Northfield NJ CPA – Tax, Accounting & Consulting Services (609) 641-4000 |
My parents gave me a gift of $100,000. How do I pay the taxes due?
The good news is that you don’t owe any taxes on gifts that you receive. Gifts are not considered income for either federal or New Jersey income tax purposes. However, if you are making a gift, contact your accountant about any reporting requirements.
Any healthcare provider that submits claims to third-party payers is familiar with audits, whether undertaken by private insurers, the Centers for Medicare and Medicaid Services (CMS) or the relevant state Medicaid agency. The most common methodologies used by...
We are currently in an extremely generous estate and gift tax environment. The federal estate tax applies to transfers at death. The gift tax applies to transfers made while a person is living. There is also a generation-skipping transfer tax which is an additional...
It is easy to identify negativity, but we wanted to focus on what we can do and what we have accomplished during the pandemic. Perhaps we should and could appreciate some of the positive effects of the pandemic. To do this, we conducted a survey of our staff to see...
As the COVID-19 outbreak continues, many employers are continuing to encourage or require their employees to work from home (i.e., telework). Such remote working arrangements could potentially have tax implications that should be considered. State tax obligations for...
If you’ve seen “Hamilton” you know that our nation’s first central bank was his brainchild, created in 1791 over the objections of many of our founding fathers who thought the concept unconstitutional. That first bank had a twenty year charter that wasn’t renewed. Our...
When it comes to tax policies, Donald Trump and Joe Biden have two vastly different strategies. Donald Trump and the Republicans would like to preserve the Tax Cuts and Jobs Act (TCJA), which lowered tax rates for most income levels and doubled the standard deduction....