New ABLE Account Benefits
The Internal Revenue Service wants to remind those with disabilities that the Tax Cuts and Jobs Act (2017) made major changes to Achieving a Better Life Experience (ABLE) accounts.
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Wrongful Incarceration Exclusion Reminder
Wrongfully-incarcerated individuals, wishing to take advantage of the special retroactive tax exclusion, usually must file refund claims by Monday, Dec. 17, 2018, according to the Internal Revenue Service.
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First Plug-in Electric Vehicle Manufacturer Crosses 200,000 Sold Threshold
The IRS announced today that Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018.This triggers a phase out of the tax credit available for purchasers of new Tesla plug-in electric vehicles beginning Jan. 1, 2019.
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House Rental Tax in New Jersey
So you thought that renting your house on AirBnB sounded like a great way to earn some extra income. Did you consider the tax implications?
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Earned Sick Leave: What NJ employers need to know
Most New Jersey employers are now required to provide employees with earned sick leave.
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New tax law revised family tax credits
More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. Additionally, the IRS has recently updated a special page on its website with steps to take now for the 2019 tax filing season.
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Taxable vs. Tax-advantaged: Where to Hold Investments
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts.
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IRS Criminal Investigation releases Fiscal Year 2018 Annual Report
The Internal Revenue Service today released the Criminal Investigation Division’s (CI) annual report, reflecting significant accomplishments and criminal enforcement actions taken in fiscal year 2018.
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Tax reform affects if and how taxpayers itemize their deductions
Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions.
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Depreciation limits on luxury automobiles
The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017.
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