Highlights of The Inflation Reduction Act of 2022

Highlights of The Inflation Reduction Act of 2022

President Biden signed this bill into law on August 16.  Here are some of the more interesting provisions.  For more information about any of these items, please contact us. Revenue Provisions Corporate Alternative Minimum tax of 15% which applies only to large...
New Jersey Tax Updates: The Fall 2022 Edition

New Jersey Tax Updates: The Fall 2022 Edition

Sales Tax Holiday As we are approaching “back-to-school”, many states have enacted sales tax holidays.  As New Jersey is one of the states, this means sales & use tax on certain retail purchases of computers, school supplies, and sport or recreation equipment are...
Taxation of Crowdfunding

Taxation of Crowdfunding

Crowdfunding was created to kick-start the funding of a project. Previously if someone was interested in acquiring funds, they had only a few options to do so. Those options included: raising money from family and friends, taking out a loan, or trying to gather all of...
Taxation in the Cannabis Industry

Taxation in the Cannabis Industry

As cannabis has become legal recreationally across various states in America, the question of taxation now comes into play. Various tax paradigms have been implemented where cannabis is legal that the NJ Legislature could adopt. These schemes include taxation by...
The IRS is a Hot Mess

The IRS is a Hot Mess

Last month, the National Taxpayer Advocate’s office released a grim report on the conditions at the IRS. If you have tried to reach the IRS via phone during the last year, you know full well how difficult it is to reach someone. Well, we now have statistics to back...
Gifting To Save Estate Taxes

Gifting To Save Estate Taxes

When Gifting To Save Estate Taxes, It Is Essential To Consider Loss Of Step-Up In Basis When the House Ways and Means Committee proposed reducing the estate and gift tax exemption from $11,700,000 to approximately $6,000,000 (as adjusted for inflation) effective...