From The Special Editors – The New Jersey Lawyer
By Asaad K. Siddiqi and Eric C. Cohen
In 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law, representing the most substantial tax code reform in over 30 years. While many of the significant changes to the tax code are well known–such as the expanded standard deduction, new limits to some itemized deductions including state and local taxes paid and mortgage interest, and lower marginal tax rates across brackets–there are a variety of others changes to the code that New Jersey attorneys should be familiar with when advising both individual and business clients. This issue of New Jersey Lawyer will assist attorneys by presenting some lesser-known, but still significant, changes to the tax code and other noteworthy topics in property tax, estate tax and tax issues related to the legalization of cannabis in New Jersey.
This column originally appeared in New Jersey Lawyer and is republished here with permission. Read the full column here.