Posted: April 16, 2018
Due to a provision in the recently enacted Tax Cuts and Jobs Act, a corporation with a fiscal year that includes Jan. 1, 2018 will pay federal income tax using a blended tax rate and not the new flat 21 percent tax rate.
Posted: April 9, 2018
The deduction, which lets businesses other than corporations deduct 20 percent of qualified trade or business income earned in a qualifying trade or business, is subject to limitations. Find out what they are and how the deduction works.
Posted: April 2, 2018
The notice describes rules addressing the calculation of the business interest expense limitation at the level of a consolidated group of corporations and other rules to clarify certain aspects of the law as it applies to corporations.
Posted: March 26, 2018
In light of the Tax Cuts and Job Act, taxpayers are encouraged to do a “paycheck checkup” to make sure they have the right amount of tax taken out of their paychecks for their personal situation.
Posted: March 9, 2018
Among the major tax law changes are reform of individual tax rates, treatment of business income of individual taxpayers, repeal of individual tax deductions, reduction in the corporate tax rate and increase in deductions for business capital investment.
Posted: March 6, 2018
The IRS has a new version of Form W-4 and a new withholding calculator with the 2018 changes to assist taxpayers. NJCPA is reminding taxpayers to review their W-4s amid the release of the new IRS withholding calculator.
Posted: March 6, 2018
Four New Jersey Senators have announced a bipartisan legislative initiative that will preserve the federal deductibility of an estimated $23 billion in state income taxes for New Jersey’s small businesses and partnerships.
Posted: February 26, 2018
Almost 50 percent of the CPAs surveyed recently said that their company/their client companies will see tax savings from the Tax Cuts and Jobs Act of 2017.
Posted: February 22, 2018
Recommendations include clarifying the effective date for net operating losses for fiscal year filers, clarifying the property class life on qualified improvement property and correcting a section concerning charitable deductions that reduces the allowed charitable deduction if assets other than cash are donated.