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.

On March 25, 2025, President Trump signed an Executive Order that will change how the federal government handles payments, phasing out the use of paper-based payments such as checks and money orders and mandating the use of electronic payments where allowable by law.

The IRS has announced that the 1.1 million taxpayers who have unclaimed tax refunds for tax year 2021 have until April 15, 2025 to submit their returns.

In March 2025, the IRS announced that interest rates will remain the same for the second quarter of 2025, which begins April 1, 2025.