Entries by Jen

New Jersey Senior Freeze Program

New Jersey Senior Freeze Program Twice as many people moved out of New Jersey in 2018 as moved into the state, with high property tax bills contributing to this exodus. New Jersey does offer some relief through a Senior Freeze Program, which is a reimbursement program available to state residents 65 and older or disabled […]

Tax Changes Affecting Family Law

Tax Changes Affecting Family Law The Tax Cuts & Jobs Act (TCJA), enacted December 22, 2017 provided for several changes in family law, and has had a significant impact on single parent families and divorcing couples. There are many financial-related items to consider throughout divorce proceedings, such as the impact of the new law on […]

New Jersey Health Insurance Market Preservation Act

New Jersey Health Insurance Market Preservation Act New Jersey recently enacted the New Jersey Health Insurance Market Preservation Act, effective January 1, 2019, which will require its residents to maintain health insurance throughout 2019 and beyond, or be subject to a penalty (annual shared responsibility payment) on their New Jersey Income Tax return (Form NJ-1040). […]

New IRS Audit Rules – Partnerships

New IRS Audit Rules – Partnerships New partnership IRS audit rules, effective for audits of partnership tax years beginning on or after January 1, 2018, are a substantial departure from the prior partnership audit rules. The changes are expected to dramatically increase the audit rates for partnerships and will require partners to carefully review, if […]

Benefits of IRA Qualified Charitable Distributions

Benefits of IRA Qualified Charitable Distributions With the passage of the Tax Cuts & Jobs Act (TCJA), many taxpayers will no longer itemize their deductions, and as such, will not be able to take advantage of tax savings through charitable contributions. The qualified charitable distribution (QCD) is an attractive tax planning tool for senior taxpayers […]

New Jersey Tax Amnesty Update

As a follow up to our August 2018 e-mail blast, we want to provide an important update on the status of the New Jersey Amnesty program. The New Jersey Division of Taxation recently announced the period of the tax amnesty program will be 60 days, beginning on November 15, 2018 and ending on January 15, […]

New Jersey Sales Tax Audits

New Jersey Sales Tax Audits Due to the recent Supreme Court ruling the case of Wayfair vs South Dakota, we foresee a large rise in the number of sales tax audits. In short, the Supreme Court ruling on the case Wayfair vs South Dakota overturned a case from 1992. This new ruling states that any […]

Paid Sick Leave Comes to New Jersey

New Jersey Workers Will Be Entitled to Paid-Sick Leave: What Employers and Employees Need to Know The New Jersey Paid-Sick-Leave Act (“the Act”) recently went into effect on October 29, 2018. The Act will require New Jersey employers of all sizes and business entity types to provide their covered employees (part-time and full-time) up to […]

Year End Planning – Last Chance to Unwind IRA-to-Roth IRA Conversions

Sometimes we take risks and make financial decisions anticipating stability or changes in economic factors impacting the outcome of our decisions. Taxpayers who made a regular-IRA-to-Roth-IRA conversion in 2017 may regret their decision due to factors such as market declines. Fortunately, such taxpayers may recharacterize (unwind) their conversions, but they must act no later than […]

Planning for Chronically or Terminally Ill Clients

As we age, some of us may experience significant changes in health resulting in chronic or terminal illness. The life transition from relatively good health to poor health comes with sudden and increased medical costs. Understanding the nature of these medical costs and how they will be paid is a good start but only part […]