IRS Announces Late Portability Election Relief for Eligible Estates

IRS Announces Automatic Late Portability Election Relief for Eligible Estates

On June 9, 2017 the Internal Revenue Service (the “IRS”) published Revenue Procedure 2017-34 (“Rev. Proc. 2017-34”) to announce a new simplified procedure for particular estates to obtain an extension of time to file a federal estate tax return and make a “late” portability election. First introduced into federal law […] Read more »

Christie Vetoes ‘Home-Sharing’ Tax Bill

Airbnb Rentals in New Jersey May Soon be Subject to Tax

UPDATE: On Friday, July 21, 2017, Governor Christie vetoed Assembly Bill No. 4587, which bill would have imposed State sales and use tax and hotel and motel occupancy fees on transient accommodations like those provided through Airbnb. In support of the veto, Governor Christie stated “I strongly believe that levying new […] Read more »

Pennsylvania Tax Amnesty Begins April 21, 2017

tax amnesty

Estimate read time: 3.7 minutes. The Pennsylvania Department of Revenue (“Department”), through Act 84 of 2016, is offering a Tax Amnesty Program (“Program”) which will run for sixty (60) days, beginning on April 21, 2017 and ending on June 19, 2017 (the “Amnesty Period”). The Department will waive all penalties […] Read more »

Sales Tax Transition Rules

sales tax

Estimated Read Time: 2 minutes. The New Jersey sales and use tax rate decreases from 7% to 6.875% beginning January 1, 2017. Effective January 1, 2018, the rate is further reduced to 6.625%. On and after January 1, 2017, but prior to January 1, 2018, sellers authorized to charge the […] Read more »