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Elective Business Alternative Income Tax for Pass-Through Entities to Address Federal Limitation on State and Local Deduction

On January 13, 2020, Governor Phil Murphy signed into law Senate Bill 3246 establishing the business alternative income tax, an elective New Jersey business tax for pass-through entities. A corresponding refundable state gross income tax credit is allowed for the owners of the pass-through entities to offset personal or corporate income tax liability.  The pass-through entity tax applies to tax years beginning on or after January 1, 2020.  The intent of the new legislation is to...

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Rising to the Challenge: How Wiss Responded to Historic Tax Legislation

An interview with Michael LaMotta, Partner-in-Charge, Tax Services at Wiss & Co. LLP On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. It presented the most significant changes to the tax code in over thirty years, and its effects were wide-ranging. Everyone from individual taxpayers and business owners to accountants and financial advisers had to learn the ropes. Now, two years after the bill was passed, many are still playing catch-up. “When the tax reform...

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Nonprofit News Special Update: Parking Tax Repealed and Single Rate Excise Tax for Private Foundations

by Linda Curro The government funding legislation passed by Congress in December 2019 includes the repeal of the Internal Revenue Code § 512(a)(7), commonly referred to as the “Parking Tax.” The legislation was signed by the President on December 20th, 2019. The original provision, enacted as part of the 2017 Tax Cuts and Jobs Acts, required tax-exempt organizations to include in unrelated business income the amounts they pay or incur on qualified transportation fringe benefits. ...

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Employee Perspective: Stephanie Hughes on Financial Strategies for the Second Generation

by Stephanie Hughes All employees have financial concerns, but for those who are also parents, these concerns can be especially overwhelming. From childcare to higher education, financial worries can spill over into other areas of life, including work. While this type of stress can adversely affect the health and well-being of individuals and their families, it can also hinder employees’ happiness, engagement, and productivity at their jobs. Therefore, it’s in employers’ best interest...

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Important 2019 Year-End Tasks: HR and Payroll, Including New Form W-4

by Lisa Calick and Laura Melville The end of the year marks an ideal time for employers to take inventory and prepare for the transition to the New Year. As 2019 comes to an end, we put together this checklist to help make sure you are prepared and suggest taking the following action steps: Have your employees review their personal information, including name, address and social security number, and make any updates before Form W-2s are prepared; Review your records and determine...

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A Breakdown of the Opportunity Zones Program as the Deadline for Investment Nears

Interview with Alex Narcise and Stephanie Hughes The Opportunity Zones program, created by the 2017 Tax Cuts and Jobs Act, offers private equity firms, family offices, and asset managers the chance to make an investment with up to 100% exemption of capital gains taxes. The deadline, however, is fast approaching: December 31, 2019. In this post, we’ll provide a breakdown of the program, as well as lay out the possible advantages and disadvantages of investment. Let’s dive in. What...

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A message to CEOs: When a CFO joins or leaves your company, it’s an ideal time to conduct a Business Process Review

by Paul Ursich A CFO entry or exit event, especially when it comes to mid-sized companies, is often an opportune time to conduct a Business Process Review. When a mid-sized company decides to bring on a CFO, it’s an indication of an important company life cycle shift.  Making the investment into this critical CFO role is a major one. It’s the perfect time to conduct a Business Process Review to provide valuable insight into this new hire. An immediate and independent review can drastically...

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New HRA Option for Businesses Beginning January 1, 2020

by Lisa Calick, SPHR Businesses that have struggled with wanting to provide an alternative to a group health plan for their employees will now have a new option to consider with an Individual Coverage Health Reimbursement Arrangement (ICHRA), which will be available beginning January 1, 2020.  This benefit allows employers to reimburse employees tax-free for health insurance coverage bought on the individual market, thus allowing companies to provide benefits without having to offer...

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NJ Employment Law Update: Salary History Ban

In yet another step toward strengthening equal pay protections among workers, New Jersey joins the list of states that will now prohibit companies from asking prospective employees about their salary history. The new law, which will take effect in January 2020, makes it illegal for employers to ask about an applicant’s salary, commission or benefits history during the hiring process.  Companies may only consider this information if voluntarily offered by the applicant without coercion,...

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The Tax Cuts and Jobs Act of 2017

by Mary Vasilescu In December 2017 the U.S. passed a comprehensive tax reform package focused on supporting U.S. investments and the repatriation of foreign profits. The Tax Cuts and Jobs Act of 2017 (TCJA) lowered the corporate federal tax rate from 35 to 21 percent and made significant changes as to how foreign generated income would be taxed going forward. The TCJA enacted a “territorial” tax system and at the same time introduced provisions aimed to prevent U.S. companies from...

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