On July 4, 2025, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill or OBBBA, which includes many tax law changes impacting individuals. The changes cover a broad range of...more
8/21/2025
/ Alternative Minimum Tax ,
Capital Gains ,
Child Tax Credit ,
Income Taxes ,
Itemized Deductions ,
New Legislation ,
One Big Beautiful Bill Act ,
Qualified Small Business Stock ,
Standard Deduction ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Legislation ,
Tax Rates ,
Tax Reform
On July 4, 2025, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill or OBBBA, which includes several changes to the federal income tax treatment of trade or business activities....more
8/21/2025
/ Bonus Depreciation ,
Business Taxes ,
EBITDA ,
Internal Revenue Code (IRC) ,
New Legislation ,
One Big Beautiful Bill Act ,
Partnerships ,
Qualified Business Income ,
Research and Development ,
Section 179 Property ,
Section 199A ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Legislation ,
Tax Reform
On July 4, 2025, President Trump signed into law legislation commonly referred to as the “One Big Beautiful Bill Act” (OBBBA), which includes provisions that specifically affect private primary, secondary, and post-secondary...more
7/21/2025
/ 529 Plans ,
Educational Institutions ,
Excise Tax ,
Internal Revenue Code (IRC) ,
New Legislation ,
Nonprofits ,
One Big Beautiful Bill Act ,
Student Loans ,
Tax Credits ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Taxation ,
Trump Administration ,
Universities
On July 4, 2025, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA) (P.L. 119-21), which includes a number of tax law changes that directly impact the energy industry.
A significant number of the...more
7/21/2025
/ Clean Energy ,
Coal ,
Electric Vehicles ,
Energy Policy ,
Energy Sector ,
Executive Orders ,
Fossil Fuel ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Infrastructure ,
Internal Revenue Code (IRC) ,
New Legislation ,
One Big Beautiful Bill Act ,
Renewable Energy ,
Solar Energy ,
Tax Credits ,
Tax Incentives ,
Wind Power
On July 4, 2025, President Trump signed into law the legislation commonly referred to as the “One Big Beautiful Bill Act” (OBBBA), which includes significant changes to Medicaid, Medicare, and Affordable Care Act (ACA)...more
7/16/2025
/ Affordable Care Act ,
Health Insurance ,
Healthcare ,
HSA ,
Insurance Industry ,
IRS ,
Medicaid ,
Medicare ,
New Legislation ,
One Big Beautiful Bill Act ,
Tax Credits ,
Tax Reform ,
Trump Administration
On June 30, 2025, Governor Phil Murphy signed into law the FY 2026 state budget (the “FY 2026 budget”), totaling $58.8 billion (see our prior alert New Jersey Enacts FY 2026 Budget: Key Takeaways).
The FY 2026 budget...more
President Trump’s “One Big Beautiful Bill” (OBBBA) was narrowly passed in the House in May, and while there are many important aspects of the bill, there are provisions that may affect secondary and post-secondary...more
6/6/2025
/ 501(c)(3) ,
Educational Institutions ,
Endowment Funds ,
Excise Tax ,
Federal Funding ,
New Legislation ,
Nonprofits ,
Private Schools ,
Proposed Legislation ,
Scholarships ,
Tax Credits ,
Tax Policy ,
Tax Rates ,
Tax Reform ,
Taxation
On February 18, the New Jersey Division of Taxation published proposed corporation business tax (CBT) regulations that incorporate changes associated with 2023 reform legislation, as well as additional changes intended to...more
Individuals, estates, and trusts that paid significant amounts of the 3.8% net investment income tax or the 0.9% additional Medicare tax in 2016 or later years should consider filing protective claims for refund of those...more
7/13/2020
/ Affordable Care Act ,
Capital Gains ,
Health Insurance ,
Income Taxes ,
IRS ,
Medicare ,
Royalties ,
Tax Cuts and Jobs Act ,
Tax Returns ,
Trump Administration ,
Trusts ,
U.S. Treasury
As expected, the Internal Revenue Service (“IRS”) has begun to address some of the details left open by the business tax provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). This Alert...more
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act is a $2 trillion economic aid package, which makes numerous changes to the federal tax laws to...more
On March 25, 2020, the Internal Revenue Service (the “IRS”) released the People First Initiative as part of its ongoing effort to provide relief to taxpayers impacted by COVID-19. The People First Initiative grants taxpayers...more
A number of states have extended filing and payment deadlines. The following is a summary of the status of extensions for states within the McCarter & English footprint:
Connecticut-
•The Connecticut Department of Revenue...more
Good news for investors and entrepreneurs: The New Jersey Biotechnology Task Force (Task Force) has published its final report and recommendations to expand the Angel Investor Tax Credit Program with the goal of incentivizing...more