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NEW JERSEY: PASS-THROUGH BUSINESSES CAN ELECT TO BE TAXED AT THE ENTITY LEVEL STARTING IN 2020

On January 13, 2019, the New Jersey governor signed S. 3246 into law, referred to as the “Pass-Through Business Alternative Income Tax Act” or “BAIT” Act.  The new law creates an election for pass-through entities (PTEs) to pay at the entity level...

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RMD age increased to age 72

Prior to the SECURE Act, taxpayers were generally required to begin receiving RMDs from their traditional IRAs and certain qualified retirement plans beginning on April 1 of the year following the year they reached age 70... 

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Penalty-free withdrawals from certain retirement plans for expenses related to child birth or adoption

Distributions from traditional IRAs and qualified retirement plans are generally included in income in the year received. With rare exception, distributions before age 59 ½ are subject to a 10-percent early...

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