Tax Archives - Page 13 of 19 - Capaldi Reynolds & Pelosi, P. A.

The New Jersey “Exit Tax”: a tax, or an inconvenience?

Dec 5, 2019 | Tax

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,...

REPEAL OF ENTERTAINMENT DEDUCTIONS

Dec 5, 2019 | News, Personal Finance, Tax

The Tax Cuts & Jobs Act (TJCA) repealed the deduction for business entertainment beginning in 2018. This includes expenditures for taking clients to sporting events and shows, and paying for season tickets for various sporting events. Generally, any dues for...

CRP TAX BULLETIN AND UPDATE: REDEFINING NEXUS FOR SALES AND USE TAX PURPOSES

Dec 5, 2019 | News, Tax

On June 21 of this year, the Supreme Court reached a decision in the South Dakota v. Wayfair case which could have a far-reaching impact on clients with sales and operations in multiple states. Prior to the ruling, case law dating back 26 years to the National Bellas...

Non-Grantor Trust: A Tool for Estate, Asset Protection and Income Tax Planning

Dec 5, 2019 | Estate Planning, Retirement, Tax

While there are many forms and types of trust, this article highlights some of the various beneficial structures that encompass the use of non-grantor trusts. The use of non-grantor trusts to achieve estate, asset protection and income tax planning should be...

Charitable Giving Strategies

Dec 5, 2019 | Charitable Giving, Personal Finance, Tax

While there may be a lot of wisdom in the proverb “May your charity increase as much as your wealth,” there can also be wealth in properly planning your charitable giving. This wealth is derived from the economic benefit that can result from tax savings achieved by...

Filing for 501c (3) Tax Exempt Status: Easing the Burden on Smaller Nonprofit Organizations

Dec 5, 2019 | Non-Profit, Tax

Most organizations seeking 501c (3) tax exempt status must file an application with the IRS. Until 2014, the only means available to organizations was filing Form 1023: Application for Recognition of Exemption Under Section 501c (3) of the Internal Revenue Code....