The Internal Revenue Service has released new guidance, Rev. Rul. 2025-3, clarifying the application of Section 530 of the Revenue Act of 1978, Section 3509 of the Internal Revenue Code (IRC), and Section 7436 of the IRC in...more
While we may reset our clocks in March and November each year, every January 1 we reset our tax clocks. Here is a short list of what is changing:
Social Security Wage Base Limit: $176,100...more
The IRS recently updated its guidance for completing Form 1099-K, used primarily by “gig” companies providing compensation using payment apps or online marketplaces and for individuals selling goods on online marketplaces...more
On July 21, 2023, New Jersey Governor Phil Murphy signed Assembly Bill No. S3128/A4694 into law, which implements an aggressive tax treatment of nonresidents who work for New Jersey employers. The law essentially adopts the...more
On June 9, 2022, the Internal Revenue Service issued Announcement 2022-13, increasing the optional standard mileage rate for the final six months of 2022 from 58.5 cents per mile to 62.5 cents per mile. The new rate will be...more
Effective October 1, 2021, the New Jersey Division of Taxation (the “NJDT”) ended the temporary relief period with regard to employers’ obligation to withhold income taxes for teleworking employees who work in New Jersey.1 ...more
In Notice 2020-46, the IRS explains how employees can forgo their paid time off balances to allow their employers to make donations to charities that are assisting individuals impacted by the COVID-19 pandemic....more
On February 26, 2020, the IRS published proposed regulations implementing changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) regarding the elimination of deductions for entertainment and the limitation on food and...more
2/28/2020
/ Business Expenses ,
Business Taxes ,
Corporate Counsel ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Meals-Gifts-and Entertainment Rules ,
Proposed Regulation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning