Category: Tax Cuts and Jobs Act

Tax Cuts and Jobs Act

More States Aim to Increase Taxes on Millionaires by Karen A. Lake, CPA


Posted on January 20, 2021 by Karen Lake

In late 2020, New Jersey became the fourth state to raise taxes on its wealthiest residents, applying a top marginal tax rate of 10.75 percent to annual earnings of $1 million or more. Previously, New Jersey taxpayers with annual gross income between $1 million and $5 million were subject to a top rate of 8.97 […]

Maximizing Donations to Foreign-Based Charities under Tax Reform UPDATED by Lewis Kevelson, CPA


Posted on October 08, 2019 by Lewis Kevelson

Donations that U.S. taxpayers make directly to foreign charities usually will not qualify for income tax deductions unless those charities are registered with the IRS as tax-exempt entities or there is relief available under a bilateral income tax treaty. In the rare instances when these conditions are met, the charitable deduction is available only to […]

Wayfair Decision Imposes New State Tax Burden on Foreign Businesses Selling into the U.S. UPDATED by Karen A. Lake, CPA


Posted on September 24, 2019 by Karen Lake

The U.S. Supreme Court’s 2018 decision in South Dakota v. Wayfair has had far-reaching impact on the state and local sales tax (SALT) obligations and previous competitive advantages of online and foreign businesses that sell products into the U.S. The court’s ruling eliminated the prevailing physical presence test, which required sellers to collect sales tax […]