Category: State & Local Taxes
New Jersey Confirms Roth IRA Rules
The New Jersey Division of Taxation has confirmed that New Jersey will follow federal tax deferral rules governing the taxation of Roth IRA conversions. Specifically, New Jersey will follow the Federal Tax Increase Prevention and Reconciliation Act of 2005 provision regarding the federal income tax reporting of a distribution from a traditional…
1% Realty Transfer Fee – Mixed Class Properties
In The Ridgewood Commons Group, LLC, v. Director, Division of Taxation, (Docket No. 010859-2007) (NJ Tax Court, 2009), the New Jersey Tax Court held that where a grantee elects to combine the consideration paid totaling in excess of $1,000,000 for more than one property in a single deed without separately stating…
Delaware Offers Tax Amnesty Program
The Delaware Division of Revenue is offering a State of Delaware Tax Amnesty Program this fall. From September 1 to October 30, 2009, any individual or business taxpayer who pays their current outstanding State of Delaware tax liability administered by the Division of Revenue will have their interest and penalty…
2009 NJ Composite Tax Return Rates
For the 2009 NJ Composite Tax Return Rates, recent legislation (P.L. 2009, c. 69) temporarily raises the Gross (Personal) Income Tax rates for high income New Jersey taxpayers. Taxpayers with income of more than $400,000 per year will see their New Jersey income tax rate rise from 6.37% to 8%. Those…
New Jersey Modifies Voluntary Disclosure Program
The New Jersey Division of Taxation announced it has modified the terms of its Voluntary Disclosure Program effective after June 15, 2009. The new terms and conditions of its Voluntary Disclosure Agreements under the program will be more stringent than its prior policy. Overview New Jersey’s Voluntary Disclosure Program allows…
New Jersey Tax Amnesty – 2009
New Jersey recently enacted its fourth State tax amnesty. New Jersey tax amnesty began May 4, 2009 and will end on June 15, 2009. It is an effort to collect at least $100 million. The amnesty collection goal was recently recreased to $200 million. The last amnesty program, which was in…