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Non-Grantor Trust: A Tool for Estate, Asset Protection and Income Tax Planning
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...
Quickbooks Quick Tip
Have you ever posted to incorrect accounts or classes for a few months in Quickbooks? One way to resolve the problem is to go back to each transaction and change it manually. This is both tedious and time consuming. Fortunately, Quickbooks has an accountant’s tool...
New Status for Therese Connell
Therese Connell, one of the firm’s Partners and Director of its Estate and Trust department, marks 25 years with the firm this year. She has decided to move to part-time status at Capaldi Reynolds & Pelosi effective August 31, 2018. Therese has served in her...
Quickbooks Tip of the Month: January 2018 – Payroll and information returns
For businesses that are preparing year-end payroll and information returns from Quickbooks, the following tips are helpful in order to avoid the most common mistakes: Budget ample time and set aside uninterrupted time to prepare year-end tax forms such as W-2s, W-3,...
Hold Onto Your Hats: New Jersey Sales Tax is Going Down
Beginning January 1, 2017 the rate drops from 7% to 6.875%. Next year there will be another decrease to 6.625%. There has been no change in the items subject to sales tax.
Thinking of Making an IRA Contribution for 2016?
There are many types of IRAs. This article will discuss Traditional IRAs, Roth IRAs and non-deductible IRAs, available to individuals (or a spouse of an individual) with earned income or collecting alimony. The first criterion to consider is your age. If you are over...
Plan Now for New Due Dates
While due dates for individual income tax returns, Form 1040, and estimated tax payments will remain the same, there are new requirements that affect individuals. One of the most important new deadlines for individuals is the April 15 deadline to file the FinCen 114,...
Ask an Accountant: What is Use Tax?
I file a Sales & Use Tax every month based on my taxable sales. I never remit Use Tax. What is it? Generally, Use Tax is due on out-of-state purchases of goods or services that would have been subject to sales tax had they been purchased New Jersey on which either...
OVDP or Streamlined: Choosing an Offshore Disclosure Program
by Patrick J. McCormick When clients admit to a retroactive failure to meet filing requirements involving their offshore assets, the overarching question is typically the proper route for making a disclosure to the U.S. IRS. For a multitude of reasons, ‘‘quiet’’...