The alimony statute, N.J.S.A. 2A:34-23, in determining an alimony award considers “the income available to either party through investment of any assets held by that party.” The question that arose in Tannen v. Tannen, a New Jersey Appellate Division case, is whether income from a discretionary trust falls under the category of “income available”. [Read more…] about NJ Court Rules Discretionary Trust not Included in Alimony Calculation
Thinking about Selling a Vacation Home? Get it Done Before 2013
2012 is entering its final quarter, and that means it’s time to start year-end tax planning. This year presents a bigger challenge than most, as the Bush-era tax cuts are set to expire unless Congress takes action soon. If the tax cuts expire it will result in higher tax rates for individuals, including capital gains and dividends, as well as higher estate tax rates. [Read more…] about Thinking about Selling a Vacation Home? Get it Done Before 2013
Medical Expense Deduction set to Decrease for those under 65
This year, unreimbursed medical expenses are deductible to the extent they exceed 7.5% of your adjusted gross income (AGI), but in 2013, for individuals under age 65, the “floor” will be raised to 10% of AGI. If you can accelerate your “discretionary” medical expenses you were planning on incurring anyway next year it would be to your advantage to do so. Examples include prescription glasses, and elective procedures not covered by insurance such as orthodontic work. Also, consider using a credit card to prepay medical expenses. As long as it is billed in 2012, a medical expense can be deducted in 2012 regardless of when the credit card company is paid.
Opportunity for Noncompliant U.S. Citizens Overseas to Avoid Penalties
Are you a U.S. citizen living overseas with a foreign bank account? If your accounts hold 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. It doesn’t matter whether foreign accounts generate income or not; just owning them, or having signature authority, requires you to file. Failure to file can result in severe civil penalties and potential prosecution followed by a term in federal prison. [Read more…] about Opportunity for Noncompliant U.S. Citizens Overseas to Avoid Penalties
Compliance Date for ICD-10 Codes Delayed a Year
The U.S. Department of Health and Human Services has announced that the compliance date of International Classification of Diseases, 10th revision, Clinical Modification (ICD-10-CM) has been delayed for a year. ICD-10-CM is a revised system to classify and code all diagnoses, symptoms and procedures recorded in conjunction with hospital care in the US. It contains 68,000 diagnostic codes, a significant increase to the 13,000 found in the current ICD-9-CM. The United States was set to begin using ICD-10 on October 1, 2013, prior to the announcement. The new deadline is October 1, 2014.
NJ Court Rules: Non-Immigrant Workers Ineligible for Unemployment Benefits
Under N.J.S.A. 43:21-4(c), to be eligible for unemployment benefits one must be “available for work”. An interesting question arose in Mukatoff v Board of Review with regard to non-immigrant workers.
In order to work as a non-immigrant one must obtain a written work authorization from the Department of Homeland Security (DHS). To obtain this authorization one must present appropriate documentation by the prospective employer. Once authorized by the DHS, he or she may only work for that identified employer. This poses a question. If that non-immigrant is subsequently laid off, does the lack of authorization to work for another employer exclude one from being considered “available for work” and therefore disqualify them from receiving unemployment benefits? [Read more…] about NJ Court Rules: Non-Immigrant Workers Ineligible for Unemployment Benefits