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Category: IRS and State tax news

For additional information about this message, please check with your lender for more information. The application will only be available online. Clients will not be able to apply through their business relationship manager.  Encourage them to enroll in Chase Business Online here.  We’re Read More

This is a quarterly payroll tax credit: For 50% of wages paid By eligible employers To eligible employees During the Covid-19 crisis NOT APPLICABLE to employers receiving Small Business Interruption Loans under this Act Determined on a quarter by quarter basis Eligible employers: Employers wh Read More

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Key Pr Read More

On Tuesday March 17, 2020, the Secretary of the Treasury, Steve Mnuchin, announced that there will be a 90 day interest and penalty free extension of time for certain taxpayers to pay all or part of their Federal income taxes beyond the normal April 15th deadline. This was followed the next d Read More

On January 13, 2020, Governor Phil Murphy signed into law Senate Bill 3246 (S. 3246 or bill) establishing the “business alternative income tax” (BAIT), an elective New Jersey business tax regime for pass-through entities (PTEs). The BAIT program is intended to give New Jersey indi Read More

As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service recently announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. Click here to be redirected to the article Read More

Here we go again! Another sweeping legislation tax reform was passed recently called the Setting Every Community Up for Retirement Enhancement Act (also known as the “SECURE ACT”). This act is very important to all Americans including baby boomers who are soon near retirement and aimed at Read More

Last week, the IRS issued a safe harbor that allows a taxpayer to treat a rental real estate enterprise as a trade or business solely for purposes of Section 199A, or the 20% deduction. To qualify as a trade or business under this safe harbor, the rental real estate enterprise must satisfy th Read More

New for 2019: Senior Citizens Must Enroll in Income Verification Program for Property Tax Break Changes Ease Ability to Claim the Enhanced STAR Exemption The New York State Department of Taxation and Finance today reminded property owners age 65 and over who are applying or reapplying to rece Read More

Effective January 1, 2019, there have been several increases to minimum wages.  It’s important that you are paying your employees the correct rates.  Please contact your Janover advisor if you have questions. * * * As a result of the federal minimum wage remaining stagnant since 2009 Read More

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