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The New Jersey “Exit Tax”: a tax, or an inconvenience?
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,...
Divorce and Retirement Plans
Retirement plans are often one of the most valuable assets a couple acquires during a marriage. If a couple divorces and there is an agreement or judgment that requires all or a portion of the employee spouse’s retirement plan to be shared with the spouse or former...
Is Your Nonprofit Governance Up to Date?
Like everything else in the world, concepts about governance in nonprofit organizations are evolving. In the US corporate world, The Sarbanes-Oxley Act (SOX) represented an attempt to legislate some basic principles designed to protect the interests of stakeholders by...
The Very Basics of Blockchain
Blockchain is the technology that makes Bitcoin possible and it has been around the edge of my consciousness since Bitcoin came on the scene about ten years ago, but I never really wanted to know more about what it is and how it works until the most recent lettuce...
Mandatory Paid Sick Leave Enacted in New Jersey
Beginning on October 29, 2018 employees in New Jersey may earn up to 40 hours of paid sick leave per year. A benefit year can be defined by the employer and cannot be changed without the approval of the Department of Labor. All New Jersey employers, except...
New Jersey Tax Amnesty- Act Now for Relief
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...
Social Security: Types of Benefits and Marriage/Divorce Considerations
There are a many different benefits offered by the Social Security Administration, and knowing your options and requirements is essential. Don’t expect the Social Security Administration to know who you married, who you divorced, whether your spouse or ex-spouse died,...
Should I Give My Home to My Children?
I am often asked whether it is a good idea for elderly parents to transfer their home to their children. I always ask: “Why do you want to do this?” The most common reason is to protect the house in the event one or both of the parents need nursing home care. First, I...
Filing for 501c (3) Tax Exempt Status: Easing the Burden on Smaller Nonprofit Organizations
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....