The Twelve Days of Taxmas – Employee Retention Credit
On the fourth day of Taxmas, my accountant gave to me the Employee Retention Credit (ERC) and the Paid Sick Leave and Family Leave Credit.
The Twelve Days of Taxmas – Qualified Improvement Property
By Klatzkin Tax Team
On the third day of Taxmas, my accountant gave to me a technical correction to the definition of Qualified Improvement Property.
The Twelve Days of Taxmas – Section 179D
On the second day of Taxmas, my accountant gave to me an expanded bonus and Section 179 depreciation.
The Twelve Days of Taxmas – Net Operating Loss
By Klatzkin Tax Team
On the first day of Taxmas, my accountant gave to me – temporary Net Operating Loss (NOL) rules.
New IRS Notice Facilitates SALT Cap Workaround
When signed into law on December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was the most significant change to the U.S. tax code in more than 30 years. The goal was to simplify the tax code while making the United States corporate tax rate more competitive globally.
Tips to Help You Meet Your Tax Savings Goals and Set You Up for Success in 2021
The end of the year is quickly approaching, but before we ring in the New Year, it’s important to reexamine our tax strategies. It’s an understatement to say that 2020 has been challenging and the economic and fiscal assumptions we relied upon this time last year have likely changed due to the COVID-19 crisis.
IRS Taxpayer Relief Initiative Offers New Payment Options
The COVID-19 pandemic has created challenging circumstances for many Princeton, Trenton, and New Jersey businesses. The combination of government orders, fear of virus transmission, and reopening guidelines have businesses looking for new paths to profitability under unexpected conditions. According to the New Jersey Economic Forecast, published by Rutgers Economic Advisory Service, 16.7% of the state’s total jobs were lost between February and May 2020.
Important Tax Questions Every Business Owner Should Ask Before Heading Into 2021
By Klatzkin Tax Team
2020 has been a humbling year. More than any other year in recent history, we’ve learned that expectations can change on a dime. At the beginning of the year, the assumptions we held are likely far different from those we hold now, making year-end tax planning for businesses – regardless of size – more crucial than ever. As we head into 2021, ask yourself some of the following questions and see if you took full advantage of the available tax breaks or if your tax strategy needs adjusting.
New Jersey Tax Increases Impact More Than Millionaires
The COVID-19 pandemic has created several new challenges for Trenton and Princeton-area business and individual taxpayers. Over the past seven months, various state and local government orders have impacted how and when businesses can operate, including wearing facemasks and various other requirements for customers and employees.
IRS Announces Retirement-Related Changes for 2021
On October 26, 2020, the IRS announced changes coming to various retirement plans for the tax year 2021. The cost-of-living adjustments will affect income limits for pension plans and other retirement accounts.