Gross Income Tax Convenience of the Employer Sourcing Rule Enacted for Gross Income Tax A new law was signed July 21, 2023, that establishes a “convenience of the employer test” (convenience rule) for nonresident income sourcing. Under the convenience rule, a nonresident taxpayer’s employee compensation from a New Jersey employer for the performance of personal […]
New Jersey Tax Updates Read More »
Organizations applying for tax-exempt status must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals.
Organizations Applying for Tax-Exempt Status Read More »
Elective pay allows applicable entities, including tax-exempt and governmental entities that would otherwise be unable to claim certain credits because they do not owe federal income tax, to benefit from some clean energy tax credits.
Certain Energy Credits Under the Inflation Reduction Act are Elective Pay Eligible Read More »
The summer months are a popular time to buy or sell a house. New homeowners should add reviewing the tax deductions, programs and housing allowances they may be eligible for on their move-in to-do list. Deductible House-Related Expenses Most home buyers take out a mortgage loan to buy their home and then make monthly payments
Homeowners: Review House-Related Deductions and Programs Read More »
The IRS issued Notice 2023-59 regarding the requirements for home energy audits for taxpayers who want to claim the energy-efficient home improvement credit.
Home Energy Audits May Qualify for an Energy Efficient Home Improvement Credit Read More »