Tax Preparation & Planning Services

Tax Implications on Foreign Investments

Happy New Year clients and friends! February is a month during which many organizations take a hard look at their investment portfolios’ prior calendar-year performance. While the markets certainly ended strong in 2016, due, in part, to anticipated changes from the new administration, certain sectors and investment products were lacking. We talked to Mercadien Asset…

Read More

Trump’s Proposed Tax Reforms Could Mean Big Changes For Individuals And Businesses

With the election now behind us, we wanted to share President-elect Trump’s tax reform proposals for both individuals and businesses. Keep in mind that any changes in the current tax system would have to be voted on by Congress, however, here are some potential changes that could become law in 2017. For individual taxpayers: Tax…

Read More

What Happened While We Watched the Election Ads?

With the election behind us, perhaps we can start thinking about other things and even focus on some events that we may have missed during the fall campaign.  On October 7, the New Jersey Legislature and Governor approved a tax deal that would raise the state gas tax and on November 8, New Jersey voters…

Read More

End of an Era? Potential Termination of the NJ-PA Reciprocal Tax Agreement

Governor Christie announced this week that he will NOT rescind the New Jersey – Pennsylvania Reciprocal Tax Agreement, as he threatened to do earlier this fall and I wrote about last week, giving taxpayers on both sides of the Delaware River something to add to their gratitude list for Thanksgiving.  The agreement will stand as…

Read More

When Nonprofits are Taxed on Unrelated Business Income

While most nonprofits are operated primarily to be tax exempt, it doesn’t mean they won’t pay business income tax. When nonprofits generate income on unrelated activities, this can result in that

Read More

Is Your Payroll Service Provider Really Remitting Your Taxes?

At a recent client board meeting I was asked how an organization would know if their payroll service provider was remitting the payroll taxes on their behalf. In light of recent press coverage about a municipality and other organizations whose payroll service providers did not remit the payroll taxes, it got me thinking about how…

Read More

Preparing For The New Overtime Pay Rule

After much anticipation, the Department of Labor recently released a new rule that will change how employers compensate employees. Effective December 1, 2016, workers who earn above the previous threshold but below the new one will qualify to receive time-and-a-half for each hour they work surpassing 40 hours a week. An estimated 4.2 million salaried…

Read More

Retirement Planning for the Self-Employed

Self-employed individuals are notoriously busy, but that does not mean that planning for retirement should be put on the back burner. A recent survey indicated that 70% of America’s 10 million self-employed individuals are not saving regularly for retirement and 28% aren’t saving at all. It is well worth the time to explore the tax-advantaged…

Read More

Gifting Wisely

Most of us are familiar with the concept that we can gift a certain amount of money to another person every year without gift tax consequences and that there is a limit to lifetime gifts beyond that amount that we can give away that somehow relates to estate taxes when we die.  For 2016, those…

Read More

IRS Outlines Exempt Organization’s 2016 Priorities

The IRS Tax Exempt and Governmental Entities Division recently issued their 2016 priorities. Exempt Organizations (EO’s) overarching compliance strategy is to ensure organizations enjoying tax-exempt status comply with the requirements for exemption and adhere to all applicable federal tax laws. The focus in 2016 will be on significant compliance issues, not on the number of…

Read More