*No aspect of this advertisement has been approved by the Supreme Court of New Jersey or the American Bar Association. A description of the standard or methodology used by Best Lawyers can be found here.
Martin Hauptman is a Partner in the firm’s Trusts & Estates, and Taxation practice groups. His practice primarily focuses on ERISA, pension planning and administration, estate planning and administration, business succession planning, entity formations and planning (including corporations, limited liability corporations, partnerships, etc.), mergers and acquisitions, IRS and state tax representation, tax and probate litigation, as well as federal and state tax matters.
Martin has received the following honors: Listed in Strathmore’s Who’s Who, 1996-1997; Named Super Lawyer, New Jersey Monthly Magazine 2005-2009; AV Preeminent Peer Review Rated by Martindale Hubbell, recognized by his peers since 2020 among the “Best Lawyers in America.”*
Martin is a Certified Public Accountant who has significant experience in the design, drafting and termination of qualified plans, sophisticated estate planning, and corporate and individual tax planning. He has represented clients before the Internal Revenue Service and state taxing authorities in complex tax matters, including audits of qualified plans and matters involving the IRS Closing Agreement Program. Martin has also in the past successfully concluded audits to prevent the disqualification of qualified plans; facilitated transfers of closely held businesses to create significant tax savings using Employee Stock Ownership Plans; developed creative corporate tax strategies for an airline, which resulted in substantial tax savings; and successfully negotiated with the Department of Labor to enable a profit-sharing plan to invest in the employer’s business.
Martin’s published works include “Taxation of Distributions from Qualified Plans,” Tannen – Recent NJ Case Upholds Protection of Trust, Matrimonial Strategist, December 2011.He is a frequent lecturer for New Jersey Institute of Continuing Legal Education.
- American Bar Association
- New Jersey State Bar Association
– Member, Section on Taxation
– Executive Council, Section on Taxation, 1982
– Vice Chairman, Death Tax Committee, 1983 – 1988
– Chairman, Employee Benefits Committee, 1988 – 1990
- Essex County Bar Association
- Estate Planning Council of Northern New Jersey
- Union County Society of Certified Public Accountants
- New Jersey Society of Certified Public Accountants
- New Jersey State Bar Association, Consultor, Real Property Trust and Estate Law Section,
IRS Update: Estate Tax Return
July 19, 2022In Revenue Procedure 2022-32, the IRS stated that it will now permit an executor of an estate that is not otherwise required to file an estate tax return to file a late return to elect portability, up to five years after the date of the decedent’s death. Filing this return does not change the statute of limitations […]
New Jersey Child Tax Credit Program
July 8, 2022L. 2022, S2523, effective for tax years beginning on or after 01/01/2023, provides to New Jersey residents, a child tax credit for each child who has not attained six years of age as of the close of the tax year. Regardless of filing status, the amount of the credit will be: (1) $500 if New Jersey […]
New Jersey Tax Alert: New Jersey Governor Phil Murphy and legislative leaders have reached an agreement on a proposal for a back-to-school sales tax holiday.
June 28, 2022The sales tax holiday would take place from August 27 to September 5, 2022. Under the sales tax holiday, tax exempt supplies and equipment include: (1) school supplies, such as pens and pencils, notebooks, and binders; (2) school art supplies, such as paints and paintbrushes, clay, and glazes; (3) school instructional materials, such as reference […]
IRS Increases Mileage Rate for the Remainder of 2022
June 24, 2022In June 2022, the IRS announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. These new rates become effective 7/1/2022. Mandelbaum Barrett Tax Law Partner Martin […]
Tax Alert: NJ Retirement Guide
May 6, 2022The New Jersey Division of Taxation has prepared a tax guide for retirees in New Jersey discussing the taxability of various sources of retirement income including pensions, IRAs and annuities. Some other important topics included are the pension exclusion, life insurance policies, the tax consequences related to qualified domestic relations order saving plans and the […]
New Jersey Tax Alert: New Jersey Lists COVID-19 Policies Still in Effect
May 2, 2022The New Jersey Division of Taxation has advised that since the State of Emergency has not been lifted, the following extensions remain in effect: (1) the law which delayed the payment of interest on refunds until six months after the State of Emergency has ended when the original interest payment period ended on or after April 14, 2020; and (2) the statute of limitations for the assessment of tax which runs until 90 days after the State of Emergency has ended if the original assessment or consent period ended after April 14, 2020. The Division also stated that digital signatures will continue to be accepted on extensions of the statute of limitations, closing agreements and the appointment of a Taxpayer Representative. The Division will work with taxpayers to complete its audits through correspondence (mail or electronic) where possible and avoid in-person meetings until further notice. Conferences with taxpayers will take place over the telephone.
