The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
the staff of the Ridgewood blog
Roseland NJ, Many New Jersey residents want to help besieged Ukrainians amidst Russia’s invasion by contributing to charities, but the New Jersey Society of CPAs (NJCPA) is warning that scammers also want to help — they want to help themselves to donors’ money.
file photo by Boyd Loving
the staff of the Ridgewood
ROSELAND NJ, In the wake of devasting storms that ravaged Florida and other parts of the East Coast lately, the New Jersey Society of Certified Public Accountants (NJCPA) is reminding New Jersey residents about its Disaster Recovery Guide. Designed to be a resource, the guide lists helpful information on how to replace lost or damaged personal documents when a disaster occurs.
The Disaster Recovery Guide is updated yearly with contact information for state and federal offices and insurance companies, as well as steps to replace credit card, passport, automobile or other documents. Information on how to avoid disaster-related fraud is also included.
file photo by ArtChick
Three-quarters of certified public accountants in New Jersey have advised clients to leave the state because of the estate and inheritance taxes, according to the head of the New Jersey Society of CPAs.
That tax is ending – and so is the advice, even before the law is off the books, said Ralph Albert Thomas, the CPA group’s chief executive officer and executive director.
“Not only our members, but I know estate attorneys have been sending out correspondence about, look, they need to reconvene with their clients to relook at what they proposed,” Thomas said.
The survey found 83 percent of respondents felt estate and inheritance taxes had prompted clients to leave New Jersey. A follow-up survey is planned for the spring, to see how much the advice has changed.
The estate tax is paid on approximately 3,500 estates annually, around 5 percent of the approximately 70,000 deaths in the state each year.
Currently, New Jersey’s estate tax threshold is $675,000. The full value of any estates worth more than that is taxed. That will be changed to a $2 million exclusion at the start of 2017 – meaning, for instance, that an estate worth $2.5 million would be taxed on the $500,000 over the excluded amount.
The tax is then eliminated entirely at the start of 2018.
Read More: Estate tax cut already changing CPAs’ advice to flee New Jersey | https://nj1015.com/estate-tax-cut-already-changing-cpas-advice-to-flee-nj/?utm_campaign=Observer_NJ_Politics&utm_content=New%20Campaign&utm_source=Sailthru&utm_medium=email&utm_term=New%20Jersey%20Politics&trackback=tsmclip
