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State Taxation

  • New Jersey Inheritance Tax

    By:
    James Lynch, CPA, JD
    |
    Oct 1, 2025

    New York practitioners should be aware of the New Jersey Inheritance Tax. This tax, in place since 1892, imposes a tax on the right to inherit property. It can apply to non-residents of New Jersey who own real or tangible property in New Jersey at the time of death. This article explains the New Jersey Inheritance Tax in greater detail.

  • Impact of SECURE Final Regs on Planning for Trusts

    By:
    Steven B. Gorin, CPA, Esq., CGMA
    |
    Sep 4, 2025
    This article discusses selected issues under the 2024 final regulations implementing the SECURE Act and SECURE 2.0.

  • Coast-to-Coast Tax Residency: Comparing New York and California Residency Rules

    By:
    Daniel P. Kelly & Joseph F. Tantillo, Esq.
    |
    Aug 1, 2025
    A few years ago, one of the authors examined the trials and tribulations taxpayers face when navigating east-and-west-coast residency issues.[1] Over the last seven years, the world and individual tax residency considerations have undergone material change. Taxpayers still pursue changes in tax residency for all the classic reasons—retirement, a new job, health circumstances, or different weather—but there are several more recent residency motivators in play. 

  • Beneficial Owner Disclosure Under the New York LLC Transparency Act

    By:
    George Martin, Kevin Matz, CPA, JD, LLM, and Tracy McLaughlin, CFP
    |
    Jun 1, 2025
    After a rollercoaster of activity related to the federal Corporate Transparency Act (CTA), the U.S. Treasury Department (Treasury) announced Mar. 2, 2025, that it will not enforce any penalties or fines associated with beneficial ownership information reporting for U.S. reporting companies. (“Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies,” https://tinyurl.com/5bvp4mt7). 

  • Has the No Lookback for Home Care Medicaid in New York Run Its Course?

    By:
    Anthony J. Enea, Esq.
    |
    Jun 1, 2025
    When the state of New York passed legislation in 2020 creating a 30-month lookback period for uncompensated transfers of assets under the Medicaid home care program, few imagined that almost five years later, the law would still not be in effect.

  • Proposed CAMT Guidance May Have Significant Impact on Asset Management and Real Estate Reporting Part 1

    By:
    Aaron Lebovics, Annet Thomas-Pett, CPA, Charwin Embuscado, CPA, Jason Black, CPA, Jennifer Wyatt, CPA, and Michael Hauswirth, JD
    |
    Jun 1, 2025

    Proposed guidance related to the corporate alternative minimum tax (CAMT) may create incremental reporting burdens for asset management and real estate funds.

    On Sept. 12, 2024, the Treasury Department and the IRS issued proposed regulations implementing the CAMT. Enacted in 2022 as part of the Inflation Reduction Act, the CAMT imposes a 15 percent minimum tax on the adjusted financial statement income (AFSI) of an “applicable corporation.” The CAMT is effective for tax years beginning after Dec. 31, 2022.

  • Leveraging Tax Credits for Energy-Efficient Investments in Local Governments: Opportunities Under the Inflation Reduction Act

    By:
    Brendan Nelson, CPA, and Nicholas Hennessy, CPA
    |
    Mar 1, 2025

    The Inflation Reduction Act, enacted in 2022, provides a groundbreaking framework for advancing clean energy initiatives across the United States. This legislation’s primary focus is to incentivize energy-efficient investments through tax credits, including provisions that allow local governmental agencies and other tax-exempt entities to benefit from these incentives via elective pay, also referred to as direct pay. By tapping into these opportunities, local governments can significantly reduce costs while advancing sustainability goals, modernizing infrastructure, and stimulating local economies.
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