Tax Planning and Compliance

Reform or Repeal – Regulations Identified as Imposing Undue Burden on Taxpayers

The Secretary of the Treasury has identified eight regulations that it intends to modify or repeal as instructed by Executive Order 13789.  Under the Executive Order, the Treasury was given sixty (60) days to review all “significant tax regulations” issued on or after January 1, 2016 in order to identify […] Read more »

International Reporting Failures Create Penalty and Statute of Limitations Problems

An ever-growing number of businesses and individuals are going global. Familiarity with the U.S. tax forms that are necessary to properly disclose foreign assets and interests is thus paramount. Four critical forms – Foreign Bank Accounting Re-port (FBAR), 8938, 8621, and 3520 – are summarized, including applicable penalties. K&D associate, Patrick […] Read more »

A Whiff of Fraud?

  The New Jersey Tax Court recently addressed, for the first time, the State’s civil fraud tax penalty. The New Jersey Division of Taxation may impose a civil fraud penalty if any part of a state tax assessment is due to the taxpayer’s fraud. The penalty is 50% of the […] 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 »