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Tax Law

Jan 08, 2019

Business Owners Beware: New Tax Reporting Requirements for Passthroughs

The new section 199A of the Internal Revenue Code (IRC) provides a potential tax break for owners of passthrough entities like S corporations, partnerships, and limited liability companies (taxed as partnerships or as disregarded entities).  For higher-income taxpayers, the 20% Qualified Business Income (QBI) deduction is generally limited to the greater of 50% of the allocable W-2 wages for the trade or business, or 25% of allocable W-2 wages for the trade or business plus 2.5% of the unadjusted basis immediately after acquisition (UBIA) of qualified property.  » Read More

Dec 27, 2018

Will the New Tax Code Change the Way We Donate?

‘Tis the season of giving, but with the new federal tax law changes, charities could experience a drop in donations. Since charitable deductions must be itemized to receive a tax deduction, the benefit of the higher standard deduction may effectively eliminate the tax benefit of the deductible donations for many taxpayers.» Read More

Nov 28, 2018

Tax Carve-Out for U.S. Real Estate Agents, Brokers, and Managers

The Tax Cuts and Jobs Act created a new Section 199A of the Internal Revenue Code (IRC) that provides for a potential tax break on qualified business income of non-corporate taxpayers, beginning in 2018.

Section 199A requires that the qualified business be effectively connected with the conduct of a trade or business within the United States.  » Read More

Nov 20, 2018

Income Tax – the “Other” Tax in Estate Planning

Many people are aware of the increased federal estate tax exemptions (approximately $11.2 million plus a COLA adjustment for a decedent dying in 2018 through December 31, 2025 and then reverting to $5.0 plus COLA) along with the elimination of New Jersey estate tax (but not its Inheritance tax which remains in effect). » Read More

Nov 15, 2018

New Jersey Tax Amnesty – A Timely Gift from the State of NJ

New Jersey just implemented the 2018 New Jersey Tax Amnesty Program.  During the period that begins November 15, 2018, and ends January 15, 2019, taxpayers have an opportunity to file past due tax returns and/or pay back taxes along with one-half of the interest due and no penalties.» Read More

Oct 31, 2018

Legal Documents Your 18-Year-Old Might Need

If you are about to send your 18-year-old off to college, you are probably busy with last-minute shopping, packing and worrying about roommates.  But have you considered what happens if your child lands in the hospital after a car accident or a serious illness?» Read More

Oct 26, 2018

Treatment of Capital Gains Reinvested in Qualified Opportunity Zones

The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, is the biggest overhaul to our Federal Income Tax Code.  It reduces tax rates, eliminates certain deductions, and enhances other deductions and tax credits.  One significant change is the treatment of capital gains invested in a qualified opportunity zoneRead More

Oct 09, 2018

Manafort’s Trial Reminds Us of Looming OVDP Deadline

With the trial of Paul Manafort in the news, I have been thinking of the conversations I have had with clients about properly disclosing foreign financial assets.  Among other charges, Paul Manafort is indicted for concealing offshore accounts from the U.S.» Read More

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