New Jersey Tax Amnesty Program to Take Place Later This Year Posted: July 19, 2018 The New Jersey Division of Taxation has posted preliminary information about the tax amnesty program that was approved as part of the 2018/19 New Jersey budget.
GAO Updates Yellow Book Standards Posted: July 18, 2018 Key changes include updated independence requirements, revised peer review requirements, new guidance to address waste and abuse, and more.
Proposed SSAE Would Increase Flexibility for Practitioners in Performing Attestation Engagements Posted: July 12, 2018 The AICPA Auditing Standards Board has issued a proposal that would make numerous changes to attestation standards, including changing the terminology for what have been known as "review engagements."
Growth Benefits of U.S. Tax Cuts May Be Overestimated: Fed Study Posted: July 11, 2018 U.S. growth expectations may be too rosy as analysts overestimate how much tax cuts will boost the economy, according to an economic letter from the Federal Reserve Bank of San Francisco.
A Look at New Jersey’s Tax Revenues in FY2019 Posted: July 3, 2018 After the New Jersey Legislature passed a fiscal year 2019 budget and Gov. Phil Murphy signed it over the weekend, there are a number of new revenue sources for the state of New Jersey. Here’s a look at a few of them.
State Could Learn from Errors of Others When It Comes to Combined Reporting Posted: July 3, 2018 Like almost everyone else, the heads of the New Jersey Society of CPAs were surprised when they heard combined reporting was included in the budget compromise between Gov. Phil Murphy and legislative leaders.
NJCPA Bylaws Changes Approved by Members Posted: July 2, 2018 The proposed revisions to the NJCPA bylaws were recently approved by the membership.
Governor Murphy Signs New Jersey Budget Posted: July 2, 2018 Late in the evening of July 1, Governor Murphy signed the fiscal year 2019 budget after long negotiations with state legislators. The final budget includes increases in the corporate business tax and the income tax rate on taxpayers earning more than $5 million.
New Jersey Enacts Legislation Establishing a Shared Responsibility Tax Posted: July 2, 2018 On May 31, 2018, Governor Murphy signed into law the “New Jersey Health Insurance Market Preservation Act,” which establishes a “shared responsibility tax” for New Jersey residents who do not have health insurance.
IRS Working on a New Form 1040 for 2019 Tax Season Posted: June 29, 2018 The IRS plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season. The new 1040 – about half the size of the current version – would replace the current Form 1040 as well as the Form 1040A and the Form 1040EZ.