The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

Top 5 Legislative Changes That Could Affect Your Tax Filings This Year

By ISHAAN ANAND, CPA

The legislative changes we’ve seen so far this year have been record-breaking. The Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act were signed in March and made significant changes to tax and employment law for American individuals and businesses.

Federal and State Tax Deadlines Extended

By LAURA WEBER-CARNEVALE

Treasury Secretary Steven Mnuchin announced last week a 90-day extension of the filing deadline from April 15, 2020, to July 15, 2020. On March 20, 2020, the IRS released Notice 2020-18, which provides specific guidance on the extension. 

Coronavirus COVID-19-Related Tax Credits

By JOHN BLAKE

This is the time of year when most New Jersey businesses work closely with their accountant to answer last-minute questions, provide additional documentation, and sign the needed forms to complete the corporate return.

Certain New Jersey Employers Required to Provide Pre-Tax Transportation Fringe Benefits

By ISHAAN ANAND

Effective March 1, 2020, New Jersey employers (with at least 20 employees) are required to offer pre-tax fringe transportation benefits.  This means qualifying companies must allow employees to pay for qualifying benefits on a pre-tax basis and purchase items such as bus passes, rail tickets and parking passes for their daily commute.

Choosing a Business Structure

By MICHELE D. SLOCUM

Starting a new business is an exciting time where entrepreneurs transform their new or innovative ideas from drawing board to production and delivery. During these initial stages, a business owner has to manage multiple demands and priorities to get key people, processes, and structures into place. For new manufacturing companies, this might mean investment in facilities, machinery, workers, and an ordering system

The Impact of New Jersey Inheritance Taxes on Estate Planning

By MICHELLE ROBB

Ensuring the orderly transfer of one’s estate and assets after death is an important responsibility. This often results in the creation of an estate plan that identifies potential tax issues, explores tax-saving strategies, and implements them over time.

Tax Return Documentation Checklist

By BARRY W. SNYDER

Before meeting with your tax accountant, it’s essential to review a list of required items necessary to complete the filing. While each taxpayer is different, both individual and business, there are standard items required for each to prepare the returns.

Why Retirement and Year-End Tax Planning Should Be Done Simultaneously

By JOHN BLAKE

A thorough year-end tax plan should always address retirement because retirement contributions and distributions can significantly impact your tax return. This year, reviewing your retirement plan is especially important.

Signs it Might Be Time to Change Accountants

By JOHN BLAKE

The end of the year is a time of review and evaluation for many business owners. It’s an excellent time to review company sales performance, new product/service development, customer retention, and production efficiency.

Cost Segregation Studies Just as Significant Post-Tax Reform

By FRANK G. SWEENEY

Many Hamilton businesses were excited when the Tax Cuts and Jobs Act of 2017 (TCJA tax reform) was passed into law. The changes resulted in significant tax savings for many companies.

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