Should I Consider Combining Long-Term Care and Life Insurance?
We have an aging population. It’s not uncommon for people to spend more than a third of their lives in retirement. You work hard and save money so you can enjoy those years and pass something down to your children. But what happens if you get sick for a long period of time? Most health […]
Collecting Sales Tax in the Wake of Wayfair: What You Need to Know
For years, if your company sold products online, a state could only require you to collect state sales tax if you had a physical nexus (offices, distribution centers, payroll, etc.) in that buyer’s state. The Supreme Court ruled in 1967 and again in 1992 that this physical presence test would apply. For example, if a […]
New Jersey Says “Happy Holidays” with the Gift of Tax Amnesty
The New Jersey Division of Taxation recently announced a two-month Tax Amnesty program to allow qualified individuals and businesses to file past returns and pay back taxes with one-half of interest owed and no penalties. All returns and payments must be received or postmarked by January 15, 2019. The state has gone to great lengths […]
LLC or S Corp: Which Legal Entity Should You Choose for Your Business?
How you structure your business, or the type of legal entity you choose for your company, has implications that go far beyond taxes. It can impact how your business operates and grows, how it is financed, and the level of exposure to liability. This is why the LFL Veritas approach is always to consider business […]
Why You Should Start Contributing to Your 401(k) as Early as Possible
Years ago, most companies offered pensions to employees. These employer-maintained retirement accounts ensured the employee would receive income, either monthly or in one lump sum, based on how long they worked and how much they earned. That’s no longer the case. In fact, a study from Towers Watson found that the number of Fortune 500 […]
What You Need to Know About New Jersey Tax Law Changes
Beginning January 1, 2017, New Jersey made some changes to its tax laws. Below are some of the key changes so you can understand their impact on you in the coming years. Sales Tax By now most of you have heard that NJ lowered its sales tax rates as part of the compromise to get […]
PA/NJ Reciprocal Tax Agreement Isn’t Going Anywhere
For nearly 40 years, the Pennsylvania/New Jersey Reciprocal Income Tax Agreement has made it possible for residents of New Jersey to work in Pennsylvania but only pay income tax to the state of New Jersey, and vice versa. Pennsylvania companies only withhold New Jersey income tax for New Jersey residents and report it to New […]