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
Tax
New Jersey is Planning to Raise $390 Million in Fiscal Year 2021 through Tax Hikes on Millionaires
Posted in Income Tax, Tax
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…
Relief for Qualified Opportunity Funds & their Investors affected by the COVID-19 Pandemic
By Philip Hirschfeld on
The IRS recently issued Notice 2020-39, which offers relief to both qualified opportunity zone funds (“QOFs”) and persons seeking to invest in QOFs who are affected by the global COVID-19 pandemic.
Investors in QOFs who want to defer capital gains and receive other QOF tax benefits are required to invest in a QOF within 180…
The New Jersey Property Tax Appeal Deadline for the 2020 Tax Year has Been Fixed for July 1, 2020
By Carl A. Rizzo on
Posted in Tax
In order to remove any ambiguity occasioned by prior New Jersey Supreme Court Orders, extending the April 1 and May 1 annual tax appeal filing deadlines for regular and revaluation or reassessment district appeals to “30 days after the Governor lifts the State of Emergency” occasioned by the COVID-19 pandemic, respectively, Govenor Murphy has signed…
In the Midst of the Pandemic, Advanced Directives Come to the Fore
By Mary Browning & Christopher Gagic on
Posted in Estate Planning, Tax
As the Covid-19 pandemic has swept across the nation and around the world, those of us who practice in the areas of Wills, Trusts and Estates have noted an increase in calls from clients alarmed by what they are seeing on the news and in their own neighborhoods. We typically field calls from clients interested…