Why Do People Change Accountants?July 8, 2019
You may not realize it, but a reliable accountant is one of the most important people in your life. Having an expert whom you can trust with your finances and, in turn, your future, enables you to make better decisions around taxes, assets, investments and business. It can take time to find this trusted advisor, …
The Ins and Outs of the Section 199A RegulationsJune 3, 2019
By: Edward Rigby, CPA In January the IRS finalized the regulations providing guidance on the Section 199A deduction for qualified business income (QBI). The final regulations retain the majority of the rules contained in the proposed regulations that were issued last August. They provide clarification on issues such as when businesses may be aggregated in …
Wages and Labor: What A/E/C Firms Need to Know Right NowApril 19, 2019
New Jersey labor laws are seeing notable changes in 2019, many of which are significant for Architecture, Engineering & Construction (A/E/C) firms to consider. Developers, builders and general contractors are heavily reliant on skilled labor while simultaneously tasked with balancing employee wages, retention and profitability. If you own an A/E/C firm—or any business with employees, …
Navigating the Qualified Business Income DeductionDecember 26, 2018
The Tax Cuts and Jobs Act of 2017 brought a potentially significant tax break—some say the largest in decades—for small business owners in Section 199A. The IRS states: “Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship …
Tax Reform and Your Vacation HomeJuly 27, 2018
The Tax Cuts and Jobs Act of 2017 brought many changes to the treatment of vacation homes and second homes owned by high net worth individuals. An article published in Financial Advisor Magazine highlights key provisions with input from CPAs across the U.S., including Curchin’s Lynn Conover. “If the property is held out as a …
Governor Murphy and Legislative Houses Reach Budget Deal Which Includes Corporate and Individual Tax IncreasesJuly 20, 2018
By: Edward Rigby, CPA, MST On July 1, 2018, Governor Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin announced that their respective branches of New Jersey’s government had reached a compromise agreement for the fiscal year 2019 state budget. The upcoming fiscal year budget will include certain tax increases as part of …
Multi-State Tax News U.S. Supreme Court Overrules Longstanding Sales Tax Nexus Requirements in its Recent South Dakota v. Wayfair, Inc. DecisionJuly 20, 2018
By: Edward Rigby, CPA, MST On June 21, 2018, in a highly anticipated U.S. Supreme Court decision, the court overturned longstanding multi-state nexus rules requiring what is referred to as a “physical presence” test to be met in a state before that state could require an out of state business to collect and remit sales …
Meal and Entertainment Expenses as changed by The Tax Cuts and Jobs Act (TCJA)July 20, 2018
By: Peter Pfister, CPA Tax Partner With the signing of the TCJA on December 22, 2017 many changes were made to the deductibility of meal and entertainment expenses beginning in 2018. These changes may have a major impact on individual and business spending habits. Here are some answers based on a question and answer format. …
AICPA Requests ‘Immediate Guidance’ from IRS on Pass-Through IncomeJune 7, 2018
The Tax Cuts and Jobs Act of 2017 (TCJA) allows for a 20 percent deduction on qualified business income (QBI) for pass-through entities, as stated in Section 199A of the new Internal Revenue Code. However, defining “qualified business income” has become somewhat problematic, as certain businesses – including many professional services firms – are excluded …
International Tax Reform under the Tax Cuts and Jobs Act of 2017June 7, 2018
The Tax Cuts and Jobs Act of 2017 (TCJA) impacts companies doing business internationally, particularly in regard to U.S. taxes on earnings of profits offshore and repatriation. There is also a notable corporate tax deduction. Territorial System The previous “worldwide” tax system is being transitioned to a territorial model beginning in 2018. This means income …