San Francisco Approves Vacancy Tax

Voters in San Francisco last week approved Proposition D, a ballot question that will punish commercial property owners with an additional tax for property left vacant for more than 6 months. The new tax measure, which required a two-thirds vote to be enacted was supported by over 69% of the voters in the City by…

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IRS Issues New Rule for Business Expenses

The Internal Revenue Service last week issued proposed new rules governing the deductibility of certain business expenses in light of changes dictated by the Tax Cuts & Jobs Act of 2017. Prior to the TCJA, business deductions for meal and entertainment expenses were limited to 50% of the cost, but the TCJA repealed entertainment expense…

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New Jersey Governor Files Millionaire Tax Again

New Jersey Governor Philip Murphy, who in each of his two prior years in the corner office has proposed an additional surcharge on incomes in excess of $1 Million, has done it again. Murphy submitted a $40.9 billion budget to the New Jersey legislature this week, and included some $494 million in new revenue generated…

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