The law increases the bonus depreciation percentage from 50 percent to 100 percent for qualified property acquired and placed in service after September 27, 2017, and before January 1, 2023.
Business: Temporary 100 Percent Expensing Read More »
Any filing season that involves new tax law typically requires the IRS to determine what new data must be collected on a tax return and how that data will interact with other return data or processing.
TCJA Tax Law Changes Hampered by Federal Shutdown Read More »
The IRS set the maximum values that limit use of the cents-per-mile and fleet-average valuation rules for employer-provided vehicles first made available to employees for personal use in calendar year 2018.
2018 Maximums for Valuing an Employer-Provided Vehicle Personal Use Read More »
The DOL has made available an information letter confirming that state laws requiring written consent before amounts are withheld from employees’ wages are preempted under ERISA § 514(a), which generally preempts state laws that “relate to” ERISA plans.
DOL: ERISA Preempts State Laws – Nonbinding Information Letter Read More »
Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).
Qualified Business Income Deductions Read More »
IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018 The Internal Revenue Service announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
IRS Waives Penalty for Taxpayers Who Paid at Least 85 Percent Read More »
IRS issues guidance for determining nondeductible amount of parking fringe expenses and unrelated business taxable income; provides penalty relief to tax-exempt organizations
Determining Nondeductible Amount of Parking Fringe Expenses Read More »
The IRS reminds employers that last year’s Tax Cuts and Jobs Act made changes to several programs that can affect an employer’s bottom line and its employees’ deductions. This includes employee achievement awards.
Employee Achievement Award Rules Read More »
Film and television production companies can now apply for tax credits through the New Jersey Film Tax Credit Program, the New Jersey Economic Development Authority (NJEDA) announced. As part of the Garden State Film and Digital Jobs Act signed by Governor Phil Murphy earlier this year, the program is designed to spur economic growth and
Applications Now Open for NJ Film Tax Credit Program Read More »
For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units
IRS Guidance on New Tax Benefit for Stock Options Read More »