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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SECURE Act 2.0 Offers New Opportunity for Charitable Gift Planning

The 2022 Secure 2.0 Act signed into law, December 29, 2022, provides a onetime election for qualified charitable distributions (QCD) of $50,000… The 2022 Secure 2.0 Act signed into law, December 29, 2022, provides a onetime election for qualified charitable distributions (QCD) of $50,000 (increased annually for inflation) from one’s IRA in return for an […]

Author: Frank L. Brunetti

June 23, 2023

Is Your Home Protected from a Medicaid Lien or Not?

While most seniors have a will and other end of life plans in place, they often unknowingly leave one of their most valuable assets unprotected. Under federal and state law, states must seek to recover long-term care benefits from a Medicaid recipient’s estate after the recipient’s death. Therefore, if you fail to protect your house, it […]

Author: Frank L. Brunetti

December 6, 2022

New Jersey

When Should You Review The Estate Plan?

Most people after they have signed their Wills, Powers of Attorney, and Living Wills put them away and continue on with their lives… Most people after they have signed their Wills, Powers of Attorney, and Living Wills put them away and continue on with their lives. Often a substantial amount of time passes before thought […]

Author: Frank L. Brunetti

February 17, 2022

Tax Trusts and Estates

Discover How You Should Maintain Inventory in a Gig Economy

One of the most misunderstood accounting concepts in the e-commerce and reselling space involves how to deduct your inventory costs... One of the most misunderstood accounting concepts in the e-commerce and reselling space involves how to deduct your inventory costs. Small businesses that sell on a digital platform such as eBay, Esty, Shopify, etc. must […]

Author: Frank L. Brunetti

January 28, 2022

Small Business

Navigating Tax Reporting & Deduction in the Gig Economy

What Income and Deductions Should be Reported or Taken on Your Tax return in the Gig Economy? The gig economy[1]—also called sharing economy or access economy—is the activity where people earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. Gig Economy Income is Taxable You […]

Author: Frank L. Brunetti

January 24, 2022

Small Business

Federal Government Providing Tax Relief in Light of COVID-19, Will New Jersey Follow?

IRS Postpones Tax Deadline to July 15, 2020 The list of events postponed due to Coronavirus (COVID-19) now includes Tax Day. Given the number of businesses and individuals impacted by the pandemic, the federal income tax delay comes as welcome news. On March 20, the Internal Revenue Service (IRS) announced that tax returns due April […]

Author: Frank L. Brunetti

March 25, 2020

The Family First Coronavirus Response Act - What to Know

The IRS has announced that employers can begin taking advantage of two new refundable payroll tax credits created by the Families First Coronavirus Response Act… In an Information Release ( “the Act”) the IRS has announced that employers can begin taking advantage of two new refundable payroll tax credits created by the Families First Coronavirus Response Act […]

Author: Frank L. Brunetti

March 24, 2020

COVID-19

IRS Advising Virtual Currency Owners to Settle Up Taxes

The IRS has Begun Sending Letters to Virtual Currency Owners Advising Them to Pay Back Taxes and/or File Amended Returns In IR-2019-132, July 26, 2019, the Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or […]

Author: Frank L. Brunetti

August 2, 2019

The SECURE Act of 2019

It’s Called the Setting Every Community Up for Retirement Enhancement or the SECURE Act of 2019 Let’s take a look at the Setting Every Community Up for Retirement Enhancement, also known as the Secure Act of 2019. Good Points – Depending on your individual situation More time in IRAs and 401(k)s. The bill would push […]

Author: Frank L. Brunetti

July 11, 2019

Remote Material Participation Approved by US Tax Court

In a Recent Memorandum Opinion, the Tax Court Held That a Taxpayer Satisfied the Requirements for Remote Material Participation In a recent Memorandum Opinion, the Tax Court held that a taxpayer satisfied the requirements for materially participating in his Chicago based business despite living in Florida approximately 60 percent of the year. Satisfying the test […]

Author: Frank L. Brunetti

June 12, 2019

Does Your Retirement Plan Protect Your Home from Medicaid Recovery?

One of the Top Risks for Retirement is Health Problems – Does Your Retirement Plan Protect Your Home from Medicaid Recovery? A recent U.S. News and World Report listed five major risks for retirement. One of these risks is health problems. If you don’t plan accordingly, the financial costs of healthcare can lead to everyone’s […]

Author: Frank L. Brunetti

May 20, 2019

New Jersey

Will Proposed Regulations in REG-106706-18 Adversely Impact Estate and Gift Tax Exemptions?

In REG-106706-18, the IRS has issued proposed regulations that provide that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025, as provided for by the Tax Cuts and Jobs Act (TCJA), will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.

Author: Frank L. Brunetti

November 27, 2018

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