Pamela Avraham's Blog (50)

In charged of mom or dad's estate? Overwhelmed by the myriad of responsibilities and complexities?

This position is a tremendous undertaking. Use our Executor Checklist as your GPS

Please call with any questions and let us know how we can assist you with the estate administration and tax issues.

Executor Checklist

Urbach & Avraham,…

Going through a Divorce? Overwhelmed?

Urbach & Avraham, CPAs Offers a Divorce Checklist

When a couple ties the knot, they plan on a lifetime union. Unfortunately, close to 50 percent of

marriages end in divorce. A divorce is never pleasant, but careful planning may make the process less stressful and enable you to obtain a better financial arrangement. To help you through this difficult time, Urbach & Avraham, CPAs has…

With more than three million temporary and contract employees working for America’s staffing companies, demand for other-than-permanent workers continues to stay strong.

One goal for many staffing firms involves multi-state expansion. Having a presence in more than one state acts as a buffer against a slowdown in one location; and it enhances the firm’s image, helping it pitch to large companies with multistate operations.

But staffing firms as…

By: Jeffrey D. Urbach, CVA, CPA/ABV/CFF

At some point in the difficult divorce process you will be asked to fill out a CIS (Case Information Statement). The CIS is a financial disclosure document which, among other things, establishes your standard of living while married.

Schedule C of the CIS has a line where you put your historical savings/investments. Although the CIS shows monthly expenses (assuming 4.3 week/mo.), simply take your annual savings and divide…

Are you the Guardian of Mom, Dad or a sibling? Are you an attorney, health care practitioner or financial adviser who works with individuals with disabilities or the elderly?

Urbach & Avraham has been active in The Guardianship Association of NJ (GANJI) for over 20 years. GANJI is presenting its 17^th annual conference on March 15, 2016 at the Forsgate Country Club in Monroe Township, NJ.

Who Should Attend?

Attorneys, professional and family…

If you are the executor of an estate or the trustee of a trust, you should know that egregiously high income tax rates apply to estates and trusts at very low levels of income.  In 2015, for estates and trusts, the 39.6% income tax rate as well as the 3.8% Net Investment Income (NII) tax kicks in at $12,300 of income. That’s not very high. And don’t forget, you don’t need $12,300 of investment income to pay the NII tax. If the total income exceeds the $12,300 threshold, the…

NJ Employers may reduce their NJ Unemployment Rates by making a Voluntary Payment by Aug. 25th. Unemployment expense is very steep in NJ and a major expense for employers with high payrolls. For more details see:

Reduce NJ Unemployment Rates

Estate and Trust Income tax

Non-residents can file the appropriate tax forms to recoup the amount that was withheld. Click the link for the details. Non-Resident recoup of NJ Exit Tax

Turn OSHA Decision for NJ Staffing Agencies into an Opportunity to Shine

A recent case involving the U.S. Department of Labor's Occupational Safety & Health Administration (OSHA) and some New Jersey staffing agencies sends a signal that temporary staffing agencies are obligated to do more than just place people in a job.

In certain circumstances, agencies must also provide adequate medical evaluations, training and other services, according to OSHA, which recently…

Employees in NJ now have six years, instead of two years, to bring certain claims for additional wages, thanks to a decision handed down by the NJ Federal District Court. NJ DOL audits are on the increase. For more details click here:

NJ Employees have Six Years for Wage Claims/

New NJ Program allows NJ employers to reduce employees's hours and NJ will pay short time unemployment benefits. This enables companies to maintain their workforce during depressed slow activity.  For details see: 

NJ Shared Work Program

Urbach & Avraham, CPAs is offering a free seminar on How to Set UP Your LinkedIN -Company Page.

This is a Company Page- which is in addition to your individual profile. Linked IN is a powerful tool

which can attract clients to your business via an active Company Page.

Seminar is Tuesday evening, 5:30 PM, Oct. 28 in Iselin. For details see:…

Businesses and individuals with outstanding NJ tax liabilities may pay these by
Nov 17th and avoid penalties. This is a great way to start the New Year- free of
NJ tax debts! 

For more details click here: Resolve Your NJ Tax Debt

Major changes have entered the NJ divorce arena with the passing of the NJ Alimony Reform Bill 
this month, Sept. 2014. 

Alimony may be modified for unemployed payers of alimony.

For marriages of less than 20 years, alimony cannot exceed the years of the marriage.

For more details see: NJ Alimony Reform

Tuesday morning, Sept. 30, 2014, at Urbach & Avraham, CPAs.

Given by Kevin Kerzner of Credit Distinction, LLC

Learn what Helps and Harms your Credit Score

Please join us!

For more details click here: Improve Your Credit Score

In July all NJ employers received a Notice of Employer Contribution Rates. This form enables you to determine whether a voluntary contribution would save you money in the subsequent year. To find out more click here: NJ Emplyers: Reduce Your Unemployment Tax Rates

There are several new options for foreign bank account owners. 

On June 18, 2014 the IRS made major changes to the Overseas Voluntary Disclosure Program. Certain individuals who did not report their foreign bank accounts may be eligible to pay as low as a 5% FBAR Penalty (Foreign Bank Account Reporting) instead of a 27.5% penalty.

Furthermore, there is an important August 3, 2014 deadline for some foreign bank account owners. For more information about…

If you have family living in Israel for whom you set up an irrevocable trust, Israel now wants its share. Until 2014, irrevocable trusts settled by foreign residents in favor of Israeli resident beneficiaries weren’t taxed by Israel unless the beneficiaries exercised “control or influence” over the trust. This is no longer the case.

Beginning January 1, 2014, Israel is taxing any trust anywhere in the world that has an Israeli resident beneficiary. For more information, click here: …

In an S-Corporation, a popular choice of tax entity among businesses, an owner who works for the company is required to take wages. How much of the company’s income is classified as wages versus S Corp. income (reported to the owner on Form K-1) is up to the owner. The net income will be taxed regardless of how it’s classified. The big difference lies in federal employment taxes, which are not paid on K-1 income. Another consideration is that K-1 income is exempt from the new 3.8%…