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…
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…
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…
On an annual basis, certain individuals should review their income tax situation at the end of each year, so as to minimize their income tax liability for the year. Common planning techniques include deferring income and/or accelerating deductions to the following year. With the current climate of dramatic tax reform in Congress, there is even Read More…
On November 2, House Republicans unveiled their much-anticipated tax reform legislation, the Tax Cuts and Jobs Act (HR 1). The legislation seeks to dramatically cut taxes on corporations and consolidate benefits like personal exemptions, the standard deduction, and the child credit for individuals. It would eliminate the alternative minimum tax and estate tax, and Read More…
We have noticed an increase in the frequency of fraudulent calls by individuals posing as IRS or United States Treasury officials. This Client Alert summarizes important information on how to respond in the event you are contacted by someone stating they are from the IRS, United States Treasury or other state or local taxing authority. Read More…
As businsses grow and mature, they start to acquire customers that are located in various states. In this internet age, this can happen much easier than a generation ago. Combined with the fact that states are hungry for tax revenue and are becoming more sophisticated in tracking down companies doing business in their state, this Read More…
On April 26th, the White House announced the President’s Federal tax proposals, which include large reductions in corporate tax rates, flattening of the individual income tax brackets, and repeal of the estate and alternative minimum taxes. Here are some highlights: Individuals The current seven graduated tax brackets (ranging from 10% to 39.6%) would be replaced Read More…
39 State Route 12, Suite 2, Flemington, NJ 08822 (908) 782-7900 Fax: (908) 782-4328
34 East Avenue, Woodstown, NJ 08098 (856) 769-0707 Fax: (856) 769-4657 info@bkc-cpa.com
© BKC, CPAs, PC. All rights reserved. 2024
