Industry News

Below are the updates to the Stay NJ and Anchor Benefit programs per the recent state budget signed by Governor Sherrill. STAY NJ PROGRAM Current 2026 Stay NJ Program (using 2024 tax year information) continues to provide the final two installments for the remainder of calendar year 2026, one paid in August and the final …

The IRS has announced an increase in the optional standard mileage rate for the remainder of 2026. Optional standard mileage rates are used by employees, self-employed individuals, and other taxpayers to compute the deductible costs of operating automobiles (including vans, pickups, and panel trucks) for business, medical, moving, and charitable purposes. The revised standard mileage …

The Internal Revenue Service today announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance. The new Automatic Exemption from Penalty will replace the long-standing First Time Abate administrative relief and is designed to simplify the process …

These FAQs are meant to provide quick, general guidance for taxpayers and tax professionals. They’re designed to be helpful, but they may not cover every individual situation and can be updated as new information becomes available. Because these FAQs haven’t been published in the Internal Revenue Bulletin, the IRS won’t use them as official authority …

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 …