More from New Jersey... - Capaldi Reynolds & Pelosi, P. A.

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.

Favorable Estate and Gift Tax Exemptions May Sunset Sooner Rather than Later

Estate Planning

We are currently in an extremely generous estate and gift tax environment. The federal estate tax applies to transfers at death. The gift tax applies to transfers made while a person is living. There is also a generation-skipping transfer tax which is an additional...

The Positive Effects of the Pandemic

Capaldi Reynolds & Pelosi

It is easy to identify negativity, but we wanted to focus on what we can do and what we have accomplished during the pandemic. Perhaps we should and could appreciate some of the positive effects of the pandemic. To do this, we conducted a survey of our staff to see...

How Teleworking May Impact Your Tax Obligations

Business, Tax

As the COVID-19 outbreak continues, many employers are continuing to encourage or require their employees to work from home (i.e., telework). Such remote working arrangements could potentially have tax implications that should be considered. State tax obligations for...

Fed 101

Banking

If you’ve seen “Hamilton” you know that our nation’s first central bank was his brainchild, created in 1791 over the objections of many of our founding fathers who thought the concept unconstitutional. That first bank had a twenty year charter that wasn’t renewed. Our...

Proposed Tax Policies of the Presidential Candidates: A Breakdown

Tax

When it comes to tax policies, Donald Trump and Joe Biden have two vastly different strategies. Donald Trump and the Republicans would like to preserve the Tax Cuts and Jobs Act (TCJA), which lowered tax rates for most income levels and doubled the standard deduction....

Pandemic Funding Changes and Opportunities

Healthcare

October 2020 has arrived, and with it not only are there signs of seasons changing, but also continued change in the pandemic funding landscape. It is certainly not time to go into hibernation, or you might miss some of the more recent funding opportunities or the...

More from New Jersey…