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.

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.

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

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.

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.

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.

The Internal Revenue Service (IRS) officially opened the 2019 tax season on January 28, 2019. This is the day that the IRS began accepting paper and electronic tax returns.