Tag: taxes

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IRS Confirms Tax Filing Season to Begin January 28

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the staff of the Ridgewood blog

WASHINGTON DC, Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.
 
“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig.
 
Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the Office of Management and Budget (OMB) directed the IRS not to pay refunds during a lapse, OMB has reviewed the relevant law at Treasury’s request and concluded that IRS may pay tax refunds during a lapse.

The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, to work. Additional details for the IRS filing season will be included in an updated FY2019 Lapsed Appropriations Contingency Plan to be released publicly in the coming days.
 
“IRS employees have been hard at work over the past year to implement the biggest tax law changes the nation has seen in more than 30 years,” said Rettig.
 
As in past years, the IRS will begin accepting and processing individual tax returns once the filing season begins. For taxpayers who usually file early in the year and have all of the needed documentation, there is no need to wait to file. They should file when they are ready to submit a complete and accurate tax return.
 
The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns.
 
Software companies and tax professionals will be accepting and preparing tax returns before Jan. 28 and then will submit the returns when the IRS systems open later this month. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds.

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New Jersey Financial Literacy Education Bill Signed?

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the staff of the Ridgewood blog

Jersey City NJ, does anyone find the humor in the very idea that the financial illiterates in Trenton have signed a bill requiring “financial literacy” to be taught in schools?

Perhaps it should be a required coarse for the Governor and the state assembly . Dare we even go so far as to say even ex-governors should be forced to take the starting with former governor Whitman.

Acting Governor Sheila Oliver signed legislation (A-1414) requiring school districts to provide financial literacy education to middle school students in grades six through eight. The financial literacy instruction will emphasize budgeting, saving, credit, debt, insurance, investment, and other issues associated with personal financial responsibility to ensure New Jersey’s youth have access to the tools and foundation needed for sound financial decision-making.

“Financial responsibility is an important acquired and learned life skill and with the increasing financial challenges millennials face, it is a skill that must be a necessary part of our educational curriculum,” said Acting Governor Sheila Oliver. “Governor Murphy and I are happy to partner with the Legislature by signing this bill today to help New Jersey students learn how to effectively manage their personal finances and help set them up for success in life.”

Primary sponsors of the bill include Senators Dawn Marie Addiego and Ron Rice; and Assemblymembers Angela McKnight, Nicholas Chiaravalloti, Eliana Pintor Marin, Jamel Holley, Benjie Wimberly, and Annette Quijano.

“I am delighted the financial literacy bill was signed into law, so students can receive education on key topics that they will need for the rest of their lives,” said Senator Addiego. “We must reach people early on in life so they can plan ahead and build a foundation of financial knowledge that will help them live an independent lifestyle.”

“One of the most important lessons a person can learn is how to manage their money. Many young people go into adulthood knowing little about finances, and end up making decisions that cost them in the long run,” said Assemblywoman McKnight. “Teaching our kids early about the importance of managing their money and making sound financial decisions can prevent them from making costly mistakes and set them on the right financial path.”

“This bill would allow financial education to be infused into currents subjects, helping younger students in Jersey City and across the state get a head start on understanding the very things that will impact them every day,” said Jersey City Mayor Steven M. Fulop. “Learning about credit, investing, savings and other financial aspects are critical tools to building a foundation and setting our students up to succeed. Financial literacy is already being taught at the high school level, and we’re excited to expand this to younger students at the start of the new school year in September.”

Acting Governor Oliver signed the bill at President Barack Obama Elementary School – PS 34 in Jersey City.

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Reader says , “time is money and money is finding other places to live”

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Go west (or south) young families as leaving Ridgewood is sad but apparently, financially prudent. State and local governments have little leeway to manage their budgets given their contractual salary, healthcare and pension obligations. Population trends, prevailing taxes, and budget stress are tell tale signs that our Village and State’s financial problems are not revenue but expense related. Decades long deficits and massive unfunded pension obligations are proof that state and local fiscal strategies are out of sync.

Unlike the private sector, government wage and benefit payouts are not flexible. They increase with the passage of time. We in the Village have been served this sandwich for years and now people are moving faster to greener pastures that offer a different menu. With that said, it is encouraging that some of our state level elected officials recognize our financial crisis for what it is, as a spending problem. It would be nice to hear that locally…Our only hope is that the same political and perhaps certain union leaders will act bravely to modify current arrangements that mitigate growing budget deficits. In this matter, all interests are aligned.

Real and sustainable fiscal management is difficult to implement. It takes compromise and commitment but the resulting policy changes are not hard to understand. Some are obvious such as i) 401Ks for new hires versus a pension, ii) altering timing on pension payouts, iii) means based health care programs versus the gold standard regardless of house hold income, and iv) eliminating revenue draining white elephant projects such as municipally run/owned parking garages. (Sorry, I could not help myself.)

