Tax Day 2023 is Coming

Tax Day 2023 | The Pollock Firm LLC

Hello all. This is just a friendly reminder that April 18 is Tax Day for 2023. Returns for income taxes for individuals, trusts, and C-Corporations that use the calendar year as its fiscal year are due on Tax Day. Additionally, gift tax returns are also due on Tax Day. If you owe an income tax […]

Make a Gift Before 2021

Give a Gift before 2021 | The Pollock Firm LLC

I try very hard not to be political in these blog posts. I also try not to speculate on what the government may or may not do as they frequently compromise in an unpredicted manner. However, I would be remise if I didn’t talk about the fact that Joseph Biden is ahead in most of […]

Major Changes to Tax Law in New Budget Proposal

New Budget Proposal

Victims of a personal injury have many burdens to bear.  Most people can expect to deal with the stress of a lawsuit, loss of income, coping with injuries and physical therapy.  However, one item that many people are not prepared to deal is a sudden influx of money from a settlement or trial verdict that good personal injury attorney […]

Deathbed Transfers in New Jersey

Deathbed Transfers in New Jersey

Often times, a person who is on his or her deathbed will make gifts to family members in an effort to reduce the potential taxes owed. For transfers to anyone other than a charity, making gifts in a way that minimizes taxes is actually a very complex process. In deciding whether to make a gift, […]

Business Succession Planning: FLLC

Business Succession Planning: FLLC

Some of you may have seen these scary statistics: According to the U.S. Small Business Administration, 90 percent of the 21 million small businesses in the U.S. are family-owned, but less than one-third of family-run companies succeed into the second generation, while only half of that make it to the third. Most often, the lack […]

Japanese Inheritance Tax vs. US Estate Tax

BRIEF OVERVIEW OFJAPANESE INHERITANCE AND GIFT TAXESvs.AMERICAN ESTATE AND GIFT TAXES NOTE: This information has been updated. The new post can be found at: I. Estate Taxes A. America 1. Citizens and Permanent Residents a. Tax on Worldwide property (credit for taxes paid to foreign countries)b. Exemption of $2,000,000 in 2006; $3,500,000 in 2009; […]