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…
New Jersey is now the second state in the country requiring individual health insurance for residents. On May 30, 2018, Gov. Phil Murphy signed into law a bill (A3380 – New Jersey Health Insurance Market Preservation Act) that will require all New Jersey residents to have health coverage or pay a penalty, making the state Read More…
Under the 2017 Tax Cuts and Jobs Act, “regular” corporations (also known as C-corporations) will see a dramatic change in their Federal tax rates. C-corporations with less than $50,000 of taxable income will see a tax increase from 15% to 21%. Federal tax rates for C-corporations with taxable income in excess of $50,000 will now Read More…
Summary On Friday, December 22, President Trump signed sweeping tax reform (the “Act”) into law. The Act provides the most comprehensive update to the tax code since 1986 and includes a number of provisions of particular interest to partnerships and their partners. This alert addresses the Section 199A deduction for qualified business income of pass-through Read More…
1/16/18 There are two major taxpayer-friendly changes for the 2017 New Jersey individual income tax return (Form NJ-1040). The pension and other retirement income exclusion for taxpayers age 62 or older or disabled has been doubled. The exclusion, which is still available only to taxpayers whose NJ gross income is less than $100,000, is now Read More…
As a result of the government shutdown, at mid-night on February 8, 2018, Congress passed, and the President signed, the Bipartisan Budget Act of 2018, on February 9th. Congress included several tax extenders as part of the Budget Deal, which had previously expired at the end of 2016. The Bipartisan Budget Act of 2018 consists Read More…
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…
Under current tax law, you can deduct taxes paid to state and local governments, including property, income, and sales taxes. But the new law that takes effect in 2018, caps the deduction at $10,000, either for property taxes, state and local income taxes, or sales tax. Homeowners whose property taxes are more than $10,000 and Read More…
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…
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…
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