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Foreign bank account reports (FBARs) for 2010 are due on June 30, 2011 (and no extension is available). Recent guidance provides insight into who is required to file an FBAR and what is considered to be a “foreign financial account” that must be reported on an FBAR. In addition, the IRS recently announced a new [...]
The New Jersey estate tax is now imposed upon the transfer of the estate of every resident decedent which would have been subject to a Federal estate tax under the provisions of the Internal Revenue Code in effect on December 31, 2001.
Estate administration in New Jersey is the process by which a deceased person’s property, known as the ‘estate,’ is passed to his or her heirs and legatees (people named in the will). Estate administration encompasses all assets of the decedent – real estate, joint accounts, insurance, IRA’, etc. – anything and everything a decedent had [...]
Despite the new and generous federal estate tax exemption of $5 million per estate and $10 million per couple, many less wealthy families still have to plan for estate taxes–state estate taxes that is. The $10 million exemption makes state death tax planning all the more important. You will pay more if you’re in a [...]
Our firm recently successfully filed several client’s state amnesty applications.
In the state’s press release, they mention they are increasing their enforcement efforts to collect unpaid bills.
Therefore, New Jersey also conforms to the…provision regarding the Federal Income Tax reporting of a distribution from an IRA which the taxpayer converts into a Roth IRA this year in 2010.