New Jersey has long had the highest state estate tax in the country. Any estate over $675,000 would owe tax to the state of New Jersey. This could be very substantial and was a significant reason for many taxpayers, especially retirees, to move from New Jersey to more...
The Internet is filled with reports from a recent article in the Journal of American Public Health showing that a sugar tax cuts consumption of sugar sweetened soda. This plays right into the hands of Bradford manufacturers! You are probably thinking I am crazy, but...
Congress refuses to actually simplify the Internal Revenue Code. Since the 1986 tax Reform Act, Congress has passed more than 30,000 amendments to the Internal Revenue Code. Instead of simplification, Congress is now proposing a disguise tax increase for businesses....
WHAT’S NEW ON THE 2016 DRAFT FORM 1040 AND RELATED FORMS AND SCHEDULES IRS has released on its website a number of draft tax forms and instructions for the 2016 tax year, including Form 1040 and its related schedules. This Practice Alert, which appears in two parts,...
You remember all the famous cases about politicians not reporting domestic employees for Social Security taxes? The unofficial term is the “nanny tax.” The rule, as announced by the Social Security Administration, is quite simple. If you pay any individual domestic...
This is an article just announced on the Thompson Reuters Website: Disaster victims in Florida qualify for tax relief IRS has announced on its website that victims of Hurricane Hermine in counties of Florida that are designated as federal disaster areas… DISASTER...
The controversy swirling around Donald Trump’s tax returns is getting more and more ridiculous. First, Donald Trump is continually being audited by the IRS and many state tax agencies. There is absolutely no way his tax attorneys would ever let him release his tax...
Not surprisingly, Hillary Clinton is proposing to increase federal estate taxes from 40% to 45%. Right now, the rate starts at 40% for people who die with an estate, including all assets such as insurance, in excess of $5.45 million. Clinton has repeatedly...
Rev Rul 2016-20 The Applicable Federal Rates for September 2016 are reproduced below. Table 1 Applicable Federal Rates (AFR) for September 2016 Period for Compounding Annual Semiannual Quarterly Monthly Short-Term AFR .61% .61% .61% .61% 110% AFR .67% .67% .67% .67%...
The Draft is Slavery. End it. Congress has been debating the merits of adding women into Selective Service to be drafted with men during times of national emergency. Sen. Rand Paul has suggested that it would be better to end the draft. The Libertarian Party agrees....