Tag Archives: State tax

Action Required: New Jersey Estate Tax is Repealed

Earlier this month, on October 14, 2016, New Jersey Governor Chris Christie signed into law that increased the NJ Estate Tax exemption from $675,000 to $2 million for deaths in 2017, and fully eliminated the state estate tax in full

Uncertainty About The Future Of The Gift And Estate Tax Laws Will Continue

Even if Congress acts to avoid the “Fiscal Cliff,” uncertainty about the future of the gift and estate tax laws will continue. Despite this uncertainty, meaningful estate planning goals can be achieved. Estate planning is only partly about tax. Whatever

Tax Planning Opportunities for Business Owners

Unless Congress acts quickly, taxes are going up!  Although major tax law changes are set to take place in 2013, there are some planning opportunities for business owners: Tax Provisions Which May Impact Planning Opportunities ■       Federal estate tax exemption decreasing

A limited opportunity for generous gift tax exclusions

The 2010 Tax Act is scheduled to expire on Dec. 31, 2012, at which time under current law the opportunities afforded under the 2010 Act will be lost. This article explores various tax planning opportunities created under the 2010 Act.

NJ Inheritance and Estate Taxes: Watch Out!

One of our clients recently (and unfortunately) paid $30,000 New Jersey inheritance tax on a $200,000 inheritance received from her aunt. This could have been avoided with some planning. If you live in New Jersey, then you’re lucky enough to

New Jersey Estate Tax: Important Provisions and Filing Requirements

The New Jersey estate tax is now imposed upon the transfer of the estate of every resident decedent which would have been subject to a Federal estate tax under the provisions of the Internal Revenue Code in effect on December

Probate of Estates in New Jersey

Estate administration in New Jersey is the process by which a deceased person’s property, known as the ‘estate,’ is passed to his or her heirs and legatees (people named in the will). Estate administration encompasses all assets of the decedent

Still Beware of State Death Taxes…

Despite the new and generous federal estate tax exemption of $5 million per estate and $10 million per couple, many less wealthy families still have to plan for estate taxes–state estate taxes that is. The $10 million exemption makes state

Pennsylvania’s 2010 Tax Amnesty Program

Our firm recently successfully filed several client's state amnesty applications.

New York Penalty and Interest Discount (PAID) program

In the state's press release, they mention they are increasing their enforcement efforts to collect unpaid bills.

New Jersey State Income Taxation of 2010 Conversion of a Traditional IRA to a Roth IRA

Therefore, New Jersey also conforms to the...provision regarding the Federal Income Tax reporting of a distribution from an IRA which the taxpayer converts into a Roth IRA this year in 2010.