Withum

JANUARY 19, 2022

New Jersey business owners may want to reconsider passing on the NJ BAIT election due to recent legislative change. Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022.

income tax 75

income tax New Jersey Tax Real Estate 75

Withum

MAY 19, 2023

On May 8, 2023, Governor Phil Murphy signed into law A3946 , which effectively decoupled New Jersey from Federal Internal Revenue Code (“IRC”) section 280E. The bill, which has been making its way through the New Jersey legislature since May 12, 2022, states, “For cannabis licensees, New Jersey gross income under subsections b.

New Jersey 64

New Jersey Tax Legal Washington 64

CPA Practice

FEBRUARY 6, 2024

We predict that at least two more states will enact elective PTE taxes, despite the looming expiration of the federal SALT cap. Income tax rate fluctuations States are facing a very uncertain and non-uniform fiscal environment at the moment, affording some, but by no means all, states the ability to reduce state income tax rates.

South Dakota 124

South Dakota Tax Maryland income tax 124

CPA Practice

FEBRUARY 11, 2023

This means that people in the following states do not need to report these state payments on their 2022 tax return: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania and Rhode Island.

Rhode Island 131

Rhode Island South Carolina income tax Idaho 131

CPA Practice

AUGUST 29, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The most expensive states for millionaires tax high earners at high rates. And if you fall into the top federal income tax bracket , the IRS will tax some of your earnings at the 37% rate.) The top income tax rate is 11%. 9% or higher).

income tax 98

income tax Tax New Jersey Washington 98

Withum

AUGUST 3, 2023

On July 3, 2023, New Jersey enacted comprehensive tax legislation (A5323) that will likely impact every business in one shape or another. For background, in 2019, New Jersey implemented Corporate Business Tax (CBT) reform, which adopted market-based sourcing for the receipt of services.

New Jersey 52

New Jersey income tax Tax payroll 52

Withum

FEBRUARY 15, 2024

Tax loss harvesting is an income tax planning strategy that involves selling investments at a loss with the intent to offset capital gain income. This strategy is beneficial to taxpayers who have large capital gain income and are seeking ways to lower their related income tax liability.

Tax 123

Tax income tax New Jersey CPA 123

TaxConnex

JANUARY 2, 2025

Lawmakers in Louisiana, however, opted to give their state one of the highest combined sales taxes in the nation by passing simultaneous tax cuts on personal and corporate income tax and hiking the states sales tax to 5% (at least for the rest of this decade). New Jersey is reportedly considering a similar move.

Sales 147

Sales Tax South Dakota North Dakota 147

TaxConnex

AUGUST 15, 2023

Texas will no longer collect sales tax on essential baby products like diapers and wipes, as well as menstrual products, starting Sept. Income we trust. New Jersey signed budget legislation that changes the state’s corporate tax regulations. The enhanced its map of sales and use tax lookup rates.

Sales 130

Sales Tax Alabama Texas 130

CPA Practice

APRIL 9, 2024

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

payroll tax 110

payroll tax West Virginia payroll cpas 110

CPA Practice

JULY 28, 2023

First, let’s start with federal income taxes. Although Congress has chipped away at many traditional tax shelters in recent years, the main benefits of life insurance remain intact. Notably, it provides the following tax breaks. No income tax when you acquire the policy.

income tax 98

income tax Tax New Jersey New York 98

CTP

MAY 6, 2024

When the Tax Cuts and Jobs Act of 2018 introduced a new $10,000 cap on state and local tax (SALT) deductions, taxpayers living in areas with high state-level taxes felt the hit. of taxes due. That tax ranged from 5.675% to 10.875%.

Connecticut 104

Connecticut New Jersey income tax Pennsylvania 104

Withum

JULY 12, 2023

New Jersey Gov. The legislation includes significant changes to the state’s Business Tax reform that was originally enacted in 2018, which brought about unitary-combined filing and market-based sourcing for corporations beginning in 2019. Now, such strategies may need to be rethought.

New Jersey 52

New Jersey Tax business tax income tax 52

CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Here is the main federal income tax implication. Look for more states to follow suit. _

income tax 98

income tax Tax tax return Oregon 98

Withum

AUGUST 24, 2023

The choice of where to establish one’s residency prior to a liquidity event can have far-reaching implications regarding income taxes and personal financial goals. Make sure you are considering the type of income when implementing state income tax planning techniques.

income tax 52

income tax tax planning South Dakota Wyoming 52

CPA Practice

AUGUST 19, 2024

Ndubizo, 69, of Princeton Junction, was convicted by federal jury in Trenton Thursday of four counts each of tax evasion and filing false tax returns between 2014 and 2017, officials said. million in income taxes on about $3.28 million in income. ©2024 Advance Local Media LLC.

