Industry News

  Our recent webinar unpacked the key components of the Big Beautiful Bill—the newest tax legislation poised to impact individuals and businesses alike. If you weren’t able to attend live, you can still access all the insights and guidance shared during the session. WATCH THE WEBINAR RECORDING Passcode: *?47ty%y Originally hosted on Tuesday, December 9, …

With the sweeping changes in the latest tax law here are some planning items for you to consider before the end of 2025 and into 2026. The following is a summary of changes and examples. STANDARD DEDUCTION CHANGES FOR 2025: $31,500 MFJ or qualifying surviving spouse $23,625 for Head of household $15,750 Single or MFS …

The Treasury Department and the Internal Revenue Service (IRS) have issued a notice of proposed rulemaking (REG-110032-25) providing critical guidance on the new income tax deduction for “qualified tips” under Internal Revenue Code (Code) § 224. This new deduction was enacted as part of the One, Big, Beautiful Bill Act (OBBBA). For tax professionals, understanding …

New Jersey has updated its: homestead property tax benefit program; the homestead property tax reimbursement program; and the Stay NJ property tax credit program. The amendments adjust the eligibility for property tax credits and the annual rebate, alter the age and residency requirements to qualify for the program, and established a uniform definition of income …

By Tim Shaw, Checkpoint Technological improvements made by the IRS allowing taxpayers and professionals to more easily interact with the agency and quickly access information or make payments are making life easier for everyone, tax practitioners are saying. Within the last year, the IRS has implemented efforts funded by the Inflation Reduction Act to modernize …

Employer rate notices are now posted electronically to Employer Access (formerly TWES). The 2024-25 notice is the last that will be mailed to employers. All employers subject to Unemployment Insurance (UI) are required by law to register on Employer Access to communicate with the Division of UI. In addition to electronic communication and rate notices, …

By David Engel, CPA On July 25, 2024, Governor Phil Murphy signed legislation that will provide tax credits to eligible artificial intelligence (AI) businesses. The credit program is referred to as the Next New Jersey Program. ( L. 2024, S3432 (c. 49) , effective 07/25/2024.) Amount of credit.  The amount of the tax credit allowed …

by David Engel CPA On June 28, 2024, Governor Phil Murphy signed a law that imposes a 2.5% surtax, referred to as the Corporate Transit Fee, on certain corporation business taxpayers (CBT) that have a New Jersey allocated taxable net income in excess of $10 million for tax years beginning on and after January 1, …

By David Engel, CPA On June 28, 2024, Governor Phil Murphy signed legislation that will eliminate the annual sales tax holiday after 2024 and phases out the sales and use tax exemption for zero emission vehicles starting October 1, 2024. (L. 2024, A4702 (c.19), effective 06/28/2024 and as stated.) Elimination of sales tax holidays. The …

By David Engel CPA The New Jersey Division of Taxation is advising taxpayers of an upcoming sales tax holiday for certain retail sales of computers, school supplies or recreational equipment when sold to an individual purchaser for non-business use. ( Sales Tax Holiday for Certain Retail Sales, N.J. Div. of Taxation, 06/18/2024 .) This holiday …