On Friday, October 13, 2023, the IRS announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. IRS Notice 2023-71 provides relief to certain taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation. These taxpayers now have until October 7, Read More…
On July 3, 2023, New Jersey Gov. Phil Murphy signed budget bill A.B. 5323, altering several aspects of the state’s corporation business tax (CBT) regime. Among many other changes, the bill imposes an economic nexus threshold for CBT purposes, switches the state’s combined reporting sales factor sourcing method from “Joyce” to “Finnigan,” treats global intangible 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…
Starting July 1, 2023, the City of Philadelphia is reducing its business income and receipts, wage and earnings and net profits, and school income, tax rates. Business Income and Receipts Tax (BIRT) For tax year 2023, the net income portion of the BIRT will drop to 5.81% from its current 5.99% rate. The BIRT applies to gross 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…
The Biden administration on March 9 unveiled a budget proposal for fiscal 2024 that would reduce the federal deficit by nearly $3 trillion over 10 years, primarily by raising taxes on high-net-worth individuals and large corporations. The proposed budget would increase the U.S. corporate income tax rate from 21% to 28%, and the top individual 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…
Per IRS guidance issued on February 10, 2023, the IRS clarified the taxability of special state payments received by taxpayers, made by 21 states in 2022. Normally, payments made for the promotion of general welfare, or as a disaster relief payment, may be excluded from income for federal tax purposes under the General Welfare Doctrine Read More…
The Inflation Reduction Act of 2022 (IRA) that was signed into law on August 16, 2022, included $13 billion for electric vehicle incentives. The IRA amended the Qualified Plug-in Electric Drive Motor Vehicle Credit, now known as the Clean Vehicle Credit, and added a new requirement for final assembly in North America that took effect Read More…
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