Supreme Court of NJ Order: Extension Period for Conferences and Appeals Expires May 2, 2022
April 29, 2022The New Jersey Supreme Court has determined that because the public health emergency has ended, there is no longer a need to extend certain deadlines for state tax matters. On April 14, 2022, the Court issued an order which ends the extension of time for filing an administrative protest or a Tax Court appeal. An administrative protest must be postmarked by Monday, May 2, 2022 to be considered timely. This applies to any determination or finding of the Director containing protest and appeal rights that would have expired between March 19, 2020 and May 1, 2022 (but for the original order's extension). If an administrative protest is not postmarked by May 2, 2022, the matter will be final and the Division will proceed with collection activity.
New Jersey Tax Alert: COVID-19 Test Kits
April 22, 2022The New Jersey Division of Taxation has advised that because the presumption in New Jersey is that a lump sum charge that consists of taxable and nontaxable items is subject to tax, retail sales of COVID-19 test kits are taxable. The test kit is presumed taxable because it contains an exempt reagent and other taxable components. The purchase of a COVID-19 test kit that is reimbursed by the federal or New Jersey State government is not exempt under the Sales and Use Tax Act. Purchases of test kits directly by the federal or New Jersey State government are exempt.
New Jersey Tax Alert: Virtual Currency and Sales Tax
March 25, 2022The New Jersey Division of Taxation has advised that the purchase of convertible virtual currency for investment purposes is treated as the purchase of intangible property and is not subject to sales tax. However, when a person uses convertible virtual currency as payment for taxable goods or services, New Jersey sales tax applies. Any seller and or retailer of taxable goods or services that accepts virtual currency as payment must determine the fair market value in U.S. dollars as of the date of payment and charge the purchaser sales tax on that transaction. Sellers that accept convertible virtual currency must record in their books and records the value of the convertible virtual currency accepted at the time of each transaction, converted to U.S. dollars and record the amount of sales tax collected at the time of each transaction, converted to U.S. dollars.
New Jersey Tax Alert: Commuter Transportation Benefits
February 18, 2022The New Jersey Division of Taxation has announced that the adjusted limit for employer-provided commuter transportation benefits excludable by an employee for New Jersey Gross Income Tax purposes pursuant to N.J. Rev. Stat. § 54A:6-23 is $3,240 for calendar year 2021. This amount will increase to $3,360 for calendar year 2022. (N.J. Div. of Taxation, Commuter Transportation Benefit Limits, 01/25/2022.) Martin D. Hauptman, Chair of the ERISA and Employee Benefits Practice Group at Mandelbaum Barrett is available to answer any questions you have.
Tax Alert: Garden State Film and Digital Media Jobs Act Credit
February 11, 2022The New Jersey Division of Taxation has updated its list of answers to frequently asked questions regarding the film and digital media tax credit. The Division states that applicants that are seeking to qualify for an additional 5% credit must keep track of all qualified expenses incurred for services performed and goods purchased through qualified New Jersey vendors. The tax credit verification report will include a breakdown of those expenses. If any of the qualified expenses were made through a vendor whose primary a place of business is in one of the counties that qualifies for the increased 5% credit, the county must be notated in the report.
