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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Spring Licensing Group Inc. Subject to Corporate Business Tax

In a recent decision, the New Jersey Tax Court asserted that Spring Licensing Group Inc., an out-of-state intangible holding company, was subject to the state corporate business tax for royalty income it earned from an in-state affiliate. According to a Bloomberg BNA report, the decision held that the company was subject to New Jersey’s related-party expense […]

Author: Frank L. Brunetti

October 28, 2015

Scarinci Hollenbeck

What Taxpayers Need to Know About the FBAR Deadline Change

As part of the new highway appropriations bill, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, the deadline for filing Reports of Foreign Bank and Financial Accounts, or FBAR, has been changed to April 15. The new deadline was moved up from June 30 to align with the filing date for individual […]

Author: Frank L. Brunetti

October 23, 2015

Scarinci Hollenbeck

The New York Pole Dancing Case: Round 2

There are few tax cases that catch the eye of the public or have as an interesting array of participants. This one is an exception, mainly because it involves pole dancing. The history of the matter is that the State of New York, in 2005, assessed sales tax on an adult men’s club. The club […]

Author: Frank L. Brunetti

October 16, 2015

NJ Clarifies Nexus Creating Activities Subject to Sales and Use Tax

The New Jersey Division of Taxation Regulatory Services Branch recently issued a Technical Bulletin regarding the guidelines that create a nexus in the state and subject an individual to the sales and use tax. This Technical Bulletin comes in response to a U.S. Supreme Court decision which held that a person must have an established physical presence […]

Author: Frank L. Brunetti

October 6, 2015

Tax Benefits: Home Mortgage Interest Deduction for Unmarried Couples

The Ninth U.S. Circuit Court of Appeals recently ruled that unmarried individuals who purchased a home together are eligible to a home mortgage interest deduction for up to $1.1 million in debt each. This decision reversed a previous tax court decision that stated unmarried individuals were subject to the same $1.1 million limitation as married […]

Author: Frank L. Brunetti

September 23, 2015

Scarinci Hollenbeck

NY Estate Tax Reform: What it Means for You

The New York State Department of Taxation and Finance recently issued a Technical Memorandum to finalize 2015 legislative amendments to NY estate tax reform. The provisions enacted in 2014 will be effective retroactive to April 1, 2015. The basic NY estate tax reform: exclusion amount increases In the Technical Memorandum, the Department of Taxation and Finance […]

Author: Frank L. Brunetti

September 15, 2015

NJ Division of Taxation Defines Nexus Guidelines

The NJ Division of Taxation establishes these guidelines for Corporate Business Tax. The recent Technical Bulletin issued by the NJ Division of Taxation established a final set of nexus guidelines for activities that subject a company to the corporate business tax. These new nexus guidelines include a detailed description of activities that are outside the […]

Author: Frank L. Brunetti

September 9, 2015

New York Attempts to Impose Non-Resident Income Tax

Last week, the New York Division of Tax Appeals ruled that the New York Division of Taxation did not have the right to impose a non-resident income tax. This income tax against Patrick J. Carr, a nonresident lawyer, was voided because he is licensed to practice in New York. In the case, the Court ruled […]

Author: Frank L. Brunetti

September 1, 2015

Congress Increases Tax Return Penalties for Inaccurate Information

Last week, the IRS passed stiffer penalties for inaccurate information found on any tax return filed after Dec. 31, 2015. In the new legislation, penalties for inaccurate information on a tax return may have more than doubled for failure to file accurate information on returns or payee statements. The new provision and penalties for inaccurate […]

Author: Frank L. Brunetti

August 22, 2015

New York Passes "Big Ugly" Property Tax Rebate Bill. Do You Qualify?

Property Tax Rebate Governor Andrew Cuomo recently announced that the “Big Ugly” $1.3 billion rebate check program will be installed to offset New York state property taxes. In accordance with the legislation, 2.5 million homeowners that make under $500,000 will receive a property tax rebate check for $185 this year. The bill According to the […]

Author: Frank L. Brunetti

August 11, 2015

NY Law Makes Businesses Held Accountable for Tax Breaks

Last week, New York state legislators passed a bill that makes businesses held accountable for tax incentives if they do not meet job creation goals. The bill is a significant development because the state tax incentives totaled $554 million last year, a nine percent increase over 2013. The new deal The new law is expected […]

Author: Frank L. Brunetti

August 5, 2015

JPMorgan Awarded $188M N.J. Tax Break To Move To Jersey City

Last week New Jersey’s Economic Development Authority approved $190 million in tax credits over a 10-year period for JPMorgan Chase to relocate its headquarters to the state.The incentive agreement calls for $18.8 million per year, including $8,734 per job. The company’s relocation will create 2,150 technology jobs for its Jersey City campus, bringing the total […]

Author: Frank L. Brunetti

July 31, 2015

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