On August 7, 2020, the IRS released final regulations (T.D. 9907) regarding the interaction of the $10,000/$5,000 cap on state and local tax (SALT) deduction and charitable contributions. Your SALT deduction includes real estate taxes, state income taxes (unemployment, disability, family leave, personal property taxes) and local taxes. For tax years after 2017, an individuals Read More…
Effective October 1, 2018, New Jersey sales and use tax was imposed on transient accommodations. The definition of transient accommodations included living/sleeping space for the lodging of occupants for a term of less than 90 consecutive days. This new law became known as the “Jersey Shore Rental Tax”. Individuals who owned any type of short-term Read More…
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