Writings by Scott H. Novak

Partner Scott H. Novak concentrates his practice on tax law, with a focus on tax controversy, trusts and estates, planning and transactional tax matters. Scott routinely handles income, federal, state, foreign and employment tax issues on behalf of individuals and businesses in a broad range of industries. His years of experience has enabled him to manage virtually all tax-involved matters ranging from non-filing issues to unreported accounts, sale of businesses and business assets, unpaid employment tax liabilities, state sales tax audits, settlements with the IRS and state tax authorities, delicate audits and tax issues, estate planning, special needs trusts, estate probate and administration and much more.

Client Alert

Library

Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Important Changes to New Jersey’s Controlling Interest Transfer Tax

New Jersey recently made changes to what is known as the Mansion Tax. New Jersey imposes an additional tax on the transfer of certain types of real estate when the sales price exceeds $1 million. Until recently, that tax was 1%. Under new legislation, that tax is now between 1% and 3.5%, depending on the […]

Author: Scott H. Novak

August 7, 2025

New Jersey’s NEW Mansion Tax

States have a problem. As costs and expenses rise, they must find new ways to raise revenue that is politically palatable that the taxpayers can live with. What is a state like New Jersey to do when it is staring at a $1.2 billion budget deficit? It already has exceedingly high property taxes. The sales […]

Author: Scott H. Novak

July 11, 2025

Businesses Are Facing Financial Headwinds—A Practical Guide

*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]

Author: Scott H. Novak

May 6, 2025

Is the Corporate Transparency Act Alive or Dead?

In the interest of keeping our clients fully aware of their legal and tax obligations, information about the Corporate Transparency Act (CTA) has graced these pages before. At first, the effective date for compliance for pre-2024 companies was December 31, 2024. Newly formed companies were required to comply within 90 days of formation during 2024, […]

Author: Scott H. Novak

March 14, 2025

Business Tax

Nationwide Preliminary Injunction for CTA Filings Lifted

FinCEN Beneficial Owner Reporting Must be Completed by January 13 for pre-2024 Companies On December 23, 2024, the 5th Circuit Court of Appeals lifted the injunction that stayed the enforcement of the Corporate Transparency Act put into place by a federal judge in Texas. The result is that if you are required to file a […]

Author: Scott H. Novak

December 26, 2024

FinCEN Corporate Transparency Act filings shut down by the US District Court for the Eastern District of Texas

IMPORTANT UPDATE! FinCEN Corporate Transparency Act filings shut down by the US District Court for the Eastern District of Texas Under the Corporate Transparency Act (CTA), entities that were in existence before January 1, 2024 are required to file Beneficial Owner Reports (BOR) with the Financial Crimes Enforcement Network (FinCEN) before January 1, 2025. Requirements […]

Author: Scott H. Novak

December 10, 2024

Scarinci Hollenbeck

Where are the business owners?

The Corporate Transparency Act (CTA) requires every entity that does not fall under a limited exemption to file a BOR with FinCEN by the end of 2024… The Corporate Transparency Act (CTA) requires every entity that does not fall under a limited exemption and was created prior to 2024, to file a beneficial owners report […]

Author: Scott H. Novak

September 27, 2024

Corporate Governance, Professional Perspective - CTA Guidance for Legal Counsel Serving Businesses

CTA Guidance for Legal Counsel Serving Businesses Contributed by Scott H. Novak, Scarinci Hollenbeck March 2024 The Corporate Transparency Act (CTA), 31 U.S.C. §5336, became effective on January 1, 2024. Under this new provision, if your or your client’s entity is a “reporting company,” as defined under the statute, the entity must file a beneficial owner information […]

Author: Scott H. Novak

March 28, 2024

FinCEN

The Corporate Transparency Act (CTA) Became Effective on January 1, 2024!

All Entities Must Take Action! This new federal law requires most entities to file a “beneficial owner report” with the Financial Crimes Enforcement Network (FinCEN). If you are an owner of or control an entity that is not one of the 23 types of entities exempt from this requirement, you are required to file the […]

Author: Scott H. Novak

January 22, 2024

Business Compliance

New Employee Retention Credit (ERC) Program Has a Very Short Deadline

Scarinci Hollenbeck wants its clients to know that if you applied for an ERC and have any doubts about the veracity of your claim, the time to act is now. The Internal Revenue Service (IRS) is carefully scrutinizing ERC claims because they have detected considerable fraud caused in part by promoters of this credit. There […]

Author: Scott H. Novak

January 18, 2024

“The Corporate Transparency Act is Live!” NJ CLE Webinar

Scott H. Novak To Discuss the Corporate Transparency Act and More During Webinar On Thursday, January 25, 2024, Partner Scott H. Novak will be featured as a speaker during “The Corporate Transparency Act is Live!”, an NJ CLE webinar organized by the Bergen County Bar Association. The Corporate Transparency Act (CTA) impacts nearly all LLCs, […]

Author: Scott H. Novak

January 11, 2024

The Corporate Transparency Act Is Here – What You Need to Know about CTA Reporting

The Corporate Transparency Act (CTA) took effect on January 1, 2024. It imposes significant compliance burdens on small businesses by requiring them to report information on their “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. Compliance with the CTA requires analysis of both the CTA’s legal requirements and […]

Author: Scott H. Novak

January 10, 2024

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