The State of New Jersey’s Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief program officially opened for 2025 in August.  On August 13, the state’s Treasury Department started sending notification letters to New Jersey taxpayers, confirming their eligibility and informing them that their ANCHOR applications will be filed automatically by the state, beginning September 15, 2025.  This year’s ANCHOR benefits are based on the taxpayer’s residency, income, and age from tax year 2024.

When the One Big Beautiful Bill Act (OBBBA) became law on July 4, 2025, it brought major updates to tax policy and federal spending. The changes affect everything from how individuals claim deductions to how corporations make gifts, along with adjustments to several major federal programs. For nonprofits, these changes will likely influence donor behavior, and in some cases, the amount of help people seek from community organizations.

There are four different types of financial statement services that a Certified Public Accountant (CPA) can provide, including preparation, compilation, review, and audit engagements.

On July 4th, 2025, President Trump signed The One Big Beautiful Bill (OBBB) into law, which passed Congress through the reconciliation process. The legislation includes several tax changes and updates that build upon the Tax Cuts and Jobs Act of 2017, which was passed in Trump’s first term. The major updates include changes to the R&D Tax Credit, expansion of the Section 199a deduction, return of 100% bonus depreciation, increase in the SALT Cap, permanent extension of the New Markets Tax Credit, and much more.

We are excited to share that our office will be relocating to a new space! As part of this transition, our current location will be closing as of June 25, 2025, and we will officially reopen in our new office on Wednesday, July 9, 2025.

New Jersey’s state-sponsored retirement program, RetireReady NJ, is on the verge of expanding. Originally required for businesses with 25 or more employees, new legislation moving through the state government would lower that threshold to just one. If enacted, nearly every private-sector employer in New Jersey without a retirement plan would be responsible for registering with the state or certifying an exemption.

The Charitable Registration & Investigation (CRI) Section of the New Jersey Division of Consumer Affairs (DCA) is the state department that regulates the fundraising activities of many charitable nonprofit organizations and others doing business in the state of New Jersey, through enforcement of the provisions of the Charitable Registration & Investigation Act (CRI Act).

In May 2025, the IRS announced that interest rates will remain the same for the third quarter of 2025, which begins July 1, 2025. 

In May 2025, the IRS announced that interest rates will remain the same for the third quarter of 2025, which begins July 1, 2025. 

Earlier this month, the IRS provided new guidance on income tax issues through an update to the Employee Retention Credit (ERC) Frequently Asked Questions section. Included in the update was information on when to report income and timing considerations for the 2021 tax year. Specifically, it confirms that the amount of the ERC refund reduces the amount of wage expense on the income tax return for the year qualified wages were paid or incurred.