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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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What New Jersey Small Business Owners Need to Know About Income Tax Returns

When tax season comes around, there are several factors to keep in mind as a small business owner in New Jersey; specifically with income tax returns. Tracking taxable income and ensuring compliance with requisite tax forms can be an ongoing struggle with the pressures of running a business. On top of everything else, a small business […]

Author: Frank L. Brunetti

November 22, 2016

President-Elect Trump Tax Strategy Draws Critics and Supporters

What is so compelling about the Trump tax strategy? Critics and supporters have been outspoken about Republican president-elect Donald Trump’s tax returns recently. According to a Politico report, the focus of the debate has been over the legality of Trump’s tax-minimizing strategies since 1995. Trump’s tax-minimization strategy draws criticism In a recent story published in the New […]

Author: James F. McDonough

November 14, 2016

Why Filing Tax Returns on Time is a Good Idea

Filing tax returns on time I was asked if there is any drawback to not filing tax returns on time or to paying taxes late or not at all. Aside from the obvious, there are other ramifications that may not manifest for some time. We encounter in our practice business owners who have fallen behind […]

Author: James F. McDonough

November 20, 2015

End of Year Section 1031 Exchanges

Section 1031 Exchanges Section 1031 or like-kind exchanges have become commonplace and most accountants have one or more individual income tax returns where an exchange is reported. There are however an increasing number of taxpayers who believe they can prepare their personal or business entity returns. While this is not the norm, it prove fatal […]

Author: James F. McDonough

November 17, 2015

New York Attempts to Impose Non-Resident Income Tax

Last week, the New York Division of Tax Appeals ruled that the New York Division of Taxation did not have the right to impose a non-resident income tax. This income tax against Patrick J. Carr, a nonresident lawyer, was voided because he is licensed to practice in New York. In the case, the Court ruled […]

Author: Frank L. Brunetti

September 1, 2015

Voting With Your Feet: When Residents of A State Decide It Is Time To Leave

I do not respond on the postings of persons who comment on the tax blog; however, one such post was brought to my attention and it is prescient and deserving of a response. The comment was written in response to our blog that described the impact of this state’s Inheritance Tax and Estate Tax upon […]

Author: James F. McDonough

July 29, 2015

Levying State Corporate Income Tax A Waste Of Time

“Levying a state corporate income tax is a waste of time“, tax expert, David Brunori, wrote in The Tax Analysts Blog. Brunori, research professor at George Washington University and deputy publisher of Tax Analysts, asserted that states should repeal this particular policy. “States should, at the very least, conduct an honest inquiry into why they have […]

Author: James F. McDonough

May 21, 2015

Creating Effective Tax Reform Will Be Difficult

Creating effective tax reform in Washington will likely be difficult, as both the tax code – and the tax base – are complex. While many advocate creating effective tax reform, a wide range of businesses have sharply reduced their tax liabilities either by not repatriating their active income earned overseas or by harnessing tax breaks, […]

Author: Frank L. Brunetti

May 13, 2015

Corporate Income Tax Policy Deeply Flawed

U.S. corporate income tax policy is currently riddled with problems and in dire need of reform, Treasury Department official Mark Mazur stated during a lecture focused on current issues in taxation. Mazur, an assistant secretary for tax policy, emphasized the U.S. corporate income tax policy rate is high relative to other countries, and that this situation […]

Author: James F. McDonough

May 12, 2015

Economist Weighs In On Governor of Maine's 2016-2017 Budget

Dick Woodbury, a Harvard-educated economist and former state senator, recently offered his opinion on the Governor of Maine’s 2016-2017 budget proposal. The top state official has proposed overhauling a wide range of tax policies, with lowering income taxes for residents and corporations a major focus. Push to reduce income tax burden LePage has repeatedly made […]

Author: Frank L. Brunetti

April 3, 2015

Florida Senate Backs Corporate Income Tax Cut

A key committee in the Florida senate recently backed legislation that would allow roughly 2,000 small businesses to avoid paying the Sunshine State’s corporate income tax. The News Service of Florida reported Feb. 3 that after reviewing Gov. Rick Scott’s proposed tax cuts for the coming fiscal year – which would be worth $673 million […]

Author: Frank L. Brunetti

March 2, 2015

US Corporate Income Tax...What To Do?

US Corporate Income Tax…Should we take it or should we leave it? Many have given their input on why should maintain or eliminate the US corporate income tax, and market experts recently provided some compelling arguments on this topic. Columnist makes case for eliminating the US corporate income tax On Dec. 29, 2014, Wall Street […]

Author: James F. McDonough

January 22, 2015

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