Brett W. Sabio, CPA PFS

04/25/2024

https://www.youtube.com/watch?v=4PwDFddpo4c

National Geographic and BAFTA Award-winning cinematographer Bertie Gregory release unprecedented footage of Emperor penguin chicks leaping 50 feet off an Ant...

04/22/2024

Very peaceful & relaxing🩵

09/29/2021

The ‘Beast’ just about done … TY Travis DePew of Rubberduck4x4.com for an awesome job on the roof rack, ladders and LED lights, not to mention the Harley Davidson lighted dash and switch panel.

08/18/2021

Just got back from a 4,890 trip on the Harley to (in order of the pics) The Bad Land in South Dakota, Sturgis, SD and the Pappy Hoel - Full Throttle Campground, Wyoming, Colorado's Rocky Mountain National Park, Shooter's Grill in Rifle, CO ... Pike's Peak then Kansas to see Dorothy and Totto and rocket home to New Germany ;-)

08/18/2021

Back from (in order of the pics) Bad Lands, SD, Sturgis, SD, Pappy Hoel - Full Throttle Saloon and Campground, Wyoming, Rocky Mountain National Park, Rifle, CO, Pike's Peak then Kansas and back home ... 4,890 saddle miles ... ALL EXCELLENT MILES!

07/05/2018

New Jersey Division of Taxation Required to Conduct Tax Amnesty

by David Engel, CPA (RIA)

Governor Phil Murphy has signed legislation that requires the Division of Taxation to conduct a tax amnesty during a period that will last no longer than 90 days and end no later than January 15, 2019. ( L. 2018, A3438, effective 07/01/2018)

Amnesty. A taxpayer who has failed to pay any state tax on or before the day on which the tax is required to be paid may pay to the Division on or before the last day of the period established by the Division, the amount of that tax and one-half of the balance of interest that is due as of November 1, 2018, but without the remaining one-half of the balance of interest that is due as of November 1, 2018 and without any late payment penalty, late filing penalty, cost of collection, delinquency penalty or recovery fee that may otherwise be due. The taxpayer will be required to pay any civil fraud or criminal penalty arising out of an obligation imposed under any state tax law. The amnesty applies only to state tax liabilities for tax returns due on or after February 1, 2009 and prior to September 1, 2017. Notwithstanding the provisions of any other law to the contrary, no taxpayer will be entitled to a waiver of one-half of the balance of interest due as of November 1, 2018, penalty and recovery fee unless full payment of the tax and one-half of the balance of interest due as of November 1, 2018 is made in accordance with the rules and procedures established by the Division of Taxation.

Taxpayers excluded from amnesty: The amnesty is not available to a taxpayer who has been notified by the Office of Criminal Investigation in the Division of Taxation that he or she is under criminal investigation for a state tax matter, unless the Office of Criminal Investigation certifies to the Division that the state tax matter involving that person was resolved.

Failure to participate in amnesty: There is a 5% penalty, which is not subject to waiver or abatement, in addition to all other penalties, interest, or costs of collection otherwise authorized by law, upon any state tax liabilities eligible to be satisfied during the period established that are not satisfied during the amnesty period.

© 2018 Thomson Reuters/Tax & Accounting. All Rights Reserved.

04/06/2018

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03/16/2018

Just two months with our new Governor and already the promised tax hikes are coming, NJ is quickly gaining on CA on becoming a bankrupt-welfare state:

Governor Phil Murphy has proposed a variety of tax increases and other tax changes in his budget address.

Corporate business tax changes. The Governor has proposed a modernization of the corporation business tax system that includes combined reporting with a water's edge election, market-based sourcing and reinstitution of taxation on international holding companies. The Governor also proposed a one-time fee on the deemed repatriation of foreign-held assets, i.e., the IRC 965 income.

Personal income tax changes. The Governor has proposed increasing the gross income tax rate applicable to income above $1 million from 8.97% to 10.75%. The Governor also proposes: (1) increasing the maximum property tax deduction from $10,000 to $15,000; (2) increasing the earned income credit from 35% to 40% of the federal tax credit; and (3) creating a new childcare credit based on the federal tax credit but limited to taxpayers with income below $60,000.

Sales tax changes. The Governor proposes increasing the sales tax rate from 6.625% to 7%. The Governor also proposes taxing: (1) ridesharing services; (2) transient accommodations and (3) certain remote sales.

Other tax changes. Other proposed changes include: (1) the legalization and taxation of ma*****na; (2) an imposition of a new tax on e-cigarettes and (3) a carried interest fairness fee.

12/30/2017

Regulatory changes that would put an end to state and local tax deductions could prompt many homeowners in high-tax states to consider relocating, a Redfin survey finds.