Northfield NJ CPA – Tax, Accounting & Consulting Services (609) 641-4000  | 

More from New Jersey…

Nov 10, 2022 | News

New Insurance Requirement

As of November 3, 2022, landlords and business owners in New Jersey are required to carry $500,000 in liability insurance for deaths or bodily injuries that may occur at their properties. For small, multifamily rental properties that are owner-occupied, the minimum liability insurance is $300,000.  Proof of compliance is supposed to be provided annually to the municipality in which the business or property is located, but the bill does not specify how that is to be accomplished.

Bye-Bye Homestead Rebate, Hello Anchor Program

New Jersey replaced the popular Homestead Rebate program with the Anchor Program.  A resident who owned or rented a principal residence on October 1, 2019 with income under the statutory limit can apply for this benefit by December 30, 2022.  Application can be online(https://www1.state.nj.us/TYTR_Saver/jsp/common/HBWelcome.jsp ), by telephone (877-658-2972), or with a paper application, available for homeowners with instructions at https://www.state.nj.us/treasury/taxation/pdf/anchor/anchor-h.pdf.  You will need your 2019 income information to file.

Subscribe to our Accounting, Tax and Business Insights Newsletter

Email Address:
Name(Required)
Privacy(Required)
This field is for validation purposes and should be left unchanged.
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...

read more
Past Market Declines

Past Market Declines

A war in Ukraine, inflation the highest it’s been in decades, ongoing supply chain constraints, and financial markets selling off for the first 6 months of the year has led to consumer confidence being the lowest ever recorded. As financial advisors, we are often...

read more
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...

read more