Tax Updates

New Budget Reconciliation Package: Plan NOW for the Estate Tax Overhaul

New Budget Reconciliation Package: Plan NOW for the Estate Tax Overhaul 400 400 SAX LLP - Advisory, Audit and Accounting

Throughout 2021, SAX has been warning of dramatic and substantial structural changes that will severely impact estate planning opportunities. The recently proposed budget reconciliation package based upon the President’s Build…

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TAX ALERT: NJ Passes Laws to Combat Employment Misclassification by Businesses

TAX ALERT: NJ Passes Laws to Combat Employment Misclassification by Businesses 400 400 SAX LLP - Advisory, Audit and Accounting

On Thursday July 8, New Jersey Governor Phil Murphy passed a series of laws targeting employment misclassification.  The state believes many businesses have shirked their payroll tax and employment obligations…

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Tax Alert: IRS Extends Additional Tax Deadlines for Individuals to May 17, 2021

Tax Alert: IRS Extends Additional Tax Deadlines for Individuals to May 17, 2021 400 400 SAX LLP - Advisory, Audit and Accounting

The IRS has recently announced that individuals have until May 17, 2021 to meet certain tax deadlines that would normally fall on April 15. This extension includes the filing of…

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IRS Extends Tax Filing Deadline for 2020 Individual Returns

IRS Extends Tax Filing Deadline for 2020 Individual Returns 400 400 SAX LLP - Advisory, Audit and Accounting

The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15,…

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The Current Status of the New Stimulus Package – The Consolidated Appropriations Act, 2021

The Current Status of the New Stimulus Package – The Consolidated Appropriations Act, 2021 400 400 SAX LLP - Advisory, Audit and Accounting

After months of negotiations, Congress reached an agreement for a new round of relief for the ongoing COVID-19 pandemic.  In addition to the enhancements made to the Paycheck Protection Program…

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Tax Alert: FAQs Released on Business Alternative Income Tax (BAIT)

Tax Alert: FAQs Released on Business Alternative Income Tax (BAIT) 400 400 SAX LLP - Advisory, Audit and Accounting

On Tuesday, September 29, the Division of Taxation released guidance on the recently enacted Business Alternative Income Tax (BAIT) in the form of an FAQ page on its website.  While…

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There’s No Better Time Than Now To Review Estate Plans & Wealth Transfer Opportunities

There’s No Better Time Than Now To Review Estate Plans & Wealth Transfer Opportunities 400 400 SAX LLP - Advisory, Audit and Accounting

There are several significant factors indicating that this is a good time to revisit your estate plan. The impact of the novel coronavirus (COVID-19) and the resulting economic uncertainty, as…

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Guidance Released on Social Security Withholding Deferral

Guidance Released on Social Security Withholding Deferral 400 400 SAX LLP - Advisory, Audit and Accounting

On August 8, 2020, the President issued a Presidential Memorandum directing the Secretary of the Treasury to defer the withholding, deposits and payment of certain payroll tax obligations.  On Friday,…

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Tax Alert: Update Regarding Issue With IRS Balance Due Notices

Tax Alert: Update Regarding Issue With IRS Balance Due Notices 400 400 SAX LLP - Advisory, Audit and Accounting

Many taxpayers have been receiving balance due notices for filed tax returns where the payments were indeed mailed in. The IRS is aware of this issue and is advising the…

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Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act

Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act 400 400 SAX LLP - Advisory, Audit and Accounting

On May 15, the House passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act providing over $3 trillion to federal agencies, state and local governments, small…

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