Category: Limited Liability Companies
New Jersey PTE/BAIT – Planning for 2022
New Jersey PTE/BAIT – Planning for 2022. Significant revisions to the elective New Jersey Pass-Through Business Alternative Income Tax (PTE/BAIT) are effective for tax years beginning in 2022. The PTE/BAIT, first effective for tax years beginning in 2020, is a work around for the federal $10,000 state and local…
Worker Misclassification of Limited Liability Companies and Corporations
Worker misclassification is the practice of improperly classifying workers as independent contractors, rather than employees. A task force was established by Governor Murphy to investigate worker misclassification. The Task Force found that employers which misclassifying their employees as independent contractors fail to pay as much as thirty (30%) percent of…