National Tax Reform

 

IRS Issues Updated 2018 Withholding Tables

Posted: January 11, 2018
The IRS has released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. Employers should begin using the 2018 withholding tables as soon as possible, but not later than Feb. 15, 2018.

Rules for NJ and Federal Property Tax Deductions Vary Widely

Posted: January 11, 2018
New Jersey taxpayers who prepaid one or two quarters of their 2018 property tax assessments at the end of 2017 need to be aware that the amount they can deduct on their federal tax return is not the same as the amount they can deduct on their state tax return.

FASB Addresses Financial Reporting Impacts of New Tax Law

Posted: January 11, 2018
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act, in an effort to provide financial statement preparers with timely answers to questions they have posed.

Audit Committees Will be Dealing with New Accounting Standards and Tax Reform This Year

Posted: January 11, 2018
Audit committees at public companies will have plenty on their agendas this year, according to a pair of new reports from KPMG, including new accounting standards, the new tax law, cyber security and more.

Plan Aims to Turn Property-Tax Bills Into Charitable Deductions to Skirt Overhaul

Posted: January 8, 2018
N.J. Democrat’s proposal says GOP tax overhaul capping deductions penalizes some communities

7 Steps Employees Can Take to Adapt to the New Tax Law

Posted: January 3, 2018
Tax laws are likely to affect you. Whether you see a net benefit in your paycheck or end up paying more is a function of personal factors. The following article lists 7 steps in adapting to the new tax law.

Democrats in High-Tax States Plot to Blunt Impact of New Tax Law

Posted: January 2, 2018
Democratic lawmakers in high-tax states, including New Jersey, are considering tax code tweaks and other measures as they grapple with the new tax law's cap on state and local deductions.

Taxpayers Should Weigh Considerations Before Deciding to Prepay Property Taxes

Posted: December 22, 2017
The New Jersey Society of CPAs (NJCPA) cautions taxpayers to weigh the pros and cons of prepaying their property taxes, and to consider several factors when deciding to prepay.

Sweeney: N.J. Must Be Smart in Coping with Federal Tax Bill

Posted: December 22, 2017
An op ed by New Jersey Senate President Steve Sweeney (D-Gloucester).