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
Income 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…
Treasury Extends BOTH Deadline to Pay Income Taxes and Deadline to File Income Taxes by 90 Days
Posted in Income Tax
Today, the Treasury announced that it will also be pushing back the April 15th deadline to file 2019 income tax returns. As a result, taxpayers will not need to pay income taxes owed for 2019 and will not need to file 2019 income tax returns until July 15, 2020. Neither New Jersey nor New…
Treasury Extends Deadline to Pay Income Taxes by 90 Days
Posted in Income Tax
Due to the Coronavirus Pandemic, the Treasury announced Tuesday that it will be pushing back the April 15th deadline to pay income taxes owed for 2019 by 90 days. In other words, until July 15, 2020, no taxpayer will be charged interest or penalties on income taxes owed to the federal government for 2019.
The…
NJ Tax Talk: New Bypass For SALT Deduction Cap
By Steven M. Saraisky & Reuben Muller on
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…