New Jersey Taxes — They Are a-Changing… Posted: July 25, 2018 New Jersey's 2018/19 budget includes a host of business tax changes. Here's a summary of some of the major changes broken down by category.
Tips for Understanding Critical Audit Matters Posted: July 24, 2018 Critical audit matters will give practitioners an opportunity to provide new, useful information in auditor's reports. A new report explains what audit committees and financial-statement users must know about critical audit matters.
NJCPA Bylaws Changes Approved by Members Posted: July 2, 2018 The proposed revisions to the NJCPA bylaws were recently approved by the membership.
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.
Expired New Jersey UEZs Have Been Reinstated Posted: May 31, 2018 Legislation to reinstate until Dec. 31, 2023, each urban enterprise zone that has expired — Bridgeton, Camden, Newark, Plainfield and Trenton — and require a report on the effectiveness of the program has been signed into law.
Paid Sick Leave Now the Law in New Jersey Posted: May 25, 2018 New Jersey has now joined several other states in passing a paid sick leave law. The law preempts paid sick leave ordinances adopted by several cities and towns so there is now one uniform law in this area for New Jersey employers. Here is what you need to know about the new law.
Free Tools to Counter a Common Audit Issue Posted: May 21, 2018 Risk assessment is at the core of every audit. However, more than 1 in 10 firms aren’t properly assessing risk or linking their assessment to their audit procedures. The AICPA's free toolkit has resources to help.
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.
Many Corporations Will Pay a Blended Federal Income Tax This Year Under the New Tax Reform Law Posted: April 16, 2018 Due to a provision in the recently enacted Tax Cuts and Jobs Act, a corporation with a fiscal year that includes Jan. 1, 2018 will pay federal income tax using a blended tax rate and not the new flat 21 percent tax rate.
New Tool for Audit Committees to Evaluate Lease Accounting Implementation Posted: April 6, 2018 Many companies are finding themselves challenged by implementation of the FABS's new lease accounting standard. A Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.