trouble
with the IRS and allegedly bilked consumers out of more than $60
million by falsely claiming it could reduce their tax debts. More....
FTC is banning for-profit
companies that sell debt relief services over the telephone may no
longer charge a fee before they settle or reduce a customer’s
credit card or other unsecured debt.. This will help protect taxpayers
from scammers.This does not prevent
the Phoney TV advertisers who frequently bilk unsuspecting taxpayers
out of thousands of dollars!
Call Ronald J. Cappuccio, J.D., LL.M.(Tax), Tax Attorney at 856
665-2121 if you owe the IRS.
Lady" Roni Deutch Shutting down
Deutch, known as
“the Tax Lady” from her formerly ubiquitous
nationwide commercials, is shutting
law offices after complaints from the California Attorney General.
Deutch has been hit
$183,000 tax lien by the Internal Revenue Service.
scammed by fake tax relief services
out-of-state companies that promise "pennies on the dollar"
Agent Sentenced for Soliciting a Bribe
December 16, 2010 in federal court in St. Paul, a tax revenue agent
with the Internal Revenue Service ("IRS") was sentencedto 33 months in
Federal Prison for soliciting and receiving a $9,700 bribe. More
Agent Convicted for Preparing Fraudulent Tax Returns
IRS agent Ronald A. Bright pleaded guilty
to assisting in the preparation of a fraudulent tax return as
part of his Delaware Tax Preparation business. t Bright routinely included
various types of false deductions and credits on his clients’
tax returns, including education credits, Individual Retirement Account
deductions, charitable donations, unreimbursed employee business
expense deductions, and Earned Income Tax Credits. More...
Property Tax Credit
making energy-saving improvements this fall can cut their winter
heating bills and lower their 2010 tax bill as well. The Nonbusiness
Energy Property Credit is 30% of eligible energy-saving improvements,
to a maximum tax credit of $1,500.
More on the Tax
Announces 2013 Standard Mileage Rates
on Jan. 1, 2013, the standard mileage rates for the use of a car (also
vans, pickups or panel trucks) will be:
cents per mile for business miles driven
• 24 cents per mile driven for medical or moving
• 14 cents per mile driven in service of charitable
rate for business miles driven during 2013 increases 1 cent from the
2012 rate. The medical and moving rate is also up 1 cent per
mile from the 2012 rate.
See IRS Announcement
rates will decrease for the calendar quarter beginning Oct. 1, 2011.
The rates will be:
- three (3)
percent for overpayments [two (2) percent in the case of a corporation];
- three (3)
percent for underpayments;
- five (5)
percent for large corporate underpayments; and
- zero and
one-half (0.5) percent for the portion of a corporate overpayment
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Ronald J. Cappuccio, J.D.,
Counsellor at Law
1800 Chapel Avenue West, Suite 128
Cherry Hill, NJ 08002 USA
Phone (856) 665-2121
Fax (856) 665-9005
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J. Cappuccio, J.D., LL.M.(Tax) All