It is likely naive of me to hope that our leaders (again be they elected or union leaders) will deflect our current financial trajectory But it is a must because it is the only way to ensure what was contracted is delivered. A deal is a deal and we should stand by what we agreed to pay. However, all have to recognize that will be true only if there is money to pay for what was promised. The balance is we all have a line in the sand on how much more we will pay to support current services.

My comments are not intended to offend anyone. Their purpose is to be a call to action and compromise because I love it here. I enjoy my neighbors, the schools, teachers, the community, and I don’t want to bailout when my kids are off to college. I want to be apart of the solution and not just a piggy bank. I know others feel the same but we will vote with our feet if our leaders lead poorly and without reasonable foresight.

Village Counsel and union leaders, is there a willingness to make reasonable contractual changes now before it is too late or do you prefer the status quo? Your responses and actions are very powerful. Your decisions will dictate how fast our tax base erodes and how the Village will deliver on the benefits of your bargain. I respectfully suggest that your challenge is now because time is money and money is finding other places to live.

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Reader says ,”many of us are selling our homes and moving out not because we want to we have to survive”

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You know it’s a shame because so many of us love small towns and love New Jersey. But it’s just too expensive to live in the state. What the hell happened so many of us are selling our homes and moving out not because we want to we have to to survive. Especially the retirees they’re not going to give their pension checks for taxes .why would anybody do that even if they have the funds. It just doesn’t make sense.

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Reader says , “Ridgewood and other suburbs survive due to their proximity to a major city”

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Ridgewood and other suburbs survive due to their proximity to a major city. Without that income coming back those suburds quickly wither.

RW has done everything it can to force Wall Street and other high paying commuters to find a different town. From ridiculous parking fees and non availability for residents to awful traffic congestion when a train comes in. Does anyone believe that this town survives without NYC workers living here ?

Come spring we are out. We will avoid large NJ state taxes, a expensive commute that just keeps getting worse, and gain back some time.

Do the math. 40k in property taxes, 2500 annual to park, 7-11% state income tax, and almost 4000 annual for NJ transit

Good luck as you lose more NYC workers

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Readers Not Buying Senate President Sweeny’s Anti Tax Stance

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Here’s the playbook:
.
1. Protest about high cost and government waste.
2. Vigerously declare that raising taxes is not the answer – become the “anti-tax guy”
3. Declare that all options were exhausted and you reluctanly must raise taxes – there is no other way and you know how mush i abhor raising taxes
4. Raise taxes according to my original plan and intent.
.
Rinse.
Repeat.

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Senator Anthony Bucco Calls on Governor Murphy to Lift People Up ,Not Pull Them Down

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the staff of the Ridgewood blog

Trenton NJ, Senator Anthony Bucco (R-25) said Governor Phil Murphy’s talk of advancing “tax fairness” is really just an excuse to tax more to spend more.

“Governor Murphy’s interest in ‘tax fairness’ is just an excuse to tax more to fund an expensive progressive agenda that New Jersey will never be able to afford,” said Bucco, the Senate Republican Budget Officer. “If the governor were truly concerned about ‘fairness,’ he would find ways to lift struggling people up by cutting their taxes, instead of pulling down those who have managed to succeed in New Jersey by increasing tax burdens that are already excessive.”

Bucco suggested cutting taxes for lower-income workers or increasing the Earned Income Tax Credit as non-punitive tax policy changes that the governor could pursue with bipartisan support.

“If the governor continues to equate ‘tax fairness’ with ‘tax increases,’ that should be seen as a clear sign that his rhetoric is nothing more than convenient cover for a money grab that would allow him to spend more.”

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Senate President Steve Sweeney : Tax Increases Not Part of the Solution for New Jersey

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the stff of the Ridgewood blog

Trenton NJ,  Senate President Steve Sweeney issued the following statement today in response to Governor Murphy’s stated attitude on tax increases:

“There is a path forward for New Jersey that fixes fiscal problems and restores economic growth but tax increases are not part of the solution. Until we make the desperately-needed structural reforms to government spending and fiscal practices, we will not consider tax increases. Ignoring the need for fiscal reforms will only allow the deeply-rooted financial practices that have plagued the state for too long to continue and become worse. Left unaddressed, we won’t have the resources or the ability to address the needs of the people of New Jersey or invest in the programs and services that can expand economic opportunities. Period, full stop.

“I am fully committed to making the reforms needed to produce real and lasting progress on the state’s fiscal practices and economic conditions. Period, full stop.”

