TestBoth 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 […]
Effective January 1, 2016, a seriously delinquent tax debt may result in the loss of your U.S. passport. If you have unfiled tax returns or if you owe more than $50,000 to the Internal Revenue Service (“IRS”), the State Department can now revoke your passport. In addition, the State Department […]