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Tag: taxadvisory

New Jersey & New York Attempt Work-around on the SALT Deduction Limitation

New Jersey Governor Phil Murphy signed legislation this past Friday (May 4, 2018) which attempts to work-around the state and local tax deduction limitation imposed by the Tax Cuts and Jobs Act, which was enacted in December of 2017.  Under that federal legislation, the aggregate state and local tax deduction (which includes state income, property and sales tax) an individual taxpayer may claim is limited to $10,000 per year.  New York already has their version of a work-around...

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QBI and Guaranteed Payments

While there is much to say about the complexity and application of the new Qualified Business Income (“QBI”) deduction provided under the recently enacted Tax Cuts and Jobs Act, I am going to focus on a narrow aspect of these rules that could have a significant impact on partners and partnerships. Under the new QBI deduction provisions, effective after January 1, 2018, an owner of a sole proprietorship, S corporation or partnership is entitled to a deduction equal to 20% of the “qualified...

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IRS ISSUES NEW UPDATED WITHHOLDING TABLES

One of the most often heard Congressional talking points for the Tax Cuts and Jobs Act (TCJA) was that millions of workers would see an increase in their take home paychecks. To this end, on Thursday, the IRS issued new wage withholding guidelines. The guidelines are needed so employers can calculate how much tax to withhold from employees’ pay. Employees should begin seeing changes in their paychecks by February 15th (or sooner) since it normally takes about a month to update systems....

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