Tax
With New SALT Limit, IRS Explains Tax Treatment of State and Local Tax Refunds
The Internal Revenue Service clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect. In Revenue…
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Philadelphia Will Not Allow 199A Deduction
Philadelphia will not allow the IRC Sec. 199A deduction for the: Business Income & Receipts Tax (BIRT); Net Profits Tax (NPT); and Wage and Earnings Tax. Why Does the Deduction not Apply to BIRT? Partnerships…
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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 ReadingIRS 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 ReadingIRS 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 ReadingIRS 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)…
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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 ReadingSpecial 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 ReadingSignificant 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 ReadingNJ 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…
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