In the 2017 Tax Act, Congress adopted Code §1061, a provision which affects non-corporate holders of certain carried interests, which the new law refers to as applicable partnership interests (“APIs”). Under the new law, certain long-term capital gains (“LTCGs”) relating to APIs may be recharacterized as short-term capital gains (“STCGs”) unless the gains are from
Tax
SALT CAP Workaround – An IRS Holiday Gift
By Philip Hirschfeld on
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 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…