Accounting procedures for New Jersey candidates for public office
This is the general procedure required by the New Jersey Election Enforcement Commission. There are deviations from this procedure; check with your adviser or the NJELEC web site directly. File a D-1 Form: This appointment a campaign Treasurer and depository. Do this as soon as any money is received and before any money is spent in relation to the campaign. Open a Campaign bank account: Once a campaign treasurer and depository are appointed, a separate bank account should be opened in the name of the campaign. All campaign-related transactions should flow through this account. File Campaign Finance Reports (Form R-1):
What do we know about the Wildwood mayor’s tax fraud case?
A number of oddities and inconsistencies in the news reporting of this case prompted this article. This post is formatted in short bullet points meant to distinguish what we know from reliable sources (fact) and what we don’t know (commentary). I highlighted the words “tax preparer” and “attorney” because these are of particular personal interest.
NJ Covid relief payments are not taxable
Today IRS affirmed that Covid era relief payments made by State of New Jersey are not taxable. https://www.irs.gov/newsroom/irs-issues-guidance-on-state-tax-payments-to-help-taxpayers?fbclid=IwAR0f90_ehCncFZ-lyOOgEJ2u1kkgHRCBFFG_kvy64kDQxEhnRN2Qi3rTEgA
New Jersey real estate tax update
NJ real estate taxes are among the highest in the nation, and our local South Jersey neighborhoods hold some notorious statistical distinctions in real estate tax levels that I’ve written about in the past. This year the Anchor program replaces the NJ Homestead Benefit program. The new program is significantly different from the old tax relief program. The number of New Jerseyans now eligible for the new Anchor program is three times the number that were eligible for the Homestead Benefit. Although the application process is presumably designed to be straightforward, I already see at least one or two possibly