EDA Accepting Applications for 2018 NOL Program Posted: May 14, 2018 Qualified, unprofitable technology or biotechnology companies based in New Jersey can sell a percentage of NOLs and R&D tax credits for cash through a program offered by the New Jersey Economic Development Authority.
Philadelphia Will Follow Pennsylvania on Bonus Depreciation Posted: May 11, 2018 The City of Philadelphia has aligned its position with the Commonwealth of Pennsylvania’s Corporation Tax Bulletin 2017-02 — Disallowance and Recovery of 100 Percent Depreciation Under IRC Section 168(k).
IRS Issues HSA Contribution Limits for 2019 Posted: May 11, 2018 The IRS issued the calendar year 2019 inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
IRS Offers Automatic Method to Change Accounting for New Revenue Recognition Standard Posted: May 11, 2018 The IRS has released a new revenue procedure that provides a new automatic way that companies can use when changing their accounting method to conform to the FASB’s new revenue recognition standard.
NJCPA Testifies Against Bill That Would Ban Arbitration Posted: May 10, 2018 On May 10, NJCPA Government Relations Director Jeff Kaszerman testified in Trenton before the New Jersey State Assembly Labor Committee about A1242, a bill that would in effect ban arbitration in all employment contracts.
IRS Looking to Speed Up Correspondence Audits Posted: May 2, 2018 The IRS is testing the Taxpayer Digital Communications Secure Messaging program to streamline correspondence audits. This program is by invitation only.
IRS Provides Some Relief for the Small Business Health Care Tax Credit Posted: April 27, 2018 The IRS has issued guidance that provides relief for certain small employers that wish to claim the Small Business Health Care Tax Credit for 2017 and later years.
Firm License Renewals and Peer Review Exemption Forms Due June 30 Posted: April 27, 2018 June 30 is the deadline for renewing a CPA firm license with the New Jersey State Board of Accountancy. It is also the deadline for claiming an exemption from peer review.
IRS Grants Relief for Taxpayers Affected by Reduction of Maximum Deductible HSA Contributions Posted: April 26, 2018 The IRS has announced relief for taxpayers with family coverage under a High Deductible Health Plan who contribute to a Health Savings Account.
IRS Describes New Reporting Requirements for Certain Life Insurance Transactions Posted: April 26, 2018 The IRS has outlined the new information reporting requirements for certain life insurance contracts under new IRC 6050Y, which was added by the Tax Cuts and Jobs Act. The new reporting requirements apply to reportable death benefits paid and reportable policy sales made after Dec. 31, 2017.