Tax Warrior Chronicles

NJ Enacts New SALT Workaround with Entity-Level Tax Election

Posted on Thu, Jan 30, 2020

By: Dan Marques, CPA, MT


If at first you don’t succeed, try again.  That appears to be the moto of the NJ Legislature after passing the Pass-Through Business Alternative Income Tax Act (the Act), signed into law by Governor Murphy on January 13, 2020. This is the state’s second attempt to circumvent the $10,000 federal cap on state and local tax (SALT) deductions imposed by the Tax Cuts and Jobs Act (TCJA).


A trip down memory lane

Some may recall NJ’s first attempt to address the SALT cap in May 2018, which called for towns, counties and school districts to set up charitable funds for taxpayers to make contributions in exchange for property tax credits. Under this program, individuals

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**UPDATED 2/1/2013** Hurricane Sandy: A Storm of Tax Effects

Posted on Mon, Nov 12, 2012


**Updated 2/1/2013**

With Hurricane Sandy receiving constant media attention for its high-powered winds, intense flooding, and record-breaking waves, there is an equally powerful side of the storm the general public has not yet seen: its ability to change the tax landscape.  As the storm moves on and you survey the damage done and begin to rebuild, you should keep the information below in mind.


Extended Due Dates

Hurricane Sandy has been declared either a Major Disaster or Emergency by 12 states along the east coast.  Disaster declarations have the ability to extend the due dates for tax returns and payments.


While the Internal Revenue Service announced on Wednesday October 31,

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