Industry News

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 …

Initially for the 2023 year, Forms 1099K that are issued by Third Party Settlement Organizations (ex. Credit card companies) and online sellers were supposed to issue a Form 1099K for transactions over $600. That has been delayed by the IRS and will not occur. Instead, the current rules will apply, that is, taxpayers who receive …

The IRS announced additional features to its online self-service tools for Business Tax Accounts, now expanding access to individual partners of partnerships or shareholders of S corporation businesses. ( IR 2023-243 ; 12/18/2023) Partners and shareholders can access online account information after filing a business return with a completed Schedule K-1. An IRS news release …

The IRS announced on Tuesday new penalty relief for approximately 4.7 million individuals, businesses, and tax-exempt organizations that were not sent automated collection reminder notices during the COVID pandemic. (IR 2023-244; Notice 2024-7, 2024-2 IRB; Fact Sheet 2023-28) The IRS will be providing about $1B in penalty relief. Most of those receiving the penalty relief …