Scott A. Ohnegian, Chair of Riker Danzig’s Labor & Employment Group and Jason D. Navarino, partner in the Firm’s Tax and Corporate Groups were tapped by New Jersey Business magazine to provide commentary on starting a business in 2019 in terms of changes to federal or state rules and regulations, structuring a business, and employee issues such as hiring and diversity.
Scott commented that New Jersey is among the top employee-friendly states. “New Jersey has numerous regulations, such as anti-discrimination laws, that put it at the forefront of such matters.” Scott also noted that, “unlike federal statutes on discrimination that only go into effect with companies of certain sizes, New Jersey laws apply to businesses with just one employee . . . If you’re an employer, those laws apply to you.”
Jason stated that recent federal tax reforms may have provided some relief, but also created new limits that businesses must adjust to. “There are limitations on SALT (state and local tax) deductions,” Navarino says. “The $10,000 cap can affect New Jersey business owners for whom the benefit of that deduction is not fully offset by the alternative minimum tax.” Jason also reminds that the state tax increases that were budgeted in June of 2018 are due to take effect in January.
Click here for the full article.
