TAXATION


NJCPA Member Alan Sobel Leads Charge in Helping Small Businesses
 

NJCPA Member Alan Sobel Leads Charge in Helping Small Businesses

Posted: March 14, 2018
Alan Sobel, CPA, managing member of Sobel & Co. LLC, and member of the New Jersey Society of CPAs (NJCPA), proposed a plan to help small businesses or flow-through entities in New Jersey in light of the recent limitations on the state and local tax (SALT) deduction stemming from the Tax Cuts and Jobs (TCJA) of 2017. The plan has been endorsed by Senators Paul Sarlo (D-Bergen), Steve Oroho (R-Sussex), Troy Singleton (D-Burlington) and Anthony Bucco Sr. (R-Morris), who are drafting legislation.

Highlights of the Tax Cuts and Jobs Act
 

Highlights of the Tax Cuts and Jobs Act

Posted: March 9, 2018
Among the major tax law changes are reform of individual tax rates, treatment of business income of individual taxpayers, repeal of individual tax deductions, reduction in the corporate tax rate and increase in deductions for business capital investment.​


The Section 179 Deduction: It Has Come a Long Way
 

The Section 179 Deduction: It Has Come a Long Way

Posted: January 30, 2018
Internal Revenue Code Section 179, Election to Expense Certain Depreciable Business Assets, allows taxpayers other than estates and trusts to expense in full various fixed asset additions used in their trade or business in the year of acquisition with certain limitations. Find out what's necessary to claim a Section 179 expense deduction.


Understanding Tax Return Identity Theft
 

Understanding Tax Return Identity Theft

Posted: January 19, 2018
What exactly is tax identity theft and how can you tell if your client has fallen prey to it? Taxpayers may be made aware of tax return identity theft upon attempting to file their own return or may be alerted when the IRS issues a notice to the taxpayer that it suspects that tax return identity theft has occurred.

Rules for NJ and Federal Property Tax Deductions Vary Widely
 

Rules for NJ and Federal Property Tax Deductions Vary Widely

Posted: January 11, 2018
New Jersey taxpayers who prepaid one or two quarters of their 2018 property tax assessments at the end of 2017 need to be aware that the amount they can deduct on their federal tax return is not the same as the amount they can deduct on their state tax return.

Tax Season – A Different Kind of Boot Camp
 

Tax Season – A Different Kind of Boot Camp

Posted: January 3, 2018
How one survives tax season at a public accounting firm is often personal and cannot be explained. With long hours and countless demands on staff, senior management has come to offer innovative services to boost morale and keep clients coming back.

7 Steps Employees Can Take to Adapt to the New Tax Law
 

7 Steps Employees Can Take to Adapt to the New Tax Law

Posted: January 3, 2018
Tax laws are likely to affect you. Whether you see a net benefit in your paycheck or end up paying more is a function of personal factors. The following article lists 7 steps in adapting to the new tax law.

The Federal Taxation Interest Group provides an open forum to discuss and educate members on Federal taxation issues, both domestic and international. 

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