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Tag Archive for New Jersey

Senior Tax Manager/Transfer Pricing And International (Rutherford, New Jersey)

Kat Jennings, Tax Jobs, Tax Hire, TaxConnections

Responsibilities involve a wide range of international tax matters including transfer pricing, international aspects of consolidated income tax provision, and international elements of US tax compliance. Coordinate with international finance organization regarding international audits, income tax and transaction tax compliance. Role is responsible for providing technical tax leadership, with an emphasis on transfer pricing and international tax. Read more

Tax Manager, Sales, Use, Property And Local Taxes (New Jersey/New York)

Tax Jobs, New Jersey, New York, Tax Manager, Sales, Use, Property, Local Taxes, Tax Blog, TaxConnections

Responsibilities include the timely and accurate completion of filings and various tasks related to the Company’s corporate sales, use, property and miscellaneous tax compliance. The Tax Manager will interact with the in-house tax department, IT, accounting and finance teams, co-sourcing service providers, and government tax agencies in meeting tax compliance and tax audit requirements.

Tax Compliance:

  • Gather and prepare filings required for sales, use, property and miscellaneous tax compliance.

Read more

Taxes And Virtual Currencies: What You Need To Know

John Adams, Tax Advisor, Tax Blog, Cherry Hill, New Jersey, USA, TaxConnections

Bitcoin, blockchain, cryptocurrency… Digital and virtual currencies are all the rage lately. However, just because there isn’t a physical coin in hand, doesn’t mean they are shielded from taxes. Following are some virtual currency tax consequences you must know if you decide to dip your toe in that world.

“While Bitcoin is the most popular virtual currency there are many others (e.g. Ripple, Ethereum, Lite Coin, etc.). The IRS rules on income recognition apply regardless of which virtual currency you’re using.” — Ren Cicalese III, CPA, MST

The IRS Is Paying Close Attention Read more

How To Cut Taxes Under The New Tax Act

John Adams, Tax Advisor, Tax Blog, Cherry Hill, New Jersey, USA, TaxConnections

What moves should you make now in order to cut your taxes as the new tax law takes effect?

Now that the massive new Tax Cuts and Jobs Act (TCJA) is finally the law of the land, what should you do? Every situation is different, but here are several practical suggestions for improving your tax outlook for 2018 and beyond:

Adjust Your Withholding Read more

Gov. Christie Orders NJ Towns To Accept 2018 Property Tax Prepayments

In anticipation of the new tax law, some taxpayers are seeking ways to try to minimize their future tax burden. Due to the incoming $10,000 cap on the state and local tax deduction, this includes prepaying 2018’s property taxes for deduction on their 2017 tax return.

On December 27, 2017, NJ Governor Chris Christie issued an executive order allowing NJ homeowners to prepay property taxes for the first two quarters of 2018. While some towns were already accepting prepayments, this order instructs all municipalities to accept at least partial 2018 prepayments from residents. The prepaid property taxes must be postmarked by the end of the year to be eligible for deduction.  Read more

5 Survival Tips For Tax Season

Tax Season Stress Relievers –

It’s almost that time of year that we all look forward to, especially accountants buckling down with their survival kits! It goes without saying that money and stress go hand in hand. For that reason it is easy to understand that the tax preparation season can be a stressful time of year for CPAs. It is not uncommon for them to put in 70-80 hours/week during the tax season including sleepless nights, lots of coffee, and weekends at the office. To help reduce some stress for our CPAs this tax season, we have put together a list of tips to help ease the stress and make these coming weeks as painless as possible: Read more

Voluntary Disclosure Program for Personal Income Tax Rolls through New Jersey

Effective December 3, 2013, New Jersey residents and non-residents may enter into a Voluntary Disclosure Agreement (“VDA”) with the New Jersey Division of Taxation (“Division”) for unfiled personal income tax. The VDA program is not available to anyone who is currently under criminal investigation, has been contacted by the Division for delinquencies or deficiencies, or is attempting to amend a previous individual return.

