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.
New Jerseyans Feel Overtaxed, Dissatisfied With State Handling of Financial Issues Posted: April 10, 2019 As Tax Day approaches, about eight in 10 New Jerseyans feel they pay too much in taxes and are not happy with what the state government is doing about the affordability of living in the Garden State.
IRS Explains Tax Treatment of State and Local Tax Refunds Posted: March 29, 2019 The IRS has clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect.
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 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.
FASB Proposes Revised Improvements to Income Tax Disclosure Requirements Posted: March 26, 2019 The Financial Accounting Standards Board has issued a revised proposed Accounting Standards Update intended to improve the relevance of current income tax disclosure requirements to financial statement users. Comments are due May 31.
IRS Expands Penalty Waiver for Those Whose Tax Withholding and Estimated Tax Payments Fell Short in 2018 Posted: March 22, 2019 The IRS is lowering to 80 percent the threshold required to qualify for relief. The usual threshold is 90 percent to avoid a penalty.
IRS Proposes Life Insurance Contract Transaction Reporting Regulations Posted: March 22, 2019 The IRS has issued proposed regulations on the new information reporting requirements for certain life insurance contracts under the Tax Cuts and Jobs Act.
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.
Governor Signs Bill That Forbids Arbitration Agreements in Employee Contracts Posted: March 19, 2019 Under a bill signed into law by Governor Murphy on March 18, arbitration agreements are now banned in all employment contracts in New Jersey. The NJCPA opposed the bill.