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On December 15, the Conference Committee—having reconciled and merged the differing House and Senate provisions into a single piece of legislation—released its Conference Report on the “Tax Cuts and Jobs Act” (the “Act”). Many of the individual tax provisions in the Act are temporary (as opposed to the business provisions, […]
Both the Senate and the House have each passed its own version of the Tax Cuts and Jobs Act (the “Bill”). Although the two versions of the Bill contain many similar provisions, a number of key differences still have to be reconciled by the Conference Committee before a final, single […]
On Friday, June 9, 2017, the Internal Revenue Service issued Revenue Procedure 2017-34, which permits certain estates to make a late portability election if they previously failed to make a timely election. In its simplest form, if a deceased spouse has not fully utilized his or her Federal Estate Tax […]
Imagine that you decide to relocate from New Jersey to Florida, hoping to escape the cold weather and one of the nation’s highest state income taxes, a whopping 8.97% on income over $500,000. You pack up some of your personal belongings, but you still maintain your home in New Jersey […]