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

The IRS Extended the Tax Filing Deadline from April 15 to July 15

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 July 15. Refunds are being issued.  Payment for the balance due for 2019 and 2020 1st quarter estimates can be deferred until July 15, 2020. …

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FASB Issues Exposure Draft Regarding Contributed Non-Financial Assets for Not-for-Profits 150 150 SAX - Advisory, Audit and Accounting

FASB Issues Exposure Draft Regarding Contributed Non-Financial Assets for Not-for-Profits

In February 2020, the FASB proposed an update to improve generally accepted accounting principles (GAAP) by increasing the transparency of contributed non-financial assets for not-for-profit (NFP) entities through enhancements to presentation and disclosure. Comments to the draft are requested by April 10, 2020. The term non-financial asset (or in-kind donation) includes fixed assets, use of fixed…

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Key Changes to Construction Contractors’ Financial Statements Due to New Revenue Recognition Accounting Standard 400 400 SAX - Advisory, Audit and Accounting

Key Changes to Construction Contractors’ Financial Statements Due to New Revenue Recognition Accounting Standard

It’s hard to believe we are three months into the new year and as year-end accounting procedures are wrapping up, CPA issued financial statements are rolling out.  You will notice that these financial statements have a different look from past years courtesy of the new revenue recognition accounting standard (ASU 606) effective for all non-public…

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Business Reinstatement and Dissolution Program Starting March 1 150 150 SAX - Advisory, Audit and Accounting

Business Reinstatement and Dissolution Program Starting March 1

The Department of the Treasury has recently announced a program designed to help businesses that have been revoked for failing to comply with State administrative reporting requirements.  The program enables businesses to forego the current extensive filing requirements and administrative fees. Instead businesses may fully reinstate to do business or dissolve through a single online…

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Focus On Time-of-Service Collections for Steady Cash Flow This Year 150 150 SAX - Advisory, Audit and Accounting

Focus On Time-of-Service Collections for Steady Cash Flow This Year

Congratulations, your practice survived the month of January!  While survival hopefully was never in doubt for your practice, January is typically the worst cash-receipt month of the year for many practices.  Considering annual patient deductibles that reset January 1, coverage changes for patients and winter weather, it is no wonder that January is a challenging…

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Sax Gifts $15,000 to the Not-for-Profit, NJ Sharing Network through the 3rd Annual Founders’ Award 150 150 SAX - Advisory, Audit and Accounting

Sax Gifts $15,000 to the Not-for-Profit, NJ Sharing Network through the 3rd Annual Founders’ Award

Top 100 accounting, tax and business advisory leader, SAX, is proud to announce the winner of the firm’s 3rd Annual Founders’ Award – NJ Sharing Network – for best demonstrating their impact on their beneficiaries.

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New Jersey’s Misclassified Employees 150 150 SAX - Advisory, Audit and Accounting

New Jersey’s Misclassified Employees

New Jersey was working on legislation that would have virtually eliminated independent contractors.  That legislation did not pass, but in its place, five bills were passed or amended and signed into law on January 20, 2020 that authorizes various actions related to independent contractors in New Jersey.   The New Jersey Department of Labor has…

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

Governor Murphy Signs “Pass-Through Business Alternative Income Tax” Bill to Help New Jersey Taxpayers

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 through state tax deductions at the entity level.  The bi-partisan legislation was advanced by the full Assembly and passed 77-0.  The bill is an effort…

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