New Jersey Issues Sales Tax Rules for Remote Sellers Posted: August 16, 2018 Consistent with South Dakota v. Wayfair, effective Oct. 1, 2018, a remote seller that makes a retail sale of tangible personal property, specified digital products or services for delivery to a location in New Jersey must register, collect and remit New Jersey sales tax if the remote seller meets one of two criteria.
Recent New Jersey Income Tax Changes Posted: August 13, 2018 Several gross income tax changes were implemented as part of New Jersey's fiscal year 2019 budget. Here's a summary.
IRS Issues Proposed Section 199A Regulations Posted: August 8, 2018 The IRS has issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.
Treasury, IRS Propose Regs on New 100-Percent Depreciation Posted: August 3, 2018 The Treasury Department and the IRS have issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.
IRS Issues Guidance on Small Business Accounting Method Changes Under TCJA Posted: August 3, 2018 The IRS has issued guidance on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting.
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.