Understanding New Jersey Assembly Bill 4295 and the Expertise of Attorney Barry E. Yellin

As we move into a new phase of pandemic recovery, New Jersey businesses and individuals are facing changes in tax laws that will impact their financial planning. The recently passed New Jersey Assembly Bill 4295 covers a range of issues, including the state’s adaptation of a new federal partnership audit regime, the lifting of COVID-related state tax extensions, and changes to the requirements for electing New Jersey S Corporation status. To navigate these changes effectively and make the most of available opportunities, it’s essential to work with a legal professional who has the necessary expertise and experience. Meet the esteemed attorney Barry E. Yellin – a legal veteran that you can trust with all of your tax law needs and concerns.

NJ Assembly Bill 4295 covers several critical tax issues that could significantly impact businesses in the state. One of the most significant changes is the adoption of the new federal partnership audit regime, which simplifies and streamlines the audit process for partnerships and other entities with multiple partners. Under this new regime, any adjustments to partnership tax liability will be made at the entity level, rather than at individual partner levels, as was the previous practice. This change has the potential to reduce complexity and increase efficiency for those impacted.

In addition to changes in the partnership audit process, NJ Assembly Bill 4295 also eliminates COVID-related state tax extensions for businesses. This means that tax filing and payment deadlines have returned to regular schedules and that businesses will be required to meet these deadlines in a timely manner. Failure to do so could result in penalties and interest charges.

Another significant change under this bill is the elimination of the requirement to affirmatively elect New Jersey S Corporation status. Previously, businesses had to submit annual filings to confirm their status, but now that step is no longer necessary. While this may appear to be a small change, it could have a significant impact on the time and resources required for small businesses to remain compliant with state tax laws.

To navigate these changes effectively and make the most of available opportunities, it’s essential to have an experienced legal professional in your corner. This is where Barry E. Yellin comes in. Mr. Yellin brings a wealth of experience to the table for his clients, having worked for a “big five” accounting firm, Arthur Andersen & Co., and received advanced education in both law and business. His expertise in tax law and business planning allows him to assist clients in understanding the more sophisticated aspects of tax and planning, and to work seamlessly with other advisors like certified public accountants, public accountants, and financial and insurance advisors to form a cohesive, coordinated team.

Barry has a wealth of experience in advising high net worth individuals on how to best protect their assets and plan their estate. He is an expert in designing personalized estate planning documents, including wills, trusts, and health care directives. Barry’s expertise in the field makes him a valuable asset in ensuring that his clients’ future wishes are met with utmost precision and care. When working with Mr. Yellin, you can have the peace of mind that comes with knowing you have the support and guidance necessary to navigate complex tax situations with confidence and maintain compliance with state and federal regulations.

Navigating tax laws can be a complex and time-consuming process, especially with changes like those introduced in NJ Assembly Bill 4295. For New Jersey businesses who want to stay ahead of these changes and make strategic decisions about their financial future, working with an experienced legal professional like Barry E. Yellin can make all the difference. With his expertise and collaborative approach, Mr. Yellin can help you navigate the regulatory landscape and take advantage of opportunities to grow your business while maintaining compliance with state and federal regulations. Reach out to his office today to learn more about what he can do for you.

The Top Attorneys of North America have crafted this article to provide insight and helpful information of general interest. The goal is to keep readers informed and up-to-date on relevant legal topics – not necessarily offering advice tailored for their individual needs or circumstances.