Northfield NJ CPA – Tax, Accounting & Consulting Services (609) 641-4000 | info@capaldireynolds.com
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.
For nearly a quarter century, employers have been able to offer their retirement savings plan participants age 50 and older a valuable opportunity — the chance to make additional catch-up contributions to their plan.1 Thanks to the SECURE 2.0 Act passed in 2022, that...
A not-for-profit organization, in order to assure its tax-exempt status is not jeopardized, must ensure that no “insiders” receive private inurement from business dealings with the company. Who is an “insider”? Any individual in a position to exercise substantial...
This year we will again be implementing a deadline for all our individual tax return clients to provide us with their tax documents in order for us to get our work completed by the original due date of April 15, 2026. Please provide your tax documents no later than...
The rules for deducting charitable contributions on your individual income tax return are changing for 2026. Here’s what you need to know to maximize your tax benefits and avoid surprises. 2026 Charitable Contribution Deduction Rules If you itemize deductions, you can...
Take a look through the window in the nursery ward at the newborns and you will see little ones who can be saving for retirement. The One Big Beautiful Act will help get these children off to a good start since every child who is a US citizen born between January 1,...
In December 2025, President Trump signed an Executive Order to accelerate the reclassification of marijuana from Schedule I to Schedule III under the Controlled Substances Act, a move that would lessen restrictions and penalties associated with the drug. For tax...