Insights

Families with children who have unearned or investment income (typically, interest and dividends) above a certain amount have long been familiar with the ”kiddie tax.” The kiddie tax rules were enacted in 1986 to prevent parents from shifting income to their children, who were generally in lower income tax brackets.

Article Excerpt:

After a flurry of activity in the New Jersey legislature, Governor Phil Murphy signed a series of tax bills that will have an immediate and significant impact on taxpayers in New Jersey. The new tax laws are intended to increase revenue, make sweeping changes to the Corporate Business Tax (CBT), and increase the highest rate for individual gross income tax purposes. A bill which will impose sales tax on remote sellers has been passed and is awaiting the Governor’s signature. Also, a new Tax Amnesty Program, which has been signed into law, will be offered this year.

If you’re a baby boomer and it seems that your co-workers are getting younger and younger, you’re not imagining things – they are. In most cases, it’s not by design or coincidence, but the result of demographics. Demographically-speaking, baby boomers are those individuals born between 1946 and 1964. As a result, the majority of these workers began reaching retirement age within the last decade and will continue to leave the workforce in large numbers over the coming decade.

Here we go again. We do not lack for material in our monthly report on cyber shenanigans. Clearly, individuals and businesses are vulnerable to any manner of cyber hacking and fraud. So, why not call on us to assess your risk and help protect against such threats? Our assignments are tailored to our client and their needs; our professionals are highly qualified; and, our approach is systematic. It’s your business, your call.

As a follow up to our May 2018 Bulletin, due to various issues with the online filing of New Jersey Charity Renewal Registration Forms and Extension Requests, effective today June 29, 2018 all organizations with a Fiscal Year End 12/31/2017 (due date of 6/30/2018) will be given an additional 30 days to file an extension.

With the implementation of Accounting Standards Update (ASU) 2016-14 — Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities on the horizon, many private colleges and universities are assessing its impact on their financial statements as they go through their current year-end audit cycle.

Quill was killed. As of last week, Wayfair is in charge. The United States Supreme Court made clear, in its highly anticipated South Dakota v. Wayfair decision, that the nexus standard has changed in the sales tax arena. Online and remote retailers now must collect sales tax from customers in states even when they have no physical presence in those states.

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued its final guidance for contributions received and contributions made.

Calendar year employee benefit plans are generally required to file the 2017 Form 5500 and Form 8955-SSA by July 31, 2018 unless an extension Form 5558 is timely filed with the Internal Revenue Service Center in Ogden, Utah.