National Tax Reform


Can NJ Property Tax Payments Be Treated as Charitable Contributions?

Posted: January 19, 2018
Some New Jersey towns and members of Congress are proposing a workaround to the new $10,000 SALT deduction whereby towns would create charitable funds and give homeowners a credit off their property tax bills for all or most of what they donate to the fund. Do you think this approach will work? Participate in our quick poll.

NJ Politicos Push Bill to Let You Deduct Full 2018 Property Taxes

Posted: January 19, 2018
Homeowners who prepaid their 2018 property taxes would be allowed to deduct the full amount on their 2017 income tax returns under legislation introduced Thursday by two Garden State lawmakers.

IRS Issues Additional Guidance on Transition Tax on Foreign Earnings

Posted: January 19, 2018
The Treasury Department and the IRS have provided additional guidance for computing the “transition tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act.

FASB Proposes Improvements to Income Tax Accounting Related to the Tax Cuts and Jobs Act

Posted: January 18, 2018
The Financial Accounting Standards Board has issued a proposed Accounting Standards Update intended to help organizations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017.

IRS Issues Updated 2018 Withholding Tables

Posted: January 11, 2018
The IRS has released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. Employers should begin using the 2018 withholding tables as soon as possible, but not later than Feb. 15, 2018.

Rules for NJ and Federal Property Tax Deductions Vary Widely

Posted: January 11, 2018
New Jersey taxpayers who prepaid one or two quarters of their 2018 property tax assessments at the end of 2017 need to be aware that the amount they can deduct on their federal tax return is not the same as the amount they can deduct on their state tax return.

FASB Addresses Financial Reporting Impacts of New Tax Law

Posted: January 11, 2018
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act, in an effort to provide financial statement preparers with timely answers to questions they have posed.

Audit Committees Will be Dealing with New Accounting Standards and Tax Reform This Year

Posted: January 11, 2018
Audit committees at public companies will have plenty on their agendas this year, according to a pair of new reports from KPMG, including new accounting standards, the new tax law, cyber security and more.

Plan Aims to Turn Property-Tax Bills Into Charitable Deductions to Skirt Overhaul

Posted: January 8, 2018
N.J. Democrat’s proposal says GOP tax overhaul capping deductions penalizes some communities