Tax Updates

Senate

The Current Status of the New Stimulus Package – The Consolidated Appropriations Act, 2021
The Current Status of the New Stimulus Package – The Consolidated Appropriations Act, 2021 400 400 SAX - Advisory, Audit and Accounting

After months of negotiations, Congress reached an agreement for a new round of relief for the ongoing COVID-19 pandemic.  In addition to the enhancements made to the Paycheck Protection Program…

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Tax Alerts

Tax Alert: FAQs Released on Business Alternative Income Tax (BAIT)
Tax Alert: FAQs Released on Business Alternative Income Tax (BAIT) 400 400 SAX - Advisory, Audit and Accounting

On Tuesday, September 29, the Division of Taxation released guidance on the recently enacted Business Alternative Income Tax (BAIT) in the form of an FAQ page on its website.  While…

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Estate Planning

There’s No Better Time Than Now To Review Estate Plans & Wealth Transfer Opportunities
There’s No Better Time Than Now To Review Estate Plans & Wealth Transfer Opportunities 400 400 SAX - Advisory, Audit and Accounting

There are several significant factors indicating that this is a good time to revisit your estate plan. The impact of the novel coronavirus (COVID-19) and the resulting economic uncertainty, as…

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IRS

Guidance Released on Social Security Withholding Deferral
Guidance Released on Social Security Withholding Deferral 400 400 SAX - Advisory, Audit and Accounting

On August 8, 2020, the President issued a Presidential Memorandum directing the Secretary of the Treasury to defer the withholding, deposits and payment of certain payroll tax obligations.  On Friday,…

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IRS

Tax Alert: Update Regarding Issue With IRS Balance Due Notices
Tax Alert: Update Regarding Issue With IRS Balance Due Notices 400 400 SAX - Advisory, Audit and Accounting

Many taxpayers have been receiving balance due notices for filed tax returns where the payments were indeed mailed in. The IRS is aware of this issue and is advising the…

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Tax Alerts

Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act
Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act 400 400 SAX - Advisory, Audit and Accounting

On May 15, the House passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act providing over $3 trillion to federal agencies, state and local governments, small…

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NJ Tax Alert

Tax Alert: New Jersey Filing Date Extended
Tax Alert: New Jersey Filing Date Extended 400 400 SAX - Advisory, Audit and Accounting

The New Jersey Legislature passed a bill yesterday, April 13, that would extend the tax filing and payment deadline for returns that are due on April 15, 2020. Governor Murphy…

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Payroll taxes

Payroll Taxes Can Be Deferred, Even If You’re Taking Advantage of the Paycheck Protection Program
Payroll Taxes Can Be Deferred, Even If You’re Taking Advantage of the Paycheck Protection Program 400 400 SAX - Advisory, Audit and Accounting

There was some uncertainty on the interaction between the payroll tax deferral and the Payroll Protection Program (PPP).  Interpretations ranged from: Whether the employer would be eligible for loan forgiveness…

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Filing Deadline Extended

The IRS Extended the Tax Filing Deadline from April 15 to July 15
The IRS Extended the Tax Filing Deadline from April 15 to July 15 400 400 SAX - Advisory, Audit and Accounting

As an update on the tax filing deadline, Treasury Secretary Mnuchin announced on Friday, March 20 that the IRS will be extending the tax filing deadline from April 15 to…

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Governor Murphy Signs “Pass-Through Business Alternative Income Tax” Bill to Help New Jersey Taxpayers
Governor Murphy Signs “Pass-Through Business Alternative Income Tax” Bill to Help New Jersey Taxpayers 150 150 SAX - Advisory, Audit and Accounting

New Jersey Governor Phil Murphy signed the bill S-3246, called the “Pass-Through Business Alternative Income Tax Act” on Monday, January 13, 2020 to help business owners save federal income tax…

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