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Volcker Alliance : New Jersey has funded Only 36% of its pension debt with an unfunded liability of $143.2 billion

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the staff of the Ridgewood blog

Ridgewood NJ, the state of New Jersey received a report card for managing its pension debts . The non-partisan Volcker Alliance, founded by former Federal Reserve Chair Paul Volcker, rated the state a D- for its failure to have properly “provided adequate funding, as defined by retirement system actuaries, for pensions and other promised retirement benefits for public workers.”New Jersey was one of six states to receive the lowest possible grade in the analysis, along with Hawaii, Illinois, Massachusetts, Texas and Wyoming.

As of June 2017, the Garden State has funded a mere 36% of its pension debt with an unfunded liability of $143.2 billion, 2nd worst in the nation behind Kentucky’s 34% funding.

The 2018 Volcker Alliance report, Truth and Integrity in State Budgeting: Preventing the Next Fiscal Crisis, which, in addition to legacy costs, grades and proposes a set of best practices for policymakers on issues including: budget forecasting, budget maneuvers, reserve funds and transparency.

The report adds fuel to the fire of support for New Jersey pension and benefits reforms proposed in the recent “Path to Progress” report issued by State Senate President Steve Sweeney’s bi-partisan New Jersey fiscal policy working group.

· Shift new state and local government employees and those with less than five years of service in the Public Employees’ Retirement System and the Teachers’ Pension and Annuity Fund from the current defined benefit pension system to a sustainable hybrid system and preserve the current system for employees with over five years of service who have vested contractual pension rights.

· Shift all state and local government employees and retiree’s health care coverage from Platinum to Gold.

· Require all new state and local government retirees to pay the same percent of premium costs they paid when working.

· Merge the School Employees Health Benefits Program into the larger State Health Benefits Plan and make the plans identical in coverage.While formal legislation has yet to be introduced regarding Senator Sweeney’s proposals, reports indicate that bills will be introduced by the end of the year or early 2019.

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The Affordable Care Act has been anything but affordable

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Heather Darling, a Lawyer from Morris County 

Ridgewood NJ, Obamacare has been an epic fail for many who had insurance. The Affordable Care Act has been anything but affordable for those of us paying in part or in full for our own Healthcare. For many, basic health care previously covered by insurance is now approaching prohibitive cost levels. Although insurance was previously expensive, after payment for insurance was rendered the cost of medical care itself was substantially covered by the insurance company.

Shortly after Obamacare was introduced, many did see a significant reduction in their premiums. However, there was an equal and sometimes greater increase in their out-of-pocket costs after the care was rendered. Over a short period of time, premiums increased to pre-Obamacare levels and the out-of-pocket costs continue to climb. These facts alone indicate that the program was overreaching and a failure.

Additionally, here in New Jersey, those such as small business owners or independent contractors responsible for their own insurance coverage are limited to a minimal number of insurance companies and an even smaller number of those companies are actually accepted by a majority of medical care providers. The net result is that many who were previously insured are now unable to afford insurance and those who were previously uninsured currently remain either uninsured or covered by government programs paid for by the very people who can no longer afford insurance of their own.

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Reader says, “leaving was the Right Thing to Do “

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I agree with the last comment. We also left several years ago, forced out by a job loss and increase in taxes. Lived through the Valley Expansion debacle and glad it was defeated. With all this development and that travesty of the parking garage Ridgewood will become another Montclair. It was hard to leave but with all that has happened in the past few years since our departure, I’m certain it was the right thing to do. And yes, that Town Garage has been an eyesore and issue of controversy for years. Make the speculators who bought it pay for clean up. It is not the responsibility of the tax payers but sadly it will probably end up as such

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Activist from Both Left and Right Rally to Oppose NJ Democrat Gerrymandering Plan

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the staff of the Ridgewood blog

Trenton NJ, Activists Gather Outside Legislative Caucus Meetings to Urge Legislators to Oppose Redistricting Proposals

East Brunswick-Activists from grassroots, good-government, and progressive groups gathered today at the East Brunswick Hilton to silently protest legislative efforts to move a ballot question aimed at changing the state constitution to grant legislators increased power in the redistricting process and enact changes experts have decried as exacerbating gerrymandering.

Members of New Jersey Working Families Alliance, League of Women Voters of New Jersey, NJ11th for Change, NJ7 Forward, New Jersey Citizen Action, Our Revolution New Jersey, and UU FaithAction NJ, all convened in their expressed opposition to the amendment as proposed.