Tax Alert: New Jersey's Earned Income Tax Credit (NJEITC)
February 4, 2022The New Jersey Division of Taxation is reminding taxpayers and practitioners that for the 2021 tax filing season, the New Jersey's Earned Income Tax Credit (NJEITC) is 40% of the federal credit, following three annual increases under a 2018 law. Additionally, legislation signed as part of last year's budget lowered the minimum age eligibility for the EITC from 21 to 18 and to those 65 and older without dependents. This means that for tax year 2021, New Jersey taxpayers could receive a refundable credit of up to $2,691 with qualifying dependents or $601 without dependents. The maximum credit available for workers without dependents is nearly tripled from previous years in thanks to provisions expanding the federal EITC in the American Rescue Plan. To be eligible for the NJEITC, a taxpayer must: (1) meet all qualifications for the federal earned income tax credit, except for the minimum age requirement; (2) be a resident of New Jersey who works or earns income; (3) have a qualifying child or be at least 18 years old; (4) meet the income limits for their filing status; and (5) have a valid social security number for themselves, their spouse and any qualifying child listed on the tax return.
New Jersey Department of Taxation Announcement: New deductions for college related expenses
January 28, 2022The New Jersey Division of Taxation has advised that there will be three new deductions available for college related expenses in the 2022 tax year for taxpayers with gross income of $200,000 or less. Taxpayers will be able to deduct up to: (1) $10,000 of contributions made during the year to a New Jersey 529 plan account; (2) $2,500 of principal and interest paid on student loans issued under New Jersey College Loans to Assist State Students; and (3) $10,000 of tuition costs if the taxpayer, his or her spouse or dependent enrolls and attends a New Jersey institution of higher education.
New Jersey Division of Taxation Announcement: Important Tax Changes That Impact 2021 Personal Income Tax Returns
January 14, 2022The New Jersey Division of Taxation has listed the following important tax changes that impact 2021 personal income tax returns:
NJ Tax Relief for Hurricane Ida Victims
September 10, 2021The New Jersey Division of Taxation is following the federal guidelines for tax relief as recently provided in the Internal Revenue Service announcement LA-2021-04, issued August 31, 2021, for victims of Hurricane Ida. Affected taxpayers include businesses and individuals located in the disaster areas and those whose tax records are in the disaster areas.
New Jersey Issues Notice Regarding COVID-19 Precaution Sales Tax and Surcharges
July 31, 2020On July 24, 2020, the state of New Jersey issued the following notice, which helps businesses determine whether their COVID-19 surcharge is subject to state sales tax. Also included are practical examples that business can use to help in making their determination. Some businesses have begun to include a surcharge for COVID-19 precaution and prevention […]
Relief From Failure To Make Employment Tax Deposit
April 3, 2020April 3, 2020 By Martin D. Hauptman and Steven A. Holt The IRS provides that an employer will not be subject to a penalty under Code Sec. 6656 for failing to deposit employment taxes relating to qualified leave wages or qualified retention wages in a calendar quarter if: (1) The employer paid qualified leave wages or […]
Tax and ERISA Update
March 31, 2020March 31, 2020 By Martin D. Hauptman and Steven A. Holt Mandelbaum Barrett’s Taxation and ERISA Departments will be keeping you informed as we learn more about the CARES Act and other developments affecting you as taxpayers. Here are a few updates: Coronavirus Relief Package and its Impact on Retirement Plans The recently enacted Stimulus […]
Tax and Estate Planning Alert
March 24, 2020March 24, 2020 By Martin D. Hauptman and Steven A. Holt We want all of you, our valued clients and friends, to know that the Firm is "open for business" and that we are available to handle your estate planning needs on an emergent basis, including wills and living will. Accessing Qualified Retirement Fund Balances […]
Treasury Department Announces New July 15 Filing Deadline
March 18, 2020Treasury Secretary Steven Mnuchin announced today that the filing date for individual tax returns for the 2019 tax year has been moved to July 15, 2020. “We are moving Tax Day from April 15 to July 15,” Mnuchin wrote on Twitter. “All taxpayers and businesses will have this additional time to file and make payments […]
Tax Law Alert: Four Companies Selected to Collect IRS Debts
October 30, 2018Martin D. Hauptman, a Member in the Firm's Tax Law Practice Group, issued a recent Tax Alert on "Four Companies Selected to Collect IRS Debts." Click here to read more.
Do I have to pay sales tax to N.J. on my boat?
May 10, 2022Martin D. Hauptman, Esq., a Tax attorney at Mandelbaum Barrett recently answered that question for NJ.com. Find out what he says: https://bit.ly/3sqWWAX
Martin D. Hauptman, Esq. to present Estate Trust Update
March 28, 2022Martin D. Hauptman, Esq., partner in the Tax Law and Trusts and Estates departments as Mandelbaum Barrett will be presenting an Estate Tax Update to the New Jersey Living Well Club on Wednesday, April 13th, 2022.
