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Day: November 10, 2020

NJ Corporate Tax Update

by Azra Khan New Jersey enacted technical and substantive changes to 2018 Corporation Business Tax Reform On November 4, Governor Phil Murphy signed into law SB 3007 /AB 4809, which makes some significant changes to the Corporation Business Tax Act (“CBTA”) that may have both favorable and unfavorable results for corporate taxpayers based on specific circumstances. Many provisions of the bill are effective for the 2019 tax year so it will be important to analyze the impact as soon...

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IRS OK’s SALT Cap Workarounds

By Azra Khan On Monday, the IRS announced that it will be issuing proposed regulations allowing partnerships and S corporations to deduct state and local income taxes in full.  Under the Tax Cuts and Jobs Act, individual taxpayers are currently limited to a state tax deduction of $10,000, annually (otherwise known as the “SALT cap”). Some states, including New Jersey, Connecticut and several others have enacted a so-called “workaround” of the SALT Cap, either mandating or allowing...

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