New Jersey Offshore Voluntary Compliance Initiative Closing Nov. 1 Posted: September 13, 2018 The New Jersey Department of the Treasury, Division of Taxation, is closing its Offshore Voluntary Compliance Initiative on Nov. 1, 2018. This corresponds with the closing of the IRS Offshore Voluntary Compliance Program on Sept. 28, 2018.
IRS Interest Rates Remain the Same in the Fourth Quarter Posted: September 10, 2018 The IRS has announced that interest rates will remain the same for the calendar quarter beginning July 1, 2018, as they were in the quarter that began on April 1.
Payments Under State or Local Tax Credit Programs May Be Deductible as Business Expenses Posted: September 6, 2018 The IRS has clarified that business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses.
IRS Reminds Tax Preparers of Data Security Plan Requirements Posted: September 4, 2018 The IRS and Security Summit partners remind tax professionals that protecting taxpayer information isn’t just good for the clients and good for business – it’s also the law.
FASB Improves the Accounting for Costs of Implementing a Cloud Computing Service Arrangement Posted: August 30, 2018 The Financial Accounting Standards Board has issued an Accounting Standards Update that reduces complexity for the accounting for costs of implementing a cloud computing service arrangement.
FASB Improves the Effectiveness of Disclosures in Notes to Financial Statements Posted: August 29, 2018 The Financial Accounting Standards Board has issued two changes to the FASB’s conceptual framework and two Accounting Standards Updates that improve the effectiveness of disclosures in notes to financial statements.
New Jersey Enacts Surcharge on Ride-Sharing Services Posted: August 27, 2018 The New Jersey Division of Taxation has issued guidelines for the new prearranged ride surcharge that was approved in the fiscal 2019 New Jersey budget. The surcharge goes into effect on Oct. 1.
Proposed Regs Issued on Charitable Contributions and SALT Credits Posted: August 23, 2018 Today the U.S. Department of the Treasury and the IRS issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.
IRS to Introduce New Tax Transcript to Better Protect Taxpayer Data Posted: August 23, 2018 Moving to better protect taxpayer data, the IRS has announced a new format for individual tax transcripts that will redact personally identifiable information from the Form 1040 series.
New Jersey Issues Rules on Taxability of Transient Accommodation Rentals Posted: August 20, 2018 Starting Oct. 1, 2018, rentals of transient accommodations in New Jersey are subject to sales tax, the state occupancy fee and the Meadowlands regional hotel use assessment.