Writings by Frank L. Brunetti

Frank Brunetti has been practicing law for over thirty years in the areas of estate and wealth preservation, tax planning for business entities and complex tax matters. He is admitted to the New Jersey and New York Bars as well as the United States Tax Court.

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Sixth Circuit Court Rules Law Firm is not Exempt from Taxes

Sixth Circuit Court rules Law Firm is not Exempt from Taxes Recently, in the case of a Michigan law office, the Sixth Circuit Court upheld a decision to penalize the law firm for not filing a Form 5330, Return of Excise Taxes Related to Employee Benefit Plans. According to a Bloomberg BNA report, the court […]

Author: Frank L. Brunetti

February 26, 2016

Scarinci Hollenbeck

Need to Resolve a Federal Tax Lien?

Do you need to resolve a Federal tax lien? A Federal tax lien is not only a short-term financial burden, but the long-term effects are potentially devastating to consumer credit, employment and purchasing power, tax attorney Stephen J. Dunn wrote in a recent Forbes article. The IRS maintains the lien for 10 years before a […]

Author: Frank L. Brunetti

February 22, 2016

NJ May Become First State to Ban Corporate Tax Inversions

Will NJ become the first state to ban corporate tax inversions? Some lawmakers in the New Jersey state legislature recently announced plans to remove incentives and cut contracts with U.S. companies that move offshore for tax purposes. According to a NorthJersey.com report, the proposed law changes are the direct result of Pfizer Inc.’s merger with […]

Author: Frank L. Brunetti

February 12, 2016

Important Ruling on the Throw Out Rule

NJ Tax Court makes important ruling on the Throw Out Rule Recently, the New Jersey Superior Court Appellate Division upheld a previous decision that intangible holding companies are not required to throw out any out-of-state receipts. According to a Reed Smith report, the Court ruled in Lorillard Licensing Company LLC v Director, Div. of Taxation […]

Author: Frank L. Brunetti

February 9, 2016

Scarinci Hollenbeck

Malpractice Warning For Attorneys & Accountants Regarding Form 8971

Form 8971 Must Be Filed By February 29, 2016 For Certain Estates Estate tax returns filed after July 2015 and now required to file Form 8971 with the IRS Service Center in Cincinnati by February 29, 2016. Schedule A to Form 8971 reports the estate tax value of property passing from an estate or decedent […]

Author: Frank L. Brunetti

February 5, 2016

Scarinci Hollenbeck

ERISA Does Not Take Precedence Over State Law to Allow Discretionary Clauses

State Law & Discretionary Clauses The Seventh Circuit Court of Appeals refused to hear a case that involved Mary C. Fontaine, a retired equity partner from Mayer Brown LLP, who accused Metropolitan Life Insurance Co. of wrongfully denying her disability benefits. According to a Bloomberg BNA report, the court ruled that Employee Retirement Income Security […]

Author: Frank L. Brunetti

January 26, 2016

Scarinci Hollenbeck

Taxpayer's Asperger's Not Reasonable Cause for Exemption

Asperger’s not reasonable cause for exemption in tax case The U.S. Tax Court recently ruled that an investor cannot cite mental health, specifically autism spectrum disorder, as an excuse for failure to file accurate federal income taxes because the taxpayer failed to present evidence that would constitute reasonable cause. Health reasons can provide reasonable cause […]

Author: Frank L. Brunetti

January 14, 2016

New IRS Ruling Makes Roth IRAs More Profitable for Taxpayers

Are Roth IRAs more profitable for the taxpayer? Many taxpayers are wondering about the impact of the new IRS ruling on Roth IRA total annual contribution limits. According to a National Law Review report, on Oct. 21, the IRS ruling will create fewer limitations on after-tax contributions directly to Roth IRAs when a taxpayer retires, […]

Author: Frank L. Brunetti

December 30, 2015

NJ Defines Corporate Business Nexus Guidelines

Corporate business nexus guidelines The recent Technical Bulletin issued by the New Jersey Division of Taxation established a final set of guidelines for activities that subject a company to the corporate business nexus tax. These guidelines include a detailed description of activities that are outside the protection of Public Law 86-272 for in-state companies, according […]

Author: Frank L. Brunetti

December 11, 2015

NJ Superior Court Refuses Inheritance Tax Appeal of Domestic Partnership

NJ Supreme Court denies inheritance tax appeal The New Jersey Supreme Court recently decided not to hear the appeal case filed by the federal pension beneficiary of a domestic partnership couple. According to a Law 360 report, Claudette A. Lugano was denied state inheritance tax exemption as a domestic partner because the Court ruled that […]

Author: Frank L. Brunetti

November 27, 2015

J&J Snack Foods Hit with Bill Regarding Sales & Use Tax

J&J Snack Foods and Sales & Use Tax In a recent decision, the New Jersey Appellate Division affirmed a Tax Court decision that since a company had assembling operations in the state, this qualified as taxable use. According to a Bloomberg BNA report, the Superior Court of New Jersey upheld the tax court’s decision that […]

Author: Frank L. Brunetti

November 25, 2015

IRS Announces Significant Tax Exclusion Threshold Changes for 2016

The IRS recently announced that there will be a number of changes upcoming for 2016 with inflation adjustments. According to a Forbes report, these changes most notably include the inflation adjusted unified credit against the lifetime gift and estate tax, which will bump the threshold up from $5.43 million this year to $5.45 million in […]

Author: Frank L. Brunetti

November 3, 2015

Scarinci Hollenbeck

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