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 »
The gig economy – also called sharing economy or access economy – is a popular way for people to earn income by providing on-demand work, goods or services. Some people take up gig work on a part-time basis, and for others, the job is done full-time. Income from gig work – such as driving a
Avoid Gig Economy Tax Traps Read More »
For many people, summertime means change. Whether it’s a life change like a marriage or a typical summer event – like sending the kids to camp – things people do in summer could affect their income taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season. Getting
How Summer Activities Impact Taxes Read More »
Parts of Arkansas, Indiana, Mississippi and Tennessee affected The Internal Revenue Service reminded individuals and businesses in parts of four states that their 2022 federal income tax returns and tax payments are due on Monday, July 31, 2023. The IRS normally provides relief, including postponing various tax filing and payment deadlines, for any area designated
Storm Victims in 4 States: File and Pay by July 31 Read More »
Many people requested an extension to file their tax return after the usual April deadline. These filers have until Oct. 16, 2023, to complete and file their tax return. The IRS suggests that those who already have the forms and information they need file now – there’s no advantage to waiting until the deadline and
Tips for Extension Filers Read More »
Taxpayers see wave of summer email, text scams; IRS urges extra caution with flood of schemes involving Economic Impact Payments, Employee Retention Credits, tax refunds The Internal Revenue Service warned taxpayers today to be on the lookout for a summer surge of tax scams as identity thieves continue pounding out a barrage of email and
Scams and Schemes: IRS Urges Caution Read More »