I was giving a talk a few years ago to a group preparing to retire and they told me about a tax I had never heard of; the New Jersey “Exit Tax”. The concept of a tax imposed just because of a change of domicile was new to me. It turns out this is not a tax at all, but it is an inconvenience.
When a property is sold in New Jersey, a GIT/REP (Gross Income Tax Required Estimated Payment) Form is required to be recorded with the deed. Resident taxpayers file a form GIT/REP-3 which claims exemption from withholding at the time of sale. The myth of the Exit Tax arises when the former home is sold by a taxpayer who is leaving or has left New Jersey. For most non-resident taxpayers, when the former home is sold either form GIT/REP-1 or GIT/REP-2 is required to be filed with the deed AND state income tax is required to be paid. That required tax is either 10.75% of the net gain on the sale or 2% of the sales price, whichever is higher. The state enacted this requirement in 2004 to insure that the taxes due on the sale of property by nonresidents could be collected.
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There are reports all over the news that some taxpayers are disappointed with the size of their federal tax refunds. Since we have a pay as you go tax system, each year we estimate the taxes we are going to owe on our income and either pay estimated taxes or have withheld the appropriate amount of taxes so that when we file our returns, we’ve come close to the tax liability. If we overestimate what will be owed, we get a refund; if we underestimate we get a bill for the remaining taxes due and possibly interest and penalty on the deficiency. 
Every year some of our clients go through a mad rush getting the information needed to file 1099s timely and correctly. How does one stop this madness? A Form W-9 should be obtained from the vendor BEFORE any payments are issued. W-9s can be more easily obtained while the vendor is awaiting approval, when the vendor has more incentive to cooperate than after payment has been made. 
Get Ready for Taxes!
The best Christmas present for your accountant is organized records. Follow these simple steps and you’ll feel the love all the way through 2019. Use Quickbooks to help: 
Nonprofit organizations are subject to numerous federal and state tax filing requirements, including annual tax returns. Most nonprofit organizations are required to file an annual federal tax return (Form 990, 990-EZ, 990-PF, or 990-N); however, state filing requirements are different and vary from state to state. The State of New Jersey (NJ) requires a nonprofit organization to file an annual tax return (initial registration and renewal registration) if it has 501(c)3 tax exempt status, is domiciled in NJ, or solicits NJ residents for a charitable cause. 
The 2018 Tax Cuts and Jobs Act added something new to the tax code called Opportunity Zones. An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury through their authority to the IRS. Opportunity Zones have now been designated covering parts of all 50 states, the District of Columbia and five U.S. territories. 
If you give someone money or property during your lifetime, you may be subject to federal gift tax. The federal gift tax exists for one reason: to prevent taxpayers from avoiding the federal estate tax by giving away their money before they die. When it comes into play, the tax is owed by the gift giver and not by the recipient. You probably have never paid it and probably will never have to. 
New Jersey has just announced a tax amnesty for taxpayers with liabilities for the tax years 2008-2016. The Division of Taxation has proactively contacted some taxpayers with liabilities already assessed and/or unfiled tax returns. This amnesty does not extend to liabilities with the Department of Labor or fees imposed by any other state agency.