Each year, the IRS adjusts for inflation key tax limits and tax brackets, based on the cost of living adjustments (COLA). Here are some important tax adjustments announced for the filing of 2021 tax returns, that become effective on January 1, 2021: Income Tax Changes Tax brackets for all filing statuses. The highest 37% individual Read More…
New Jersey Governor Phil Murphy signed Executive Order 192 on October 28th, which makes effective November 5, 2020, new COVID-19 related health and safety mandates for employers. The order states that every business, school, nonprofit and governmental office require any employee, customer or visitor who is physically present to undergo a daily health screening, maintain Read More…
Governor Phil Murphy announced on October 12th that $112 million in aid, that the State of New Jersey received from CARES Act money, is being made available to provide grants to small businesses and help support struggling individuals with rental and mortgage assistance payments. $70 million of the funds will be distributed by the State’s Read More…
The federal R&D tax credit benefits large and small companies in nearly every industry. Common questions and answers related to the R&D tax credit and those specific to small businesses are outlined below. What is the R&D tax credit? Created in 1981 to stimulate research and development (R&D) in the United States, the R&D tax credit is Read More…
As the 2020 calendar year-end approaches, and much of the world continues to practice some form of sheltering in place, social distancing and working remotely, companies should again assess their payroll tax reporting and withholding obligations across the U.S. and the globe. Many states have offered relief from withholding tax on employees working from home Read More…
Transitioning Ownership The decisions made regarding ownership of the family office or closely held business may not necessarily be the same decisions that are required for leadership and management. It’s critical to understand and acknowledge the different elements that proper succession planning entails. The family wealth enterprise has three interconnected circles of participation—the family members, Read More…
The State of New Jersey recently announced plans to dedicate $250 million in funding from the federal Coronavirus Relief Fund, which will provide additional support to children and their families, as well as for thousands of childcare providers with resources. If your Annual Gross Household Income is less than $75,000 and you are a NJ Read More…
There’s no question the global pandemic of 2020 quickened trends of the future that were hitting the wall of the present: Employers resistant to allowing employees to work remotely suddenly had no choice as localities enacted mandatory stay-at-home measures. Businesses migrated to remote work on an unprecedented scale – a great experiment, the ripple effects of which are many for real estate. As parts of the business world adjust to working from home, some are finding multi-year office Read More…
As we bid farewell to an unprecedented summer, we hope you let all your accomplishments in the face of adversity fill your heart with pride this Labor Day. We thank our employees for their particular hardwork, flexibility, and care this year. This holiday weekend, we hope you enjoy some peaceful time to reflect on the Read More…
Owners of many small business that are close to the border of other states, as is common in our home state of New Jersey, may not have to worry about paying taxes to other states. If all your work is being done in your home state, and business is just being conducted in your home Read More…
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