Tax

RETIREMENT SAVINGS TAX DEDUCTIONS

With the loss of several itemized deductions under the new Tax Cuts and Jobs Act (TCJA) for many individuals, taxpayers are wondering where they can still find tax deductions.  One great place is with retirement savings.  The TCJA did not change the rules for retirement savings tax deductions.  In fact, many retirement savings deductions continue Read More…

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…

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…

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…

NEW JERSEY FY 2019 BUDGET – TAX CHANGES

Governor Murphy and the NJ Legislature have agreed to a $37.4 billion budget for FYE 2019, thereby averting a government shutdown.  Tax highlights of the budget bill include: Individual income tax provisions Increase the limit on deductions for property tax from $10,000 to $15,000. Increase the earned income credit from 35% to 40% of the Read More…

NJ EQUAL PAY ACT – RECOMMENDED ACTIONS

On April 24, 2018, New Jersey Governor Phil Murphy, who made “equal pay for equal work” a signature campaign promise, signed into law the Diane B. Allen Equal Pay Act ( the “Equal Pay Act”). The Equal Pay Act greatly expands the New Jersey Law Against Discrimination (NJLAD) by requiring equal pay for all employees Read More…

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