New Jersey will soon require managerial members to register combined groups. For tax years ending on and after 7/31/19, commonly owned companies engaged in a unitary business are required to calculate their corporation business...

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The Congressional Budget Office (CBO) recently published “Options for Reducing the Deficit: 2019 to 2028.” The report presented 121 options that, according to the CBO, “would decrease federal spending or increase federal revenues over...

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A temporary surtax in addition to the annual corporation franchise tax is being imposed on companies with NJ allocated taxable net income exceeding $1 million. The rates are 2.5% for tax years 1/1/18 through...

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The IRS recently held an “Earned Income Tax Credit (EITC) Awareness Day” to remind workers about the tax break. Eligible families with 3 or more qualifying children could get a maximum credit of up...

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New Jersey answers questions about a tax credit that can be claimed by eligible businesses engaged in film and digital media. The NJ Division of Taxation has released a list of answers to frequently...

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The IRS has issued final regulations on the Sec. 199A qualified business income (QBI) deduction. The new deduction allows pass-through businesses, including sole proprietorships, to deduct up to 20% of their QBI. Read full article here.  

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The 2018 CBT-100, BFC-1 and CBT-100S tax forms are now being finalized. Thus, taxpayers filing these forms, with an original due date of 11/15/18, 12/15/18 or 1/15/19 (fiscal tax year filers who had a...

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The IRS confirms that tax season will begin January 28. The tax agency announced that, despite the government shutdown, it will process tax returns beginning 1/28/19 and provide refunds to taxpayers as scheduled. Read full...

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The New Jersey Division of Taxation explained that the marketplace facilitator rules don’t apply to someone who simply sells advertising space and isn’t otherwise involved in the transaction for the tangible personal property or...

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Will you owe federal income tax for 2018? It’s not too late to make an estimated payment and avoid penalties. The 2018 fourth quarter tax payment deadline is Tuesday, 1/15/19. Read full article here.  

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