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NEW JERSEY POLICE CRACKING DOWN ON DISTRACTED DRIVING IN APRIL
In an effort to reduce the number of distracted driving incidents, the New Jersey police are cracking down on drivers who text or use cell phones while driving. Distracted driving has been identified as a major contributor to nearly 800,000 motor vehicle crashes in the state from 2012-2016. Drivers who are caught texting or holding a cell phone while driving can expect to face a penalty of $200 to $400 for the first offense, and could be subject to additional fines and insurance points for subsequent violations. Stay safe on the road and avoid the penalties by keeping your phone out of reach while driving.
All Ages Should Take Part in Estate Planning
Everyone should take part in estate planning for a secure future. Start early for peace of mind. Learn why young, single, married, and older individuals should have key documents like a will, financial power of attorney, and more.
Employer Identification Numbers: What Nonprofits Should Know
Every nonprofit organization in the US needs an Employer Identification Number (EIN), which is a unique number used to identify an organization to the IRS. Nonprofits require EINs for various tasks, including filing tax forms, opening a business bank account, hiring employees, and applying for business licenses and permits.
ADVANTAGES OF A REVOCABLE TRUST
A revocable trust provides several advantages, including avoiding court intervention, ease of administration, direct distribution of assets, flexibility for future planning, and privacy. By placing assets in one operating base, you can direct how assets are distributed, specify who will manage finances in the event of disability or incapacity, and limit access to the trust document. It's important to note that only assets placed in the trust will be subject to its rules, and you should work with an attorney to determine which assets to transfer for maximum effectiveness.
MASSIVE NEW FEDERAL REPORTING REQUIREMENTS WILL START IN 2024
Individuals who own 25% or more of a limited liability company, partnership, or other small entity that owns real estate or runs a small business, or who have substantial control over any company, will be required to register in a new federal database beginning in 2024.
EMPLOYER ALERT – COMMONPLACE SEVERANCE AGREEMENT CLAUSES VIOLATE LABOR LAWS, NLRB RULES
The National Labor Relations Board (NLRB) has issued a ruling that employers cannot include confidentiality or non-disparagement provisions in severance agreements that would require employees to waive their rights under the National Labor Relations Act.
THE INFLATION REDUCTION ACT EXTENDS AND MODIFIES TAX CREDITS FOR SOLAR PROJECTS
The Inflation Reduction Act includes several provisions that modify and extend tax credits for solar projects. One of the key provisions is the extension of the Investment Tax Credit (ITC) for solar energy property through at least 2033
ALERT! Scams involving email and phone services are circulating
The NJCCIC is warning of an increase in email phishing attacks. These emails, claiming to be from well-known companies, attempt to obtain account credentials and other personal information by including a transaction invoice and then directing victims to a malicious service helpline.
ESTATE PLANNING AS AN UNMARRIED COUPLE
Unmarried couples should draft a comprehensive legal agreement, including a "living together contract," as part of their estate plan. If you do not want to marry but want to live together in an unmarried relationship, it is critical to create an agreement that clearly defines expectations, terms, and responsibilities.
NEW NOTARY RESOLUTION
Electronic notary services are the process of notarizing a document or signature electronically rather than in person. This usually involves using technology such as video conferencing or digital signature tools to verify the identity of the signer and to create an electronic record of the notarization. Electronic notary services have become more widely used due to the convenience they offer.
A new law, NY Executive Law § 135-C, authorizes notaries to perform electronic notarial acts by registering with the Department of State and complying with new rules. Notaries wishing to provide electronic notary services will be able to register with the Department of State starting on February 1, 2023.
IRS – UPDATES ON THE DIGITAL ASSETS QUESTIONS; TAXPAYERS SHOULD CONTINUE TO REPORT ALL DIGITAL ASSETS INCOME
The Internal Revenue Service reminded taxpayers today that they must again answer a digital asset question and report all digital asset-related income when filing their federal income tax returns for fiscal year 2022, just as they did for fiscal year 2021. The term "digital assets" has replaced the term "virtual currencies," a term used in previous years
NYEmployers Face Complementary Federal/State Restrictions on Confidentiality & Non-Disparagement Clauses
Employers in New York who include confidentiality or non-disparagement clauses in any agreement they enter into with an employee, such as offer letters, employment agreements, restrictive covenant/non-compete agreements, severance agreements, or settlement agreements, must ensure that those clauses comply with both the new federal “Speak Out Act” and existing New York State law.