Effective 11/17/23 Thomson Reuters is making updates to improve the sign-in experience and security for NetClient CS portal users through BKC. What BKC Portal Users Need to Know: You’ll need to create a new username and password. To do this, you’ll need your current NetClient CS login ID and password. If you’ve saved these details Read More…
Don’t leave money on the table! If you qualify for the ERTC you may be eligible to receive up to $26,000 per employee! An eligible employer is an employer that actively carries on a trade or business during calendar year 2020 or 2021, and meets one of the following two tests: Government Order Test: An Read More…
In a recent Tax Court case, the IRS attempted — unsuccessfully — to supplant the fair market value agreed to by unrelated parties in a partnership transaction with its expert’s higher estimate, asserting that the taxpayer received a taxable capital interest in exchange for services provided to a partnership, not a nontaxable profits interest. If Read More…
On July 21, 2023, New Jersey enacted a “Convenience of Employer” rule that is retroactively effective as of January 1, 2023. The new law will apply to nonresidents who have compensation from a “New Jersey employer” unless such services are required by the employer to be performed outside of New Jersey. The new Convenience of Read More…
In 2022, Congress passed the Inflation Reduction Act (IRA), a broad piece of legislation featuring provisions to advance clean energy production and domestic manufacturing capacity. Changes to tax credits and incentives under this new law offer manufacturers significant opportunities to fund new renewable energy projects and investment in domestic manufacturing of equipment such as electric Read More…
It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could curb lifetime exemption limits even sooner. The opportunity is even more pressing because the current Read More…
Many homeowners and home improvement contractors themselves are not aware of the various requirements which contractors must comply with when conducting home improvements. Your house is probably your most valuable asset and unfortunately, there are a number of unscrupulous home improvement contractors who seek to take advantage of uninformed homeowners. According to the New Jersey Read More…
SECURE 2.0 was signed into law on December 29, 2022, makes sweeping changes to retirement savings plans. Before plan sponsors can take advantage of the many provisions in SECURE 2.0, the DOL will need to provide additional regulations and guidance on some of the provisions. In other words, there is more to come on SECURE Read More…
The Inflation Reduction Act’s (IRA’s) expansion of key energy efficiency tax incentives – such as the 179D energy efficient commercial buildings deduction and the 45L new energy efficient home credit – is anticipated to have a significant impact on real estate and construction industry. The legislation could provide a significant financial boost for firms looking to utilize environmentally conscious Read More…
State and local taxes represent a key and often material part of a business’s total tax liability. Many states are reporting budget surpluses, reducing tax rates and offering new credits and incentives, but states are also looking to expand taxation of the digital and internet economy. With the calendar year 2022 tax reporting and filing season Read More…
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