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Enrolled Agent: Comprehensive TaxServices for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. This might include advice on retirement contributions, tax-efficient investments, and other strategies to reduce taxable income.
NewJersey implemented a new law that requires employers with 25 or more employees to implement a retirement plan. Who It Applies To Businesses with 25 OR MORE employees in the ENTIRE PREVIOUS YEAR; That does NOT currently have a “qualified” retirement plan; and Have conducted business in NewJersey for AT LEAST 2 YEARS.
Governor Phil Murphy signed the NewJersey Secure Choice Savings Program Act on March 28, 2019, requiring many small to mid-size businesses to offer a retirement plan. NewJersey did create a Secure Choice Savings Program website that should provide more details regarding the program.
On July 3, 2023, NewJersey enacted comprehensive tax legislation (A5323) that will likely impact every business in one shape or another. This includes investment management companies, such as investment advisors, hedge fund managers, mutual fund service providers, broker-dealers, and similar financial servicebusinesses.
NewJersey Gov. Phil Murphy signed into law A5323 on July 3, 2023, which includes wide-ranging provisions that will considerably impact businesses. This new bright-line test adopts a Wayfair nexus rule, subjecting a corporation to tax if it derives receipts in excess of $100,000 or has more than 200 separate transactions.
A federal grand jury in Newark, NewJersey, returned an indictment Wednesday charging tax preparer Leon Haynes of Teaneck, NewJersey with fraudulently seeking more than $150 million from the IRS by filing more than 1,600 false tax returns for himself and his clients that claimed COVID-19-related employment tax credits.
Butler (D) Butler (202) 224-3841 California Alex Padilla (D) Padilla (202) 224-3553 Florida Marco Rubio (R) Rubio (202) 224-3041 Florida Rick Scott (R) Scott (202) 224-5274 NewJersey Cory A. Booker (D) Booker (202) 224-3224 NewJersey Robert Menendez (D) Menendez (202) 224-4744 New York Charles E.
Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small businesstax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.
For context, in January 2022, NewJersey revised its PTET, resulting in it being more uniform with New York’s PTET. Now, with the recent New York legislative changes, with careful consideration, the state’s PTET could potentially be more advantageous for certain businesses. PTET Income Tax Addback.
However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our businesstaxservices team. Table of Contents What is the QSBS Exemption?
LGA Welcomes Matt Foley, CPA, MST, as Tax Partner LGA recently welcomed Matt Foley, CPA, MST, as a Tax Partner. Matt brings a wealth of experience in corporate, flow-through, and personal taxation to our businesstax practice.
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