Updated 7/30/2019. This 2018 U.S. federal tax filing season, the good news might actually be the smaller refunds seen by many Americans. However, you might be understandably hard to convince if you, your employees or family members fall into this category.
At this point in the tax return season, many are dismayed to find their refunds are smaller than expected. Or non-existent, in the case of those shocked to find that they owe more. Spoiler alert: the culprit is most likely to be...
By Arfa Scott
Following its June 2018 decision in Wayfair, the U.S. Supreme Court continues to focus on cases that deal with how much taxation states can impose and in what circumstances. In January 2019, the nation’s highest court agreed to look at under what circumstances a state can impose its income tax on a trust by granting certiorari in the case of North Carolina Dept. of Revenue v. Kaestner Family Trust.
The Kaestner Trust case involves a New York trust whose only contact...
Whether you’re self-employed or working for someone else, tax filing season is a great excuse to start thinking about strategies to lower your taxable income and maximize your retirement savings.
You still have time. You have until April 15 to make contributions to your retirement accounts and have it apply to the 2018 tax year. If you file for an extension, your deadline for doing this in 2019 is October 15.
The following information will be especially useful if you discover or...
Starting on November 15, 2018 and ending January 15, 2019, the State of New Jersey will hold a 60-day tax amnesty program aimed towards taxpayers who have delinquent taxes owed to the state. This will provide taxpayers an opportunity to file past tax returns and/or pay outstanding taxes due to the state, including a one-half reduction of the interest due as of November 1, 2018. The amnesty program only applies to outstanding filings and payments due for tax returns which were due...
By Laura Zindel, CPA
Details of the Trump Administration’s Tax Cuts and Jobs Act are so complex that it is easier for businesses to discuss the details and ramifications in smaller pieces. One specific section of the Tax Cuts and Jobs Act involves changes to rules affecting hardship withdrawals from your employees’ benefit plan account, most commonly 401(k) and 403(b) plans.
The definition of a hardship withdrawal hasn’t changed. If a plan permits, a hardship is an early withdrawal...
On August 8 the U.S. Treasury and Internal Revenue Service (IRS) released highly anticipated proposed regulations providing rules and clarification regarding the 20% Qualified Business Income (QBI) deduction. Concurrently, the IRS also released a FAQ listing, which walks through the basics of the QBI deduction and Notice 2018-64, which provides guidance on ways in which taxpayers can compute “W-2 wages” with regard to the QBI deduction limitation. The regulations attempt to clarify...
On July 1, 2018, Governor Murphy signed New Jersey’s 2019 budget. Here are a few highlights of which you should be aware.
Main highlights:
Increased income tax rate, effective for the 2018 tax year, to 10.75% for individual taxpayers whose incomes are at or above $5M
A temporary corporate business tax surcharge of 2.5% for 2018 & 2019 and 1.5% for 2020 & 2021
Effective for the 2018 tax year, an increase in the state property tax deduction cap from $10,000 to $15,000
There...
The Supreme Court cleared the way Thursday for state and local governments to collect new sales taxes from online retailers and others with substantial sales into a state. The ruling in the South Dakota v. Wayfair case opens the door for states to require out-of-state online retailers and other remote sellers to collect sales tax from their customers, overturning a prior court decision that states have fought for years and that the court upheld in 1992’s Quill case.
In 1992,...
By Bill Beiermeister, CPA and Ryan Silva, CPA, CFE, CVA
In January 2013, Governor Chris Christie signed legislation creating an angel investor tax credit program to spur job creation and growth in New Jersey’s current and next generation of high-skill, high-wage emerging technology industries.
Under the current program New Jersey offers a 10% investor tax credit for an individual that invests in a New Jersey emerging technology company up to a maximum of $500,000 for the tax...
By Kerri Nelan
If you rent commercial space for a company located in designated sections of Manhattan, you might soon qualify for significant tax relief. Your business could save thousands of dollars annually as a result of upcoming changes to New York City’s Commercial Rent Tax, or CRT.
First, a little background.
Manhattan’s CRT
The CRT is currently paid by commercial tenants renting space below 96th Street and above Murray Street in Manhattan who pay at least $250,000 in annual...
