March 1, 2000 Retirement Age Going Up-Save More Now! It is likely more employees will want to evaluate the amount their employers deduct from their wages for retirement savings such as 401(k) plans. The reason for this is because the Social Security Administration is raising the current Social Security age of 65. The change in retirement age is an incremental change based upon when a worker was born. The change will affect workers born in 1938 or later. In order to receive 100% of their retirement benefits, the following breakdown applies: 1) People born in 1938 will need to work until they are 65 and 2 months.2) People born between 1943 and 1954 will need to work until they are 66.3) People born in 1960 or later will need to work until they are 67. Landmark NY Estate and Gift Tax Changes Beginning January 1, 2000 New York no longer imposes a tax on gifts.Beginning February 1, 2000 and applicable to estates of decedents who die on or after such date, New York`s estate tax is replaced with a "pickup tax" equal to the maximum credit for state death taxes which federal law allows against federal estate tax. The pickup tax effectively eliminates the New York State estate tax for estates exempt from federal tax (currently $675,000, and increasing to $1,000,000 in 2006). Finally, the historic 1997 legislation eliminates the fee of up to $1,000 that is imposed on estates to file a copy of the estate tax return with the Surrogate`s Court in the decedent`s county of resident. New Jersey Offers One-Stop Business Registration Service The New Jersey Department of the Treasury is offering a unique one-stop service for businesses that wish to form New Jersey Corporations. The new service will streamline the business formation process and enable corporations to begin operations on a more timely basis without the need to contact and file papers with multiple State and Federal offices. Administered by the Division of Revenue`s Business Services Branch, the new services will enable businesses to obtain all of the following after a single visit to the service center located at 225 West State Street, Trenton, NJ. Certificate of Incorporation-this is the legal document needed to establish new corporations. Federal Employer Identification Number (FEIN)- this tax identification number will be assigned through an innovative pilot project offered under the auspices of the Internal Revenue Service and New Jersey Division of Revenue. New Jersey Tax/Employer Registration-In addition to obtaining FEINs directly from the State`s service center, customers will be able to register onsite for all applicable taxes and employer contributions (for unemployment and disability). For more information about the one-stop service center call 609-292-9292 or visit the Division`s business gateway Website at www.state.nj.us/njbgs. Unknown Quote People who complain about taxes can be divided into classes: men and women. Catch Howard Around Town On March 8 Howard Lisch will be at Aviation High School in Long Island City speaking to Local 891 of the International Union of Operating Engineers on "Planning for 891 IUOE Retirement-How to Build the Nest Egg". If you have any questions about the foregoing or any other business or financial matters, please call us.