The IRS issued Notice 2009-82 advising that individuals who have received a 2009 required minimum distribution (“RMD”) have until the later of November 30, 2009, or 60 days after the date the distribution was received to roll it over. Thus, the IRS is waiving the 60 day rollover requirement to give taxpayers who received distributions in 2009 prior to the waiver of RMDs for 2009 the opportunity to return the 2009 RMD to the IRA or plan. The Notice also outlines the steps a retirement plan sponsor must take to allow participants to not receive an RMD during 2009. The one rollover per year limitation was not altered by the Notice so taxpayers who have already completed a rollover under the 60 day rule will be ineligible.
The New Jersey Division of Taxation has proposed new rules for title insurance companies holding escrow amounts from real estate closings for the payment of transfer inheritance and/or estate taxes. New N.J.A.C.18:26-11.21 would require title companies to notify the Division in writing, within 10 days of receipt of the transfer inheritance and/or estate tax related escrow monies and to forward to the Division a copy of any HUD-1 RESPA statement and deed that issued from the transaction.
New Jersey has the least "business-friendly" state tax system according to the Tax Foundation's recently released 2010 State Business Tax Climate Index. New Jersey remained last, as it was in the Foundation's 2009 Index. The Index is a measure of the competitiveness of the 50 states' tax systems and ranks them accordingly based on the taxes that matter most to businesses and business investment: corporate income, individual income, sales, property and unemployment insurance taxes. The states are scored on these taxes, and the scores are weighted based on the relative importance or impact of the tax to a business.
