News

Menendez Introduces Cannabis Banking Bill
 

Menendez Introduces Cannabis Banking Bill

Posted: April 12, 2019
U.S. Sen. Bob Menendez introduced the Secure and Fair Enforcement Banking Act to enable legal cannabis businesses to access banking services. Currently, legal cannabis businesses can be denied access to the banking system because banks can be prosecuted under federal law.



AICPA Issues Guidance on Prior-Period Audits
 

AICPA Issues Guidance on Prior-Period Audits

Posted: March 27, 2019
Auditors should perform and report on prior-period audits in accordance with auditing standards in effect at the time the engagement is performed, according to nonauthoritative guidance issued by the AICPA.

IRS Revises EIN Application Process
 

IRS Revises EIN Application Process

Posted: March 27, 2019
Starting May 13, only individuals with tax identification numbers may request an Employer Identification Number (EIN) from the IRS as the “responsible party” on the application.




Bill to Help Pass-Through Business Owners Passes Assembly Committee
 

Bill to Help Pass-Through Business Owners Passes Assembly Committee

Posted: March 19, 2019
A bill that would allow New Jersey flow-through entities to pay entity-level taxes on their net taxable income instead of having these individual business owners pay the New Jersey gross income tax passed the Assembly Appropriations Committee on March 18.