Individuals who previously exhausted their $5.49 million gift tax exemption now have another bite at the apple. Under the Tax Cuts and Jobs Act, individuals are now able to transfer approximately $11.18 million free of estate, gift and generation-skipping transfer tax during their lives or upon death. A married couple will be able to transfer […]
tax law
What to expect from the IRS during the government shutdown
The federal government shut down at midnight Friday after the Senate failed to pass a continuing spending resolution that would have funded the government going forward. The House of Representatives had passed a bill, H.R. 195, on Thursday that would have funded the government through February 16. However, in the Senate, 60 votes were needed […]
Rules for NJ and Federal Property Tax Deductions Vary Widely
New Jersey taxpayers who prepaid one or two quarters of their 2018 property tax assessments at the end of 2017 need to be aware that the amount they can deduct on their federal tax return is not the same as the amount they can deduct on their state tax return. Read the full article here>>
IRS Issues 2018 Standard Mileage Rates
The optional standard mileage rates for business use of a vehicle will increase slightly in 2018, after decreasing in the two previous years, the IRS announced Thursday (Notice 2018-3). For business use of a car, van, pickup truck, or panel truck, the rate for 2018 will be 54.5 cents per mile, up from 53.5 cents […]