Requests to enter into a VDA must be in writing and contain the tax years at issue and the reason(s) for not filing. The Division reviews the VDA request and rejects or confirms the taxpayer’s request. When a taxpayer is granted a VDA, the Division waives the late filing and payment penalties for the years covered by the agreement. The taxpayer receives a 5% post amnesty penalty and must pay statutory interest. Upon completing all duties Read more

New Jersey Estate & Inheritance Tax: Reducing the Size of the Estate Through Gifting

New Jersey is one of only a few states that impose both an inheritance tax and a state estate tax. The inheritance tax applies when someone who lived in New Jersey, or owned property there, leaves property to someone who is not a close relative. The tax rate depends on how closely the inheritors and deceased person were related.

(1) How are inheritors classified?

The transfer inheritance tax is imposed, at graduated rates, on property having a total value of $00 or more that passes from a decedent to a beneficiary. New Jersey classifies inheritors into different groups, based on their family relationship to the deceased person. Read more

New Jersey Estate Tax: The Uninvited Guest

New Jersey collects both an inheritance tax and its own estate tax, separate from the federal estate tax. Under current law, the estate of every New Jersey resident decedent dying after December 31, 2001 shall be taxed as if the death occurred under the federal laws in effect on December 31, 2001. Because the applicable federal exclusion amount was $675,000 in 2001, a New Jersey estate tax will be due for estates in excess of $675,000 passing to someone other than a surviving spouse — even though the current federal exclusion amount is significantly greater ($5.34 million for deaths in 2014).

While it might seem unfair that the New Jersey estate tax is calculated as if the applicable federal exclusion amount is $675,000 rather than the actual amount in effect at the time of Read more

New Jersey Division of Taxation Closes Restaurant – Leaves Employees And Customers Stuck

New Jersey Division of Taxation Seizes Melange Cafe

As the holidays approach, we renew our quest for a delicious meal that awakens the palate served in a relaxing atmosphere far removed from the hustle and bustle of garish chain restaurants serving mediocre food slapped on a plate. As the town of Haddonfield, New Jersey brings to life its Christmas shopping season filled with candlelit streets, we are left without its shining star, Melange @ Haddonfield café. Why? Because Chef Joe Brown did not have an attorney that understood his need to be a chef – and his struggles as a restaurateur. After owning Melange Café in Cherry Hill, NJ and achieving much success, Chef Joe Brown opened his Melange @ Haddonfield in 2008, eventually focusing full time on Read more

Are You Missing the Boat? Do You Find Tax Credits Too Complex? We Don’t!

Today, there currently are nearly 3,000 tax credits and incentives programs in the United States, sponsored by federal, state and local governments to drive job creation, employee training, capital investment and new business development. These statutory and negotiated opportunities – including point-of-hire tax credits, to property & sales tax incentives, to utility & infrastructure abatements, to name a few – are available to companies of all sizes, across a broad range of industries.

But a relatively small number of companies, regardless of their size or financial sophistication, are benefiting fully from the tax credit and incentive-related benefits to which they are entitled. Industry estimates suggest that fewer than 25 percent of eligible US businesses participate in Read more

California’s Governor Brown Signs Bill Increasing Minimum Wage – Increasing Enterprise Zone Credit Value

Governor Brown has signed AB 10 which will increase the minimum wage from $8 an hour to $9 an hour on July 1, 2014 and again to $10 an hour starting January 1, 2016.

An unintended consequence of the legislation will be an increase in the amount of Enterprise Zone tax credits qualified employers will be able to claim. Employers may still claim credits for qualified employees hired through December 31, 2013 for up to five years of employment. The credit is calculated as a function of the hourly wage with a limit of 150% of the minimum wage per hour. Currently, the maximum credit an employer can claim is $12 for an hour of qualified work; starting in July of next year that cap will increase to $13.50. Read more