Federal Withholding Checkup
With the summer months coming to an end, it is a good time to review your federal withholding exemptions to determine if adjustments need to be made. Early in 2018 the federal withholding tables were adjusted to reflect changes made with the Tax Cuts and Jobs Act. ...
State Tax Day – Current, S.14, New Jersey – Sales and Use Tax: New Jersey Adopts Economic Nexus for Remote Sellers, (Aug. 15, 2018)
Effective October 1, 2018, certain remote sellers will be required to register, collect and remit New Jersey sales tax. Sales/Economic Thresholds The Division of Taxation announced that sales tax collection will be required in New Jersey if, during the current or...
Philadelphia Will Follow Pennsylvania Bonus Depreciation Treatment
The City of Philadelphia has announced that it will follow Pennsylvania’s income tax treatment of the federal bonus depreciation deduction for corporate taxpayers. Taxpayers will need to add-back any federal bonus depreciation. Taxpayers can take a deduction for any...
Small Businesses Get Automatic Consent for Accounting Method Change
The IRS will now automatically provide consent to small business taxpayer’s application to change to the cash method of accounting. What do the automatic consent changes include? a change to the cash method of accounting an end to UNICAP for certain costs – this...
Tax Imposed on Delaware Series LLCs
Delaware legislation has authorized the formation of series limited liability companies. Beginning August 1, 2019, registered DE series LLCs will have an annual tax imposed. A series LLC is a unique entity that consists of separate, individual interests. In Delaware,...
The “Real World”
Hello, again! Growing up, I was always scared of the term, the “real world,” but this position has shown me that it is nothing to be afraid of. In fact, now I feel much more confident and professional. This internship has given me incredible insight to what...
Get Ready for the New Lease Accounting Guidance
Summary The FASB’s major accounting standard update (ASU) which will require the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases will be upon us sooner than we think. This article summarizes some of the...
Revoking an S-Election
With the passage of tax reform, many taxpayers are evaluating the impact on their businesses and choice of entity type. Some S-Corporations may find it more advantageous to be taxed as a C-Corporation, even after considering the double taxation of C-Corporation...
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