On June 28, New Jersey enacted a corporate transit fee, a 2.5% tax on some corporation business tax (CBT) payers that have New Jersey allocated taxable net income in excess of $10 million.[1] The fee is effective for privilege periods beginning on and after January 1, 2024, through December 31, 2028.

Despite its reputation, the Internal Revenue Service can be flexible in situations where you owe more in taxes than you can feasibly pay. The IRS will consider your unique set of circumstances and your ability to pay in terms of your income, expenses, and asset...