Accountants telling clients to leave NJ because of new tax code
A member survey by the New Jersey Society of Certified Public Accountants shows 3 in 4 accountants found this past tax season worse than prior years.
NJCPA Executive Director Ralph Albert Thomas says the Trump tax cuts had a deep impact, particularly with the $10,000 cap on the state and local tax deductions. The cap was opposed by Democrats and Republicans alike in high-tax states like New Jersey.
The survey of 500 accountants also showed that the new tax code impacted individual and family clients with higher local and property taxes to the point that 6 in 10 of the CPAs advised clients to leave the state.
"I think, you know, when the Tax Reform Act was introduced and signed off on, people were feeling good because they were going to get more money in their paychecks and whatnot," Thomas said. "And it was kind of the opposite of that for people at certain income levels here in New Jersey."
Thomas also says a big takeaway for taxpayers in New Jersey is that "one should really think about having a professional CPA do your tax returns for you so that they can maximize your situation as much as possible."
Joe Cutter is the afternoon news anchor on New Jersey 101.5