Officers and Directors Beware: You May be Personally Responsible for Your Company’s Taxes

If I am not the owner of the company, could I still be held personally liable for non-payment of taxes owed by that company? The scary answer is yes! The New Jersey Division of Taxation (“Division”) can hold an individual personally liable for trust fund taxes if that person holds a position of significant responsibility. … Continue reading “Officers and Directors Beware: You May be Personally Responsible for Your Company’s Taxes”

Cooper Levenson tax panel at NJCPA seminar Oct. 23

Join the Atlantic Cape Chapter of the New Jersey Society of CPAs and the attorneys from Cooper Levenson, who will cover hot topics for CPAs and their clients.  Robert E. Salad, Esq. LL.M., Moderator Essential Estate Planning Documents that You and Your Clients Need. Presented by: Michael L. Salad, Esq., LL.M. Real Estate and Business Agreements … Continue reading “Cooper Levenson tax panel at NJCPA seminar Oct. 23”

Perfecting a Secured Interest in Aircraft in New Jersey

Disclaimer: This article is strictly for educational purposes, and should not be used or relied upon as legal guidance or advice. It is highly recommended that you retain legal counsel prior to entering into any transaction related to aircraft or aircraft components. As one of the largest hubs for private aircraft, New Jersey offers several … Continue reading “Perfecting a Secured Interest in Aircraft in New Jersey”

Taxation of Cancelled Debt arising from Foreclosure of Real Property

While the United States economy slowly improves, foreclosure rates continue to remain high. According to RealtyTrac, there were nearly 127,000 foreclosures filed in May 2015 and New Jersey had one of the highest rate of foreclosures in the nation. In fact, one in every 483 housing units is being foreclosed. New Jersey experienced a 197 … Continue reading “Taxation of Cancelled Debt arising from Foreclosure of Real Property”

Changes in Nevada Corporate Tax Practices

Tax Alert – On May 31, 2015, the Nevada Legislature (i) approved a “Commerce Tax” on all business transacted in Nevada and (ii) increased the rate and expanded the number of businesses required to pay the Modified Business Tax (“MBT”). The Commerce Tax is imposed annually on all businesses with Nevada-sourced gross revenue in excess … Continue reading “Changes in Nevada Corporate Tax Practices”

Tax-free ABLE Accounts for Disabled Individuals: The Basics

The Achieving a Better Life Experience Act (ABLE) is gaining popularity as people recognize the ease in gaining eligibility and setting up an account. The Act was signed into law on December 19, 2014 to amend section 529 of the Internal Revenue Code. The ABLE Act assists individuals and families toward saving private funds to … Continue reading “Tax-free ABLE Accounts for Disabled Individuals: The Basics”

Should my company be an LLC or an S Corp?

With the increase in popularity of shows such as Shark Tank and The Profit, there has been a significant increase in entrepreneurs starting new businesses. There are numerous reasons why owners should form business entities. One of the most common questions that we receive is about the type of business entity that a business owner … Continue reading “Should my company be an LLC or an S Corp?”

Changing Residency from New Jersey to Florida

We are frequently approached by clients seeking to relocate to Florida for financial reasons but who do not understand the specific financial benefits or the process of establishing Florida residency. To help you decide whether a permanent move from New Jersey to Florida is right for you, this article explores the benefits that Florida residents … Continue reading “Changing Residency from New Jersey to Florida”

Federal Gift Tax Exemption

The next two months may provide a unique opportunity for estate planning. The federal gift tax exemption had never exceeded $1 million until 2011. Currently, every individual is entitled to a $5.12 million gift tax exemption. A federal estate and gift tax rate of 35% is imposed on an estate exceeding $5.12 million. On January … Continue reading “Federal Gift Tax Exemption”

Tax Appeals Make Sense

In an economic downturn the owners of commercial real estate must “tighten their belts” and look for every possible way to reduce expenses. One way to substantially reduce expenses is to consider a real estate tax appeal. Commercial real estate is taxed based upon the assessed value of the property. Taxes are established by a … Continue reading “Tax Appeals Make Sense”