Manufacturing & Distribution

HIGHLIGHTS OF THE 2017 TAX CUT & JOBS ACT

The 2017 Tax Cut and Jobs Act was enacted on December 22, 2017.  This Act was the most comprehensive Federal tax change since 1986, affecting individuals and all types of business entities, both large and small.  With limited exceptions, the Act’s provisions start with the 2018 tax year. Some highlights of the Act include: Lowering Read More…

1/1/18 NJ SALES & USE TAX DECREASE

Reminder: New Jersey Sales and Use Tax rate will decrease from 6.875% to 6.625% effective January 1, 2018.  If your business collects sales tax, or you are required to pay use tax, you will need to update your point of sale and accounting systems to reflect the new rate.  This reduction is the second phase Read More…

THE TAX CUTS & JOBS ACT: THE SENATE PASSES TAX REFORM. WHAT HAPPENS NOW?

In the early morning hours of Saturday, December 2nd, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51-49.   It was passed with no Democratic support and one opposing Republican vote. While the bill still differs from the House bill on several key issues, amendments to the Read More…

THE TAX CUTS & JOBS ACT: HOUSE BILL vs. SENATE BILL

On Thursday, November 16, the US House of Representatives passed the Republican crafted tax reform bill by a 227 – 205 vote.   That same day, the Senate Finance Committee approved its version of the Tax Cuts and Jobs Act, sending the bill to the full Senate for debate and a vote. The Senate is expected Read More…

CASUALTY & THEFT LOSSES

When an individual or a business incurs either a casualty or theft loss, questions often arise as to the deductibility of the loss, on their tax return.  A casualty loss occurs when property is damaged, destroyed, or lost from any unexpected or sudden event, such as a fire or hurriane.  A casualty loss does not Read More…

OVERTIME REGULATIONS NOT IMPOSED, FOR NOW

On May 18th, the U.S. Department of Labor released new rules regarding the requirement for overtime pay for white collared salaried employees who do not primarily perform executive, administrative, or professional duties.  The new rules were to increase the mandatory overtime pay (time-and-a-half-pay) for hours worked in excess of 40 per week for workers who Read More…

NEW IRS DUE DATES FOR 2016 FORMS W-2 & 1099

In an effort to reduce fraud the IRS has changed the deadline for the filing of Forms W-2 and Form 1099. The IRS now requires that Forms W-2 and 1099 be provided to recipients and filed with the IRS or Social Security Administration, by January 31st.  In the past the January 31st deadline only applied Read More…