There have been sweeping changes to both the federal and New Jersey tax laws for the first half of 2018. At the federal level, the elimination of the state and local tax (SALT) deduction, which for decades allowed people to itemize and deduct state and local income and property taxes from their federal bill is
Income Tax
IRS to Close Offshore Voluntary Disclosure Program this September
By Steven M. Saraisky & Reuben Muller on
On March 13, 2018, the IRS announced that the Offshore Voluntary Disclosure Program (OVDP) will be closing on September 28, 2018. This program has been in place since 2009.
In general, US persons, that is, citizens and residents of the US, must report their worldwide income on their US income tax returns. They also must…
Should I be a C Corp? Choice of Entity after Tax Reform
By Steven M. Saraisky & Philip Hirschfeld on
The recently enacted 2017 Tax Act (originally called the Tax Cuts and Jobs Act – “Tax Reform”) made major changes to the US tax system. Because C corporations (“C corps”) are now taxed at a flat 21% federal income tax rate, many business owners are asking whether they should structure their businesses as C corps. …
Defending Against a Motion to Dismiss New Jersey State Lottery Claims
By Lauren Manduke on
Posted in Estate Planning, Income Tax
The Presiding Judge of the New Jersey Tax Court held in favor of Melvin and Kimberly-Lawton Milligan last week, ruling that they can proceed with their claims against the State of New Jersey, Division of Lottery challenging the retroactive taxation of their lottery winnings.
On June 9, 2000, Melvin Milligan won the top prize in…
IRS Provides Tax Relief to Victims of Hurricane Sandy; Return Filing and Tax Payment Deadline Extended to Feb. 1, 2013
By Tishya M. Signorelli on
Posted in Estate Tax, Income Tax
As a result of Hurricane Sandy, the Internal Revenue Service announced tax relief to affected individuals and businesses.
Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS has announced that affected taxpayers in Connecticut, New Jersey and New York will receive tax relief. Other locations may be added…