Recent New Jersey Tax UpdatesJuly 19, 2023

New Jersey Tax Update

Businesses Income Sourcing – Effective January 1, 2023, the sourcing rules for Gross Income Tax purposes will follow the Corporation Business Tax sourcing rules. A taxpayer that engages in a trade or business, a partner in a partnership or a shareholder of an S Corporation that conducts business operations inside and outside of New Jersey …

Key Individual Provisions in SECURE 2.0January 16, 2023

SECURE Act

In late December while most practitioners and their clients were busy with other things, Congress was passing a giant omnibus budget bill. Buried within it was the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (SECURE 2.0), which contains many retirement (and some other) changes that practitioners and their clients need to …

Fall 2022 NewsletterNovember 9, 2022

Curchin Fall Newsletter 2022

The latest issue of the Curchin Newsletter is here! You can look forward to reading about hot topics in accounting/tax/audit, firm news, and more! In this issue: End of Year Planning for Construction Companies Read More

Child Tax CreditOctober 17, 2022

ChildTaxCredit

The New Jersey Division of Taxation has advised that starting with the tax year 2022, eligible New Jersey residents can claim a refundable child tax credit on their New Jersey Resident Income Tax Return (Form NJ-1040). The credit amount can be up to $500 for each dependent child age 5 or younger at year-end that …

With IRS Funding Secured, Treasury Chief Outlines 6-Month PlanSeptember 16, 2022

TreasuryChief

The IRS is poised to course-correct from COVID-19 setbacks impacting customer service and uncollected taxes from top earners, according to the top Treasury Department official, who announced targets for next filing season using additional appropriations from the Inflation Reduction Act (PL 117-169). Speaking at the IRS’ New Carrollton, Maryland, facility on September 15, Treasury Secretary …

Eligible NJ Residents Encouraged to Apply for Tax ReliefSeptember 13, 2022

ANCHOR

The New Jersey Division of Taxation has issued instructions on how to file for the new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program and these instructions are being mailed out to eligible residents. Homeowners with incomes up to $150,000 will receive $1,500 in relief; homeowners with incomes more than $150,000 and not more …

Sales Tax Holiday for Certain Retail SalesJuly 29, 2022

SalesTaxHoliday

August 27, 2022 – September 5, 2022 P.L. 2022, c.21, establishes a Sales Tax Holiday for certain retail sales of computers, school supplies, and sports or recreational equipment when sold to an individual purchaser for non-business use. The Sales Tax Holiday takes place between August 27 through September 5 of 2022. Sellers should not charge …

2022 Enhanced Business Meal DeductionJune 16, 2022

BusinessMealDeduction

Here is a reminder for the 2022 enhanced business meal deduction. This is particularly important for small business accounting and tax planning. For 2021 and 2022 only, businesses can generally deduct 100% of the cost of business-related food and beverages purchased from a restaurant. The deduction limit is usually 50% of the cost of the …