New Jersey Corporate Business Tax Surtax ImposedJuly 2, 2024
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, …
New Jersey Eliminates Future Sales Tax Holidays and Exemption for Zero Emission VehiclesJuly 2, 2024
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 …
New Jersey Announces Sales Tax HolidayJune 24, 2024
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 …
Local Charities Selected to Receive Proceeds from 3rd Annual Curchin Cornhole Classic Event!June 4, 2024
The Curchin Group, LLC, a mid-sized, full-service accounting firm based in Red Bank, N.J., announced today that The Arc of Monmouth and CONTACT of Ocean and Monmouth Counties, two locally-based nonprofit organizations will be receiving all proceeds from the firm’s 2024 outdoor cornhole tournament for charity, The Curchin Cornhole Classic. Since the event began in …
U.S. Corporate Transparency Act: CTA is Declared Unconstitutional in U.S. District Court CaseMarch 4, 2024
The Corporate Transparency Act has been declared unconstitutional. On March 1, 2024, U.S. District Court Judge Liles C. Burke issued a 53-page opinion granting summary judgment for the National Small Business Association and held that the Corporate Transparency Act “exceeds the Constitution’s limits on the legislative branch and lacks a sufficient nexus to any enumerated …
IRS – 1099K OVERVIEW 2023 Rule DelayDecember 22, 2023
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 …
IRS Online Business Account Access Expanded to Partners, ShareholdersDecember 21, 2023
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 …
IRS Announces Pandemic-Related Penalty ReliefDecember 21, 2023
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 …
FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership InformationSeptember 19, 2023
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about …
Werfel Stops New Employee Retention Credit Processing Amid Surge of Questionable ClaimsSeptember 15, 2023
The IRS has announced an immediate moratorium on processing new Employee Retention Credit (ERC) claims through at least the end of the year. This decision comes amid rising concerns about a flood of improper claims, putting honest small business owners at financial risk from scams. (IR 2023-169, 9/14/2023) IRS Commissioner Danny Werfel ordered the immediate …