New Jersey Lawyer, an award-winning publication of the New Jersey State Bar Association (NJSBA), looks at tax law in the December edition.
Asaad K. Siddiqi and Eric C. Cohen, this month’s special editors, oversaw an issue that features 12 informative articles covering some of the lesser-known, but still significant, aspects of the Tax Cuts and Jobs Act (TCJA) of 2017 that could have implications for individual and business clients. The edition delves into other noteworthy topics in property and estate tax, and issues related to the legalization of cannabis in New Jersey, plus tips to reduce office expenses and improve your legal writing.
In their article “Evaluating Whether to Convert from an S Corporation to a C Corporation, Post-TCJA,” Peter Ulrich and Todd Kellert offer an overview of the two types of corporations and give examples of how take-home cash is affected by the business owner’s choice of entity.
Rounding out the TCJA discussion are articles on its impact in the field of mergers and acquisitions and an overview of its excise tax on executive compensation for tax-exempt employers, including a review of the important exception for licensed medical professionals.
Several articles are devoted to current property tax issues in New Jersey, with a focus on the role of the property tax assessor. In “The Freeze Act Gone Wild,” Kenneth Porro discusses the Freeze Act and its application when a local tax assessor and a local property owner disagree over a post-judgment property value. Atheeb Khateeb provides an interesting piece about federal tax implications resulting from the loss of a home to foreclosure.
Also in this issue are articles addressing what an effective tax plan could look like if New Jersey enacts proposed recreational marijuana legislation; common retirement accounts and some creative solutions to maximize the value of those assets for estate and long-term care planning; the importance of keeping clients’ income tax returns confidential during the course of litigation; and a close look at the tax implications of the recent United State Supreme Court case of Washington State Department of Licensing v. Cougar Den, Inc.
New Jersey Lawyer is available in print and online to NJSBA members at njsba.com.