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.

Client Alert

Library

Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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What New Jersey Small Business Owners Need to Know About Income Tax Returns

When tax season comes around, there are several factors to keep in mind as a small business owner in New Jersey; specifically with income tax returns. Tracking taxable income and ensuring compliance with requisite tax forms can be an ongoing struggle with the pressures of running a business. On top of everything else, a small business […]

Author: Frank L. Brunetti

November 22, 2016

A New Law Gives the IRS The Ability to Revoke Your Passport for Outstanding Tax Bills

How can the IRS revoke your passport? According to a recently enacted statute, the State Department can revoke the passport of an individual with certified delinquent tax debt. According to a LexisNexis Legal Newsroom report, under IRC section 7345, the IRS has the right to report any individuals with certified delinquent tax debt to the State Department, […]

Author: Frank L. Brunetti

November 10, 2016

Significant Changes in Federal Tax Law Affecting Partnerships and LLC’s

Could These Changes in Federal Tax Law Affect Your Partnership or LLC? The Bipartisan Budget Act changed the procedures for auditing tax returns filed by partnerships. The TEFRA partnership audit procedures which were adopted in 1982 and the electing large partnership rules are repealed effective for returns filed for partnership tax years beginning after 2017.These […]

Author: Frank L. Brunetti

October 19, 2016

IRS Proposes New Tax Status Regulations on Non-qualified Deferred Compensation Plans

Recently, the IRS proposed new tax status regulations related to the Section 457(f) non-qualified deferred compensation plans offered by tax exempt employers. Proposed regulations The goal of the proposal was to clearly define which deferred and actual amounts the IRS will tax as income following the lapse of the risk of forfeiture. A Spencer Fane LLP report found […]

Author: Frank L. Brunetti

August 25, 2016

How New Partnership Audit Rules Will Affect You

Changes to BBA Enact New Partnership Audit Rules Under the Bipartisan Budget Act of 2015 (“BBA”), which will take effect in 2018, the IRS will be able to audit certain partnerships and limited liability companies (LLCs) and collect the tax resulting from the adjustment at the partnership level. This makes for new partnership audit rules […]

Author: Frank L. Brunetti

August 16, 2016

Business

How Small Businesses Should Interpret the DOL's Wage and Hour Regulations

What small businesses should do about the DOL’s wage and hour regulations On the surface, the intent of the Department of Labor’s new overtime wage and hours regulations was to establish rules that make it easier for businesses to apply to their operations. However, according to Business News Daily, for small businesses, the proposal serves as a major shift […]

Author: Frank L. Brunetti

July 28, 2016

Small Businesses Need to be Aware of UNICAP Rules

What You Need to Know About UNICAP Rules If a small business designated as a C corporation, partnership, S corporation or limited liability company is not aware of uniform capitalization rules, they will need to read closely. The IRS has UNICAP rules that require partnerships to capitalize some costs instead of deducting them as they […]

Author: Frank L. Brunetti

July 14, 2016

U.S. Department of Labor Announces Minimum Weekly Wage Increase

DOL announces minimum weekly wage increase for salaried workers As speculated on our BusinessLaw blog, the U.S. Department of Labor recently made a major announcement to increase the minimum weekly wage level for salaried workers eligible for overtime pay. According to National Law Review, as of Dec. 1, companies across the U.S. will face significant […]

Author: Frank L. Brunetti

July 6, 2016

Engagement Letters are a CPA's Best Protection Against Lawsuits

When should you implement engagement letters? For many practicing accountants, their main cause of litigation is the result of client allegations that they failed to perform a scope of services that may or may not have been outside their engagement. According to Accounting Web, this is where engagement letters come into play for CPAs because […]

Author: Frank L. Brunetti

June 14, 2016

What You Need to Know About the New Overtime Wage and Hour Rules

The Department of Labor (DOL) has made an important announcement on new overtime wage and hour rules The long-awaited Department of Labor ruling bringing on new overtime wage and hour rules was just made public, according to The National Law Review. This will mean that certain positions within a company may now be subject to overtime pay, […]

Author: Frank L. Brunetti

May 27, 2016

New Bill Pushes Tax Simplification

New bill pushes tax simplification Tax simplification has been a popular topic around Washington recently. But on April 13, Sen. Elizabeth Warren, D-Mass., introduced legislation that may take a big step toward it. According to a CPA Practice Advisor report, the “Tax Filing Simplification Act of 2016,” would require the IRS to create a free service online […]

Author: Frank L. Brunetti

May 6, 2016

Scarinci Hollenbeck

The IRS List of "Bad Banks" is Up to 95: What You Need to Know About New OVDP Penalties

The IRS List of “Bad Banks” The IRS updated its list of “Bad Banks” last month, which is now up to 95 banking institutions. This list will continue to grow as Swiss banks and foreign financial institutions come under more intense scrutiny from the Department of Justice to force public disclosure. So if your client’s bank […]

Author: Frank L. Brunetti

March 23, 2016

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