Entries by Jen

New Jersey Employer Unemployment and Disability Tax Rates for the Fiscal Year 2018-2019

The New Jersey Department of Labor (“NJ DOL”) has begun mailing the New Jersey State Unemployment Insurance (“SUI”) and Disability Insurance (“TDI”) annual Rate Notices to all employers. Upon receipt, a copy of this Notice should be provided to your payroll service provider. These Rate Notices cover the fiscal year July 1, 2018 through June […]

Independent Contractor or Employee

Independent Contractor or Employee One of the many consequences of the changes to our tax system in 2018 was the creation of incentives in areas that previously did not exist. Included in this discussion is the classification of an employee versus an independent contractor. The “Section 199A” deduction allows pass-through entities to exclude up to […]

State and Local Tax Deductions

State and Local Tax Deductions On Tuesday, June 11th, the Treasury Department issued final regulations on the “State and Local Tax Deductions” (SALT) mainly aimed at preventing residents from circumventing the cap on these deductions. The tax law signed in December 2017 capped the SALT deduction at $10,000.  This controversial provision lead many politicians in […]

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 […]