Changes For This Tax Season
February 2020
Are Your Children Subject to Kiddie Tax in 2019?
Parents want to provide for their children’s financial needs and setting aside money in an investment account is a great way to get kids off to a good start with their finances. Parents establish custodial accounts in the name of the child with the parent as the custodian. The account is typically in the social security number of the child which can lead to a surprise at tax time!

In this case, a provision called the kiddie tax can apply to the investment income that the custodial accounts generate. The general idea behind the kiddie tax is to prevent parents from using their children as tax shelters.
What's New at SobelCo
Look what's new this month at SobelCo




New Jersey Business Incentives
Regional business incentives have long been an important influence enticing corporate leaders to come to – and remain in - New Jersey. Unfortunately when both the Grow New Jersey Program and Economic Redevelopment & Growth Program ended on July 1, 2019, the popular attributes that had traditionally helped in recruiting and retaining companies in the state ended as well.

While international companies focus more on proximity to transportation and availability of an educated workforce rather than on local incentives, small and mid-size companies do take financial inducements into consideration when making decisions regarding relocating out or remaining in the state.
It’s tax filing season once more, and time for us all to be particularly mindful of tax scams that exploit honest taxpayers and busy tax preparers. The complexity of the tax code and a general fear and misunderstanding of the Internal Revenue Service (“IRS”) make the tax system vulnerable to scammers, and technology makes it easy for the bad guys to cast a wide net and quickly reach a large number of targets.
March 18, 2020
Executive Women's Leadership Breakfast
March 26, 2020
Financial Executives' Roundtable