Gift Tax Return wasn’t filed? IRS scrutinizing non-spousal real estate transfers in 15 states. NJ, NY, PA and VA are among the 15 states. IRS is targeting transfers prior to 2011, when the gift tax exemption was $1,000,000 to find non-filers who owe gift taxes.

Damages awarded from law suits may or may not be taxable. One should be aware of the issues before negotiating a settlement.

Home Office Expenses allowed even if you have an office outside the home. If you conduct substantial administrative or management activities of your business in your home office, it may qualify as an office in the home.

Business Valuations Accreditation earned by Urbach & Avraham, CPAs’ Tax Manager, Steven Citron. The Edison, NJ CPA firm prepares business valuations for estates, divorce and shareholder dispute.

NJ Inheritance Tax is imposed on fair market value of assets as of decedent’s date of death. Neither appreciation nor decline in asset values thereafter has any bearing on the determination of the tax. A Will dispute or Probate issue doesn’t make an interest in an inheritance contingent or conditional.

NJ Employers face an additional increase in FUTA tax for 2012

Tax-exempt organization status canbe verified with new IRS tool. Efficient way to verify: eligible to receive charitable contributions, if tax-exempt status is revoked, have filed a Form 990

Foreign Assets must be reported on a new IRS Form 8938. This form is part of the Form 1040. Severe penalties are imposed for not filing which include prosecution and a term in prison.