Tax

TREASURY BEGINS MAILING APPLICATIONS FOR 2023 SENIOR FREEZE ON PROPERTY TAX REIMBURSEMENT PROGRAM

On Monday, February 12, 2024, the Department of the Treasury’s Division of Taxation began mailing applications for the 2023 Senior Freeze Property Tax Reimbursement program, which has been significantly expanded for the 2023 filing season to increase the income eligibility limit substantially and simplify residency requirement for new applicants.  The deadline to file 2023 applications Read More…

CORPORATE TRANSPARENCY ACT IMPOSES NEW BENEFICIAL OWNERSHIP INFORMATION REPORTING OBLIGATIONS

Effective January 1, 2024, U.S. and foreign entities doing business in the U.S., may be required to disclose information regarding their beneficial owners to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is being implemented under the beneficial ownership information (BOI) reporting provisions of the Corporate Transparency Act (CTA) passed by Read More…

IRS ANNOUNCES RELIEF FOR INDIVIDUALS AND BUSINESSES IMPACTED BY THE TERRORIST ATTACKS IN ISRAEL

On Friday, October 13, 2023, the IRS announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel.  IRS Notice 2023-71 provides relief to certain taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation.   These taxpayers now have until October 7, Read More…

NEW JERSEY ENACTS COMPREHENSIVE CBT OVERHAUL

On July 3, 2023, New Jersey Gov. Phil Murphy signed budget bill A.B. 5323, altering several aspects of the state’s corporation business tax (CBT) regime. Among many other changes, the bill imposes an economic nexus threshold for CBT purposes, switches the state’s combined reporting sales factor sourcing method from “Joyce” to “Finnigan,” treats global intangible Read More…

HOME IMPROVEMENTS BY CONTRACTORS & NEW JERSEY CONSUMER FRAUD ACT

Many homeowners and home improvement contractors themselves are not aware of the various requirements which contractors must comply with when conducting home improvements.  Your house is probably your most valuable asset and unfortunately, there are a number of unscrupulous home improvement contractors who seek to take advantage of uninformed homeowners. According to the New Jersey Read More…