News




IRS Issues More Guidance on Withholding Rules for New Tax Law
 

IRS Issues More Guidance on Withholding Rules for New Tax Law

Posted: January 30, 2018
A new IRS notices extends the use of the existing 2017 Form W-4; temporarily suspends the rule that employees must notify their employers of changes in status that affect their withholding within 10 days; provides the new rate of optional withholding on supplemental wages; and more.



Back Taxes Could Put Passports in Jeopardy
 

Back Taxes Could Put Passports in Jeopardy

Posted: January 16, 2018
The IRS is strongly encouraging taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy.

IRS Issues Updated 2018 Withholding Tables
 

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
 

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
 

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.