Tax Preparation & Planning Services
Do You Have a Plan?
Whether you are a business owner or an employee, now is a good time to begin thinking about tax-efficient planning to maximize your after-tax income. Year-end planning for 2019 takes place against the backdrop of recent major changes in the rules for individuals and businesses. Although the tax law changes were intended to simplify the…
Alert for All Employers! Be Aware of Substantial Changes in NJ Employment Laws!
The State of New Jersey has made numerous changes to the employment laws in the last two years. Businesses large and small, as well as nonprofit organizations and government entities in New Jersey will need to adapt to meet the new requirements and reduce their exposure to enforcement actions and lawsuits. The following list of…
Mercadien Announces Executive Promotions; Names Ms. Raji Sathappan A Partner
The Mercadien Group is pleased to announce several promotions within the firm’s corporate leadership team. Ms. Raji Sathappan, CPA, MBA, CRCM, CAMS, a member of the Financial Institutions Services Group, is promoted to managing director of The Mercadien Group and principal in Mercadien, P.C., CPAs (the official titles of firm partners). Raji has been employed…
A Tax Deduction for Charitable Giving for NJ?
New Jersey taxpayers may see a deduction for charitable giving for 2019 on the NJ-1040! On March 25, 2019, the Senate voted in favor of Bill No. S2179 that would allow a charitable deduction for individual taxpayers for contributions made to qualified New Jersey-based charitable organizations. Creating this tax write-off for New Jersey residents could…
Opportunity Zones
On April 17, 2019, the Internal Revenue Service issued proposed regulations and further guidance related to Qualified Opportunity Zone (QOZ) investments. The Tax Cuts and Jobs Act signed into law by President Donald Trump on December 22, 2017, introduced Subchapter Z of the Tax Code, which established the QOZ program. Under this program, Federal income…
NJ’s New Paid Sick Leave Act – A Summary
The New Jersey State Legislature passed a new Paid Sick Leave Act, that takes effect on Monday, October 29, 2018. Below we’ve summarized the highlights for you to ensure your business is in compliance with the new law. Who is affected? Anyone who employs another individual When does the Act go into effect? Monday, October…
Unintended Consequences of Changes to Withholding Rates Under New Tax Law
With the passage of the new tax law on December 22, 2017, there may be some unintended consequences of which everyone should be aware. One change directly affected the federal income tax withholding rate at which taxes are withheld from paychecks. Employers are required to use these new rates and ultimately reduce employees’ federal withholding…
State of PA Changes 1099-MISC Withholding Tax Requirements for 2018
The State of Pennsylvania issued changes to 1099-MISC tax withholding requirements for individuals and businesses for 2018. Details can be found on this resource document provided by the Pennsylvania Department of Revenue (A – link to doc), which contains links to additional information and State websites. Essentially, if a Pennsylvania company is paying a non-resident…
How Donor Advised Funds Can Maximize Tax Savings on Your Charitable Deduction Under the Tax Cuts & Jobs Act of 2017
The Tax Cuts and Jobs Act of 2017 made significant changes to itemized deductions for individuals starting in 2018. While many are focused on the limitation of $10,000 of state and local taxes as a deduction, the tax benefit of your charitable contributions is also impacted. With the loss of most itemized deductions other than…
Taxpayer Guide to Identity Theft
We know identity theft is a frustrating process for victims. The IRS is taking this issue very seriously and continues to expand on their robust screening process to stop fraudulent returns. What is identity theft? Identity theft occurs when someone uses personal information such as your name, Social Security number (SSN) or other identifying information…