Closely-held businesses come in all shapes and sizes.  Some owners own 100% of their businesses.  Some have partners. Some have children in the business.  Some do not.  A common question that a client asks the business and tax planning professional is, “Should I own my business in a trust?”  There are, of course, many nuances

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 has enacted legislation that gives business owners of pass-through entities a way to bypass the $10,000 limit on state and local tax deductions.

The $10,000 state and local tax limitation was implemented under federal law in the Tax Cuts and Jobs Act.[1] The law has been controversial because of its disproportionate effect on