All posts by Jessica Dispensa

NEW JERSEY TAX AMNESTY

The New Jersey Division of Taxation has just announced a new tax amnesty program offering the opportunity to file and pay certain tax obligations without penalties and with a reduced interest rate.  The Amnesty program covers tax returns due from February 1, 2009 through September 1, 2017.  The tax amnesty program begins on November 15, Read More…

DEDUCTIBLE BUSINESS MEAL EXPENSES

The 2017 Tax Cuts and Jobs Act changed the law to deny income tax deductions for entertainment, amusement, or recreation expenses.  However, the Act did not directly address the deductibility of business meals at the time of enactment.  In response to this confusion, the IRS has issued interim guidance about the deductibility of business meals, Read More…

REVENUE RECOGNITION READINESS GUIDE FOR PRIVATELY HELD RETAIL COMPANIES

On May 28, 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued converged guidance on recognizing revenue in contracts with customers. The new guidance—FASB ASC 606 or IFRS 15, the IASB’s comparable standard—replaces substantially all existing U.S. Generally Accepted Accounting Principles (GAAP) on this topic. While the compliance deadline Read More…

SUPREME COURT RULES ON INTERNET SALES TAX COLLECTION

In a 5-4 ruling the Supreme Court issued their decision opening the door for states and localities to collect sales tax on interstate purchases made on the internet.  This decision overturns the long-standing decision in Quill, issued by the Supreme Court in 1992, requiring a physical presence test be met by sellers in the jurisdiction Read More…

DARLENE SHAFFER PRESENTING AT 10/23 NJ COLLABORATIVE LAW GROUP

Darlene Shaffer, CPA/ABV/CFF/PFS, CVA, Principal at BKC, CPAs, will be presenting “The Tax Cuts and Jobs Act Legislation Impact on Alimony” at the October 23rd New Jersey Collaborative Law Group’s breakfast meeting hosted by Norris, McLaughlin & Marcus, P.A. This presentation will: Cover significant changes to taxation of alimony effective January 1, 2019 under the Read More…

NJ SALES TAX ON TRANSIENT ACCOMMODATIONS

Effective October 1, 2018, New Jersey sales and use tax will be imposed on “transient accommodations”.  Transient accommodations include a room, a group of rooms, or other living /sleeping space for the lodging of occupants, which can include residential buildings. The following situations do not constitute a transient accommodation: •  Places of assembly •  Health Read More…