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New Jersey Allows Cannabis Businesses to Deduct Expenses on State Taxes

CPA Practice

New Jersey Governor Phil Murphy has signed a bill into law that makes it possible for New Jersey cannabis businesses to deduct some expenses on state tax returns by decoupling them from federal rules. By Jelani Gibson, nj.com – (via TNS). The measure was sponsored by state Sens.

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Accountant Gets Jail Time For Charging $3 Million on New Jersey Employer’s Credit Card

CPA Practice

Attrino, nj.com (TNS) A woman who worked as an accountant for a New Jersey company was sentenced Monday to more than three years in prison and ordered to pay $3.8 Vandever was indicted in February 2022 on multiple charges of fraud and tax evasion. By Anthony G. She pleaded guilty in September 2023 before federal Judge Karen M.

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New Jersey Drivers Could Write Off Their E-ZPass Tolls if Bill is Passed

CPA Practice

By Larry Higgs nj.com (TNS) A host of lawmakers want to give drivers who’ve been hit with four consecutive increases on New Jersey state toll roads a tax break. Specifically, they want to allow those drivers who pay toll by E-ZPass to deduct tolls from their state income tax. ©2024 Advance Local Media LLC.

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How SUI and State Income Taxes Affect Small Businesses

CPA Practice

Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. What is SIT Tax?

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New Jersey CPA Pleads Guilty to $2.5 Million Tax Fraud

CPA Practice

A New Jersey Certified Public Accountant has pleaded guilty to conspiring to defraud the United States by promoting fraudulent tax shelters to high-income clients. According to court documents and statements made in court, James H.

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New Jersey Enacts Legislative Fix for Business Alternative Income Tax

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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. In exchange of the BAIT entity paid tax, owners receive a corresponding pro rata share of a BAIT credit.

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New Jersey Tax Opportunity: Certainty Sooner Through Voluntary Disclosure

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If your company has operations in New Jersey and other states but does not necessarily have complete or clear tax reporting in New Jersey (and you are dreading it), a new initiative may represent a significant opportunity. To enter the program, taxpayers must agree in writing by Sept. Contact Us.