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The Inflation Reduction Act of 2022: What You Need to Know...
The Inflation Reduction Act of 2022 (IRA), signed into law on August 16, 2022, directs new federal spending toward reducing carbon emissions, lowering healthcare costs, funding the Internal Revenue... Read More > -
New Jersey Taxation Updates...
Filing status. The New Jersey Division of Taxation has updated its publication that discusses filing status. The publication states that a civil union couple, even if legally sanctioned in another... Read More > -
New Jersey Provides Credits for Low Carbon Concrete....
L. 2023, S287 (c. 4), effective 6 months from 01/31/2023, provides corporation business tax and gross income tax credits for certain deliveries of low carbon concrete and for costs of conducting... Read More > -
IRS Issues Standard Mileage Rates for 2023...
The IRS has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. (Notice 2023-3,... Read More > -
Marty D. Hauptman Comments on NJ.com’s Reader...
“You should be prepared for the tax consequences of a home sale before you get in too deep. You’re probably asking about the capital gains exclusion — the Section 121 exclusion... Read More > -
5 Key Tax Updates to Be Aware of in 2023...
As the end of the year approaches, it’s important to stay up-to-date on the latest tax updates. Martin D. Hauptman, Esq., partner in the Firm’s Trusts & Estates, Tax & ERISA Practice... Read More > -
New Jersey Adopts Regulations for Historic Property...
Effective November 7, 2022, the New Jersey Economic Development Authority has adopted N.J.A.C. 19:31-26 et seq., to provide regulations for the historic property reinvestment program that was first... Read More > -
IRS Eliminates Penalties for Certain 2021 and 2022 Required ...
In Notice 2022-53 , 2022-44 IRB (Oct. 31, 2022), the IRS stated that the final regulations on required minimum distributions will not apply earlier than the 2023 distribution calendar year,... Read More > -
2023 Social Security Wage Base Increases to $160,200...
The Social Security Administration (SSA) has announced that the maximum earnings subject to Social Security tax (Social Security wage base) will increase from $147,000 to $160,200 in 2023 (an... Read More >