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The IRS has Begun Sending Letters to Virtual Currency Owners Advising Them to Pay Back Taxes and/or File Amended Returns In IR-2019-132, July 26, 2019, the Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or […]

Various Agreements Among Business Owners Can Cover A Number of Important Issues Shareholder Agreements, Buy-Sell Agreements, Partnership and Operating Agreements (collectively, “Agreements”) are frequently-used terms to describe agreements among business owners.  Hopefully, the Agreement, whatever its title, covers issues such as contributions of property and services, management, voting, dispute resolution, and ownership transition.  One of […]

Additional tax changes may be on the horizon for U.S. businesses. However, at this point, it is too soon to tell whether they will ease or expand compliance burdens. The Internal Revenue Service (IRS) is currently evaluating whether to eliminate or modify Schedule UTP, the Uncertain Tax Position Statement, following a report by the Treasury Inspector General for Tax Administration that raised concerns about its effectiveness.

A controversial new federal tax law will have a wide range of impacts on New Jersey businesses. For craft brewers, the legislation is a clear win, thanks to the inclusion of the Craft Beverage Modernization and Tax Reform Act of 2017.

The Internal Revenue Service’s (IRS) new Partnership Tax Audit Rules take effect on January 1, 2018. As we enter the New Year, New Jersey partnerships (including entities such as LLCs that have elected to be taxed as partnerships) should be considered required and optional amendments to their existing partnership (or operating) agreements to reflect the new tax regime.

No Provision in the New Tax Law has Received More Attention Than the New Section 199A, Which Defines the New Term “Qualified Business Income” No provision in the new tax law has received more attention than the new section 199A. Section 199A defines a new term called “Qualified Business Income” (“QBI”) and further provides non-corporate […]

New Fiduciary Law Addresses Who Manages One’s Digital Assets After They Die Have you ever wondered what happens to your email account when you die? What about your PayPal account? New Jersey Gov. Chris Christie recently signed legislation into law that addresses who can manage a person’s digital assets when they die or become legally […]

Court Rules Limited Partner Has Nexus with NJ for Corporate Tax Purposes The Tax Court of New Jersey recently addressed when out-of-state limited partners have a nexus with New Jersey for corporation business tax (CBT) purposes. In Preserve II, Inc. v. Division of Taxation, the Court rejected the limited partnership’s argument that it was a mere […]

The IRS recently finalized regulations that will streamline the process for obtaining small exempt organization status The Internal Revenue Service (IRS) recently finalized regulations that will streamline the process for obtaining small exempt organization status. Form EZ-1023 is welcome news given the time and information required to complete the standard Form 1023. Benefits of Small […]

The new year promises to bring twists and turns to the business tax law landscape. Although it’s still in the early stages and nothing is certain, experts around the industry are advocating for companies to be prepared. The new year promises to bring twists and turns to the business tax law landscape. Although it’s still […]

Now that President Trump has made it a priority to bring back manufacturing to the United States, now might be the time to consider an IC-Disc (Interest Charge Domestic International Sale Corporation). An IC-Disc reflects a special tax preference enacted by Congress to strengthen export sales. If a domestic corporation qualifies and elects to be […]

Is it easy to do business in New Jersey? According to a recent report by the Tax Foundation, a research group that analyzes tax policies across the nation, the state has room for improvement. Is it easy to do business in New Jersey? According to a recent report by the Tax Foundation, a research group […]