Tax 98

Tax Account accounted accountant 98

CPA Practice

APRIL 3, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 111

Rhode Island Alaska New Hampshire Tax 111

LyfeAccounting

JUNE 25, 2021

US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? Top 10 States With The Highest Income. Oregon – 9.9%.

income tax 52

income tax South Dakota Tax Alaska 52

CPA Practice

APRIL 9, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 105

Rhode Island Alaska New Hampshire Tax 105

Withum

MAY 4, 2022

Some of the major PTET highlights include amplifying the benefits for resident S corporation shareholders, as well as establishing a New York City PTET. For context, in January 2022, New Jersey revised its PTET, resulting in it being more uniform with New York’s PTET. PTET Income Tax Addback.

New York 112

New York income tax New Jersey Tax 112

Anders CPA

MAY 23, 2023

Be aware that misclassifying an employee as an independent contractor with no reasonable basis for doing so can result in stiff punishment, including being held liable for employment taxes for that worker without the ability to access relief provisions.

payroll tax 98

payroll tax payroll Rhode Island South Dakota 98

Withum

SEPTEMBER 6, 2024

The landscape of estate and tax planning has undergone a substantial transformation due to the Tax Cuts and Jobs Act of 2017 (TCJA), which effectively doubled the federal estate exemption to over $11 million (indexed for inflation to $13,610,000 in 2024) and is not scheduled to sunset until the end of the 2025 tax year.

New Jersey 59

New Jersey income tax Tax New York 59

CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

MyIRSRelief

NOVEMBER 29, 2019

According to the IRS and the US Tax Code, there are three separate taxes that constitute what a business is responsible for as far as a payroll tax to the Federal Government (IRS). The same is true of the Unemployment tax that the business must pay for each employee.

payroll 140

payroll payroll tax Tax income tax 140

CPA Practice

OCTOBER 4, 2024

During the pilot last year, Direct File was available in Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington State and Wyoming. During the pilot, Direct File supported taxpayers claiming the Earned Income Tax Credit, Child Tax Credit and Credit for Other Dependents.

Alaska 126

Alaska South Dakota North Carolina tax return 126

Withum

MAY 5, 2022

The New Jersey Economic Development Authority (“NJEDA”) announced on May 3, that applications are now open through June 30, for the 2022 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program.

New Jersey 72

New Jersey income tax cpa firm CPA 72

CTP

FEBRUARY 29, 2024

Without knowing that information, you can’t serve your client the legal help required to avoid paying IRS tax debts. First, you must classify gamblers, identify your clients in specific categories, and calculate estimated federal income tax. Lottery, horse track, poker tournament, and slot machine gambling are all taxed.

Gambling 105

Gambling Tax Account accounted 105

CPA Practice

AUGUST 11, 2023

From the Kiplinger Consumer News Service (via TNS). Employee retention credits have been in the news lately. The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. million in tax refunds to Haynes’ clients based on false tax form filings.

New Jersey 98

New Jersey tax preparation Tax auditor 98

ThomsonReuters

JULY 13, 2021

The IRS requires the payer of certain income payments to be reported on information returns (e.g., Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed.

payroll 98

payroll income tax Vermont Iowa 98

Withum

FEBRUARY 14, 2024

In addition, California has some of the highest taxes in the country and if goods will be shipped to customers outside of California, locating the warehouse there can result in higher income taxes than other states. It also has a variety of locally imposed tax that can increase costs depending on where the warehouse is located.

E-commerce 59

E-commerce Real Estate Nevada New Jersey 59

TaxConnex

OCTOBER 8, 2024

New Jersey Division of Taxation: Straight to the matter with an overview, filing and payments background, forms and info for out-of-state sellers. Taxation and Revenue New Mexico: Full backgrounders in initial results, along with a guide for determining nexus.

Sales 113

Sales Tax Rhode Island West Virginia 113

ThomsonReuters

APRIL 25, 2024

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

Withum

JANUARY 6, 2023

Tax-exempt bonds are those where the interest paid to the bondholders is exempt from federal income tax and, in certain situations, state and local taxes as well. This tax benefit tends to result in a higher market price for the bonds, ultimately resulting in lower interest rates for the mortgages financed by these bonds.

Finance 75

Finance Tax New Jersey New York 75

Shay CPA

MAY 1, 2024

And while you might think this is a newer issue that you can work around because state tax laws aren’t yet firmed up, think again. All the way back in 2012, a remote worker/taxable nexus case went before the New Jersey Superior Court. In Telebright Corp. Again, this hinges on state law, and it can get complicated.

Tax 52

Tax income tax New Jersey Education 52

Shay CPA

SEPTEMBER 30, 2024

Under this rule, if a nonresident employee works from home for their own convenience, rather than out of necessity for the employer, New York considers those days as workdays in New York, making them subject to New York state income tax. Pennsylvania – Also enforces this rule for nonresident remote workers.

Delaware 52

Delaware New York income tax New Jersey 52

Going Concern

NOVEMBER 8, 2024

Atlantic Spine Center LLC plausibly alleged that Deloitte LLP Group Insurance Plan violated the Employee Retirement Income Security Act by failing to comply with the terms of their benefit plan, according to an opinion. Judge Brian R. appeared first on Going Concern.

Florida 98

Florida Mississippi audit auditor 98

CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

business tax 59

business tax Tax Alaska South Dakota 59