Martin Hauptman contributes to NJ.com article titled "My employer eliminated my life insurance. Can I deduct the loss?"
December 3, 2021Martin Hauptman, a partner in the Trusts & Estates, and Taxation practice groups and chair of the ERISA and Employee Benefits practice at Mandelbaum Barrett has contributed to an article in the December 2nd, 2021 issue of NJ.com titled "My employer eliminated my life insurance. Can I deduct the loss?"
Martin Hauptman Answers NJ.com Readers Question on Converting An IRA To a Roth IRA
June 30, 2020
Join Us For Our 7th Annual Tax, Trusts & Estate Planning Forum
November 7, 2019We will be discussing timely developments in Estate and Federal Taxation at this 1.5 CE accredited program for CPAs and CFPs. To RSVP, please contact Laure Lynch at 973.243.7951 or email@example.com.
Martin Hauptman Answers NJ.com Readers Question "CPA, Enrolled Agent, Tax Attorney: Who Should I Hire?"
September 4, 2019Martin Hauptman answered a nj.com readers question on the difference between a CPA, enrolled agent and a tax attorney, and who to hire depending on your needs. Read the full article here.
Thirteen Mandelbaum Barrett Attorneys Recognized By Their Peers In Best Lawyers in America© 2020
August 15, 2019We are proud to announce that thirteen of our attorneys have been selected by their peers for inclusion in The Best Lawyers in America© 2020 edition. In addition, Barry Mandelbaum has been recognized as Lawyer of the Year in Real Estate Law. Since it was first published in 1983, Best Lawyers© has become universally regarded as the definitive guide to legal excellence. Best Lawyers lists are compiled based on an exhaustive peer-review evaluation. Many of the below attorneys have been listed in this publication for over ten years. *No aspect of this advertisement has been approved by the Supreme Court of New Jersey or the American Bar Association. To learn more about Best Lawyers, visit www.bestlawyers.com/methodology
Join Mandelbaum Barrett and Sobel Co., LLC for Retirement Plans: The Pros and Cons of a Pre-Approved Plan Breakfast Seminar
July 24, 2019Attention Business Owners: You don't want to miss this informative program on Retirement Plans: The Pros and Cons of a Pre-Approved Plan being held at Mandelbaum Barrett on September 25th from 8:30 a.m. – 10:00 a.m. Join Mandelbaum Barrett and Sobel & Co., LLC for our breakfast seminar that will cover retirement plans from the legal and accounting perspective. Learn about best practices if you sponsor a qualified plan, prototype pre-approved plans, new IRS Correction Procedures and common plan issues identified by auditors.
Martin D. Hauptman appointed to a three year term as a Consultor to the Real Property Trust and Estate section of the New Jersey State Bar Association
June 13, 2019Congratulations to Martin D. Hauptman, a partner in the Firm's #Trusts & #Estates practice group, who was appointed to a three year term as a Consultor to the Real Property Trust and Estate section of the @New Jersey State Bar Association. The Real Property Trust and Estate Law Section discusses developments in real #property, trust and estate law, including the creation and# administration of estates, #wills and trusts. Please join us in congratulating Martin on this achievement!
Tax Alert: 2019 Retirement Plan Limits
November 5, 2018Martin D. Hauptman addresses the 2019 Retirement Plan Limits in our latest Tax Alert. Click here to read more.
Member Martin D. Hauptman Speaking at Upcoming NJCPA and SFSP Events
September 19, 2016On September 29th, Martin D. Hauptman will be a speaker at Professionals Day 2016, which is being presented by the Society of Financial Service Professionals North Jersey Chapter as a Continuing Education course. Martin will be discussing Trusts as Beneficiaries of Retirement Plans. For registration
Member Martin D. Hauptman to Speak at the 2nd Annual Estate Planning Summer Institute
June 18, 2016Member Martin D. Hauptman is one of the featured speakers at the 2nd Annual Estate Planning Summer Institute on July 21st & 22nd at the NJ Law Center. Part of the objective for attorneys participating in the institute is to refresh areas that can expand