The 2017 Tax Act made life harder on individuals living in high tax states (such as New York, New Jersey, and California) by limiting the deduction for state and local taxes (“SALT”) to $10,000.  In an attempt to circumvent this restriction, several states have adopted a new pass-through entity tax imposed on partnerships, LLCs, and

New Jersey Governor Phil Murphy and State Democratic leaders announced yesterday a revised fiscal year 2021 budget that raises the State’s gross income tax rate on income for families now earning between $1 million and $5 million.

Currently, the State’s top tax rate for income earned in excess of $1 million through $5 million pay

The coronavirus outbreak, the subsequent passage of the CARES Act by the federal government, and current low interest rates have changed the landscape of charitable contributions and planning in 2020.

Charitable Contributions

The CARES Act changes the limitations on charitable giving to encourage individuals and corporations to make cash contributions to public charities.

  1. Above-the-line deduction