Tax Updates

Payroll taxes

Payroll Taxes Can Be Deferred, Even If You’re Taking Advantage of the Paycheck Protection Program
Payroll Taxes Can Be Deferred, Even If You’re Taking Advantage of the Paycheck Protection Program 400 400 SAX - Advisory, Audit and Accounting

There was some uncertainty on the interaction between the payroll tax deferral and the Payroll Protection Program (PPP).  Interpretations ranged from: Whether the employer would be eligible for loan forgiveness…

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Filing Deadline Extended

The IRS Extended the Tax Filing Deadline from April 15 to July 15
The IRS Extended the Tax Filing Deadline from April 15 to July 15 400 400 SAX - Advisory, Audit and Accounting

As an update on the tax filing deadline, Treasury Secretary Mnuchin announced on Friday, March 20 that the IRS will be extending the tax filing deadline from April 15 to…

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Governor Murphy Signs “Pass-Through Business Alternative Income Tax” Bill to Help New Jersey Taxpayers
Governor Murphy Signs “Pass-Through Business Alternative Income Tax” Bill to Help New Jersey Taxpayers 150 150 SAX - Advisory, Audit and Accounting

New Jersey Governor Phil Murphy signed the bill S-3246, called the “Pass-Through Business Alternative Income Tax Act” on Monday, January 13, 2020 to help business owners save federal income tax…

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Real Estate Owners: Are you Entitled to a Reduction in Your Taxes?
Real Estate Owners: Are you Entitled to a Reduction in Your Taxes? 150 150 SAX - Advisory, Audit and Accounting

New Jersey and New York continue to have one of the highest property tax burdens in the country.  As a result of market changes in the values of real estate…

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IRS Makes Update to Private School Nondiscrimination Policy Disclosure Requirement
IRS Makes Update to Private School Nondiscrimination Policy Disclosure Requirement 150 150 SAX - Advisory, Audit and Accounting

The IRS has released Revenue Procedure 2019-22 which adds a third method for private schools to disclose its racially nondiscriminatory policy. For a private school to be recognized as exempt…

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2019 YEAR-END TAX ADVICE: INDIVIDUAL TAX SAVING MOVES
2019 YEAR-END TAX ADVICE: INDIVIDUAL TAX SAVING MOVES 150 150 SAX - Advisory, Audit and Accounting

Most of the provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018.  With the first TCJA tax season behind us, we move from questioning “How…

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2019 YEAR-END TAX ADVICE: BUSINESS TAX SAVING MOVES
2019 YEAR-END TAX ADVICE: BUSINESS TAX SAVING MOVES 150 150 SAX - Advisory, Audit and Accounting

Most of the provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018.  With the first TCJA tax season behind us, we move from questioning “How…

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TAX ALERT: Section 199A Safe Harbor Finalized for Rental Real Estate
TAX ALERT: Section 199A Safe Harbor Finalized for Rental Real Estate 150 150 SAX - Advisory, Audit and Accounting

When assessing whether rental real estate activities qualify for the new 20% section 199A deduction that came about under the Tax Cuts and Jobs Act, it is vital to understand…

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Connecticut Sales Tax Rate Changes for Digital Goods and Software
Connecticut Sales Tax Rate Changes for Digital Goods and Software 150 150 SAX - Advisory, Audit and Accounting

Effective October 1, 2019, Connecticut is raising its sales and use tax rate for sales of software and digital goods from 1% to 6.35%. These changes can affect individuals and…

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New York State Sales and Use Tax Update: Westchester County Tax Rate Changes
New York State Sales and Use Tax Update: Westchester County Tax Rate Changes 150 150 SAX - Advisory, Audit and Accounting

Sales and Use tax rate changes have been implemented in Westchester County (except Mount Vernon, New Rochelle and White Plains) which had a tax rate of 7 3/8% through July…

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