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

Tax Alert: FAQs Released on Business Alternative Income Tax (BAIT)

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 BAIT was initiated at the beginning of this year, guidance on the administration of the tax had been paused since early March. The BAIT is…

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Join the Webinar: COVID-19 Impact on State and Local Taxes 150 150 SAX - Advisory, Audit and Accounting

Join the Webinar: COVID-19 Impact on State and Local Taxes

State and local governments continue to address tax matters stemming from the COVID-19 pandemic.  Join Sax on Tuesday, October 6 at 2 PM for a webinar update on state and local taxes and the related adjustments to our economic lives. The discussion topics will include: Residency and dual residency / double taxation resulting from use…

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

There’s No Better Time Than Now To Review Estate Plans & Wealth Transfer Opportunities

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 well as the uncertainty of our future tax environment, has left many individuals wondering how to put their best foot forward.  While it is difficult…

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Inside Public Accounting Best of the Best Firms 2020
SAX Named a Best of the Best Firm by INSIDE Public Accounting 400 400 SAX - Advisory, Audit and Accounting

SAX Named a Best of the Best Firm by INSIDE Public Accounting

Parsippany, NJ, September 3, 2020 – SAX is proud to announce its inclusion on INSIDE Public Accounting’s (IPA) list of the Best of the Best Firms for 2020. The Best of the Best selections were based on responses from 540 firms that participated in this year’s IPA Survey and Analysis of Firms and consist of…

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

Guidance Released on Social Security Withholding Deferral

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, August 28, 2020, the IRS released Notice 2020-65 as further guidance. The guidance sets forth the deferral rules, deposit obligations, applicable wages, repayment obligations, and…

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Loan Forgiveness
PPP Loan Forgiveness Application Timing: To Forgive or Not to Forgive, Is That The Question? 400 400 SAX - Advisory, Audit and Accounting

PPP Loan Forgiveness Application Timing: To Forgive or Not to Forgive, Is That The Question?

While Hamlet may have hypothesized over the famous query “To Be or Not to Be?”, Paycheck Protection Program (PPP) borrowers have an undisputed desire to maximize loan forgiveness.  As such, while “To Forgive or Not to Forgive?” is not the question at the front and center of borrowers’ minds, the timing to apply for forgiveness…

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PPP
Presenting the Paycheck Protection Program Loan in Your Year-End Financials 600 600 SAX - Advisory, Audit and Accounting

Presenting the Paycheck Protection Program Loan in Your Year-End Financials

At the start of 2020, no one could have expected what lie ahead. The effects of the global pandemic have touched everyone, including significantly impacting our businesses. In order to best navigate through all the uncertainty, many business owners applied for assistance under the Paycheck Protection Program (PPP) and received funds with the hope and…

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

Tax Alert: Update Regarding Issue With IRS Balance Due Notices

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 following: Do not cancel the outstanding check and attempt to resend payment or make an electronic payment. Once the IRS processes the payment previously submitted,…

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