article thumbnail

New Jersey Requires Small Employers to Offer Retirement Plans: Compliance Deadlines Approaching

Withum

New Jersey 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 New Jersey for AT LEAST 2 YEARS.

article thumbnail

Enrolled Agent Near Me: Comprehensive Tax Services for Individuals and Businesses

MyIRSRelief

Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

New Jersey Tax Opportunity: Certainty Sooner Through Voluntary Disclosure

Withum

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.

article thumbnail

How Will New Jersey Legislation (A5323) Affect Financial Services?

Withum

On July 3, 2023, New Jersey 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 service businesses.

article thumbnail

New Jersey Legislation Implements Major Tax Changes, Including Market-Based Sourcing for Partnerships

Withum

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 The legislation includes significant changes to the state’s Business Tax reform that was originally enacted in 2018, which brought about unitary-combined filing and market-based sourcing for corporations beginning in 2019.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.

article thumbnail

New Jersey Legislation Requires Businesses to Offer State Mandated Retirement Plans

Withum

Governor Phil Murphy signed the New Jersey Secure Choice Savings Program Act on March 28, 2019, requiring many small to mid-size businesses to offer a retirement plan. New Jersey did create a Secure Choice Savings Program website that should provide more details regarding the program.

article thumbnail

New Jersey Enacts Legislative Fix for Business Alternative Income Tax

Withum

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.