NJBIZ held a virtual panel discussion Nov. 29 exploring tax planning — a topic all businesses constantly face, especially as the calendar gets set to turn to 2023.

The panel, moderated by NJBIZ Chief Editor Jeff Kanige, featured an impressive group of experts, including Joe Andolino, tax director, Smolin, Lupin & Co.; Andrea Diaz, partner, SKC & Co. CPAs; Charles Rosenberg, vice president, Intac/FuturePlan; and Peter Ulrich, director, Corporate Group, Gibbons PC.

Kanige opened the discussion by asking the group what they are seeing out there.

“I’d like to ask each of you to talk a little bit about either the question you’re hearing most often from clients these days or the biggest concern that you’re hearing,” said Kanige.

“Every client’s different. Every business has different situations. So we don’t see as many cookie cutter questions,” said Ulrich. “But I think clients need some certainty. The best clients are talking to various advisors on various issues. They’re concerned with changes in law. They’re concerned with changes in the economy.”

“In our business, typically this time of year clients are doing their tax planning and they’re faced with an amazing year,” Rosenberg explained. “It’s mostly clients looking for a new opportunity.”

Replay: NJBIZ Panel Discussion: Tax Planning

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Diaz said planning this year began much earlier than in previous years.

“Historically we could make quicker decisions closer to the end of the year,” she explained. “And we’ve started our tax planning in late October, early November so that clients can strategically think about what they want to do and still be able to make their purchases and strategically spend before the end of the year.”

“One sort of overarching issue in ’22 that we didn’t have in ’21 is rising interest rates,” said Andolino. “And, of course, that has implications not only for the economy but for taxes.”

From there, the group covered a slew of topics such as: recommended year-end tax steps, retirement planning, the effects of those rising interest rates, potential tax changes, what a recession may mean for tax planning, and much more.

A full recap of the panel will be available in the Dec. 5 issue of NJBIZ.