“Since 2015, NJ Working Families has stood firm in its opposition to a process that places elected officials at the helm of a process to create their own districts. We stand in solidarity with those who also express concerns for varying reasons and urge legislators to pause in order to make the entire process more transparent, fair, and garner broader support.” said Analilia Mejia, Executive Director of New Jersey Working Families Alliance, which withdrew support for a similar proposal in 2015 in part because of its failure to ban legislators from serving on the commission.

Leaders of organizations who played an integral part in the 2018 midterm victories across the state joined the action to demand legislators pull support from the resolutions.

Saily Avelenda, Executive Director of NJ11th for Change said, “It should not shock our legislators that organizers from around the state are united in opposition to these proposals. We stand for good government and transparency– not for granting a select few legislators broader powers that they have already claimed for themselves. We showed up today to remind our legislators that there will be a political price to pay if they vote in favor for these terrible amendments. Voters are paying attention and so are we.”

“We are here to put our representatives on notice, said Margaret Illis, co-founder of NJ7Forward. This isn’t an electorate of years past. We have become an engaged and activated electorate and demand better from our representatives. This isn’t about partisanship or parties, this is about our voice and vote.”

“When a legislator is on the redistricting commission, their sole mission is to create a safe district for themselves. No one is going to say “Give me a less safe district to ensure a fairer map for everyone,” said Barry Brendel, Chair of Our Revolution New Jersey, the Sanders-inspired grassroots organization.

Activists from faith organizations also joined the call to oppose the redistricting proposal. “Good governance, in congregations as well as in the statehouse, depends on an open and fair process that doesn’t impact the bedrock principle of ‘One person, one vote,’ said Rev. Rob Gregson, Executive Director of the Public Policy and Social Justice Office of the 21 Unitarian Universalist congregations in NJ. “Unitarian Universalists and many of our faith partners unequivocally oppose carving up the state in ways that give an unfair advantage to either party, Democrats or Republicans. It’s bad for religious institutions and it’s bad for democracy in New Jersey.”

Actions against the redistricting proposal by grassroots organizations will continue in Trenton today as public hearings on SCR 43/ACR60 are scheduled.

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Reader says , “The village council has shown no regard for rising taxes and in fact has only acted to ensure they will continue to go up”

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file photo by Boyd Loving

The village council has shown no regard for rising taxes and in fact has only acted to ensure they will continue to go up. The garage will eventually need property taxes to pay the million dollar annual gap between expense and parking revenue. With high density housing our schools will be overloaded forever and that budget will only grow by large numbers. $15 min wage will crush all CBD businesses and that will lower tax receipts there, a gap higher local property taxes will have to cover. As housing sales on the highest property tax homes in town see price erosion the lower assessments will get covered by…higher local property taxes. Meanwhile, the village spends like fools and hikes fees everywhere.

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Conagra Brands Moves Jobs Out of New Jersey

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the staff of the Ridgewood blog

Parsippany NJ, Conagra Brands, the food giant that purchased Parsippany-based Pinnacle Foods for nearly $11 billion in October, is the second company in as many weeks looking for greener pastures . The company is closing a pair of Pinnacle facilities, according to a federal WARN notice — potentially costing 500 people their jobs.

Conagra, Chicago-based maker of products such as Healthy Choice and Orville Redenbacher’s, said in two separate notifications that it is closing office facilities at 399 Jefferson Road in Parsippany and 121 Woodcrest Road in Cherry Hill. The Parsippany property had served as headquarters for Pinnacle, maker of brands such as Duncan Hines, Vlasic and Birds Eye.

WARN Notice :  offers protection to workers, their families and communities by requiring employers to provide notice 60 days in advance of covered plant closings and covered mass layoffs. This notice must be provided to either affected workers or their representatives (e.g., a labor union); to the State dislocated worker unit; and to the appropriate unit of local government.

Conagra Brands, Inc.  Parsippany  Date 03/22/2019   layoffs 308
Conagra Brands, Inc.  Cherry Hill  Date 05/24/2019    layoffs 196

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Phil Murphy : “I put forward a strong economic plan that will put us ahead of the curve as present and future corporate decisions are planned, and I look forward to working with all stakeholders to see it implemented.”

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the staff of the Ridgewood blog

Trenton NJ, Statement from Governor Murphy on Honeywell:
“As part of Honeywell’s global restructuring, the company has committed to keeping the vast majority of its existing New Jersey workforce in state. Though we’re never happy when any jobs leave our state, we appreciate their continued commitment and confidence in New Jersey. By maintaining such a strong foothold here, Honeywell is reaffirming their commitment to being a part of New Jersey’s future. That speaks volumes to our state’s strength, resilience, and value proposition.

“I put forward a strong economic plan that will put us ahead of the curve as present and future corporate decisions are planned, and I look forward to working with all stakeholders to see it implemented.”