As previously reported, President Trump signed Executive Order 14247 on March 25, 2025, which would change how the federal government handles payments by phasing out paper options (such as checks and money orders) and mandating electronic options as much as possible. On September 23, 2025, the IRS and US Treasury announced that tax refund checks for individual taxpayers will be phased out starting on September 30, 2025, to the extent allowable by law.
In August 2025, the IRS announced that interest rates will remain the same for the fourth quarter of 2025, which begins October 1, 2025.
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.
By ISHAAN ANAND
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.
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.
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.
