NJ Updates Pension Exclusion Amounts for 2018 Tax Returns

In New Jersey, qualified taxpayers are able to exclude qualifying retirement income on the New Jersey return under a pension exclusion law that was passed in 2016. Retirement income that qualifies for…

Continue Reading

IRS Expands Identity Protection PIN Program

The IRS is expanding to seven additional states its voluntary program for taxpayers who wish to obtain identity protection personal identification numbers (IP PINs) and are not currently victims of tax…

Continue Reading

IRS Waives Penalty for Many Whose 2018 Withholding and Estimated Payments Fell Short

The Internal Revenue Service announced that it is waiving the estimated tax penalty for some taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax…

Continue Reading

IRS Issues Guidance on Qualified Business Income Deduction, Safe Harbor for Rental Real Estate Owners

The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction)…

Continue Reading

8 Tax Deductions You Can Still Claim on Your 2018 Taxes

With the passage of the Tax Cuts and Jobs Act of 2017, a number of popular tax deductions were either eliminated or limited. While many popular deductions went away, the standard deduction nearly doubled…

Continue Reading

Special Rules for Reporting S Corporation Shareholder Health Insurance Premiums

The IRS released special rules regarding the deduction by more than two-percent shareholder-employees of S corporations for health insurance premiums paid by or reimbursed by the S corporations and included…

Continue Reading

Significant Increase in Mileage Rates for 2019

The optional standard mileage rates for business use of a vehicle will increase significantly in 2019, after increasing slightly last year. Beginning on Jan. 1, 2019, the standard mileage rates for the…

Continue Reading

NJ Tax Amnesty: November 15, 2018 through January 15, 2018

The NJ Tax Amnesty program applies to outstanding tax filings or payments that are due on or after February 1, 2009, and prior to September 1, 2017. The NJ Division of Taxation recently mailed a letter…

Continue Reading

IRS Inflation Adjustments and Tax Tables Issued for 2019

The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts (Rev. Proc. 2018-57). These adjusted amounts will…

Continue Reading