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Clients with Diminished Capacity- Seminar

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The Guardianship Association of NJ is presenting a seminar on June 14, 2011 on “Ethical Considerations and the Client with Diminished Capacity”. The seminar will cover:

  •  Three standards of Legal Capacity
  • The roles of attorneys, care managers, physicians and other professionals
  • Overview of the Code of Ethics for Social Workers, and Standards of Practice for Registered Guardians

Elder law attorneys, Shirley Whitenack and Sharon Rivenson Mark, will be presenting. I have worked with both of these top elder law attorneys for almost twenty years. Both Shirley Whitenack and Sharon Rivenson Mark are leaders in NJ in the field of guardianship law.  For more details see Guardianship Seminar

NJ Eases the Unemployment Tax Increase

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With NJ jobless rate fixed above 9 percent for two years, the unemployment fund has reached a soaring deficit. Such a deficit would normally trigger the highest possible tax rate for employers on July 1st. Fortunately, lawmakers stepped in and passed a bill (through the NJ Assembly) which would increase the tax to $58 per employee, down from $177 for employee if no legislative action were taken. The cost will then climb steadily over the next three years. The bill (S2730) heads to the Senate Budget Committee for approval. Here is a summary of  the proposed Bill S2730 in its entirety;2730_S1.

 

NJ Appoints Taxpayer Advocate

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NJ has established the Office of the Taxpayer Advocate. The Advocate will provide free and independent assistance to individuals who have been unsuccessful in resolving their tax problems with the NJ Div. of Taxation. The contact information is: State of NJ, Division of Taxation, Office of the Taxpayer Advocate, P.O. Box 240, Trenton, NJ 08695-0240. Fax:(609) 984-5147. EMail: nj.taxpayeradvocate@treas.state.nj.us

Repeal of 1099 information reporting requirements

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Congress repealed expanded 1099 information reporting requirements! On April 5th, the Senate approved the “Comprehensive 1099 Taxpayer Protection…Act of 2011”. This act retroactively repeals the expanded Form 1099 information reporting rules. As a result the original information rules remain which generally required payments totalling at least $600 in a single calendar year to a single recipient to be reported to the IRS. Reporting on Form 1099 is required only when the payor is considered to be engaged in a trade or business and has made payments in connection with that trade or business.

IRS Audits Increase for the Wealthy

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The IRS is increasing its audits of wealthy individuals. One major target is the mortgage interest deduction. Many taxpayers deduct all of their mortgage interest expense. This deduction should be generally be limited to the interest expense attributable to acquisition indebtness and a home equity loan of up to $100,000. See article at IRS Audits