Qualified Retirement Plans: Know the Rules

The IRS annually releases its Required Amendments (RA) list, which includes changes that individually designed retirement plans may need to make to remain qualified under the Internal Revenue Code.

The most recent RA list was released via Notice 2017-72, which contains changes not only to the qualification requirements for individually designed plans but also to the deadline for amending the plans. There are two categories: Part A and Part B.

New IRS Guidance on State and Local Taxes

The IRS is expected to issue regulations to help taxpayers understand the relationship between federal charitable contributions and the new statutory limitations on the deduction of state and local taxes.

The Tax Cuts and Jobs Act limits the amount of state and local taxes one can deduct in a calendar year to $10,000. Some state legislatures are proposing that taxpayers make payments to specified entities in exchange for a tax credit against state and local taxes owed.

The Treasury Department and IRS are saying that they won't allow local governments to find creative ways to help deduct these taxes.

New York Mandates Anti-Sexual Harassment Policy & Training

New York legislators have passed a number of initiatives in the wake of the #MeToo movement and widespread allegations of sexual harassment in the workplace, including a law requiring employers to provide sexual harassment training to all workers.

In addition to providing training, New York employers must adopt a written sexual harassment prevention policy and distribute it to employees. As with the training, state agencies will provide a model policy that employers may elect to use. The written policy and interactive training provisions take effect on October 9, 2018.

Tax Reform Expands ABLE Accounts, Saver’s Credit

The tax reform laws passed at the end of 2017 added some benefits for people with disabilities, raising the amount of money they can put into their Achieving a Better Life Experience (ABLE) accounts.

They may even be able to roll a limited amount of money from 529 plans into ABLE accounts. Finally, many will also qualify for the Saver's Credit for low- and moderate-income workers.

Maria Rollins to be Instructor for Business University

Maria Rollins, CPA, MST has been invited by Kim Luthy of Allied Wealth Partners to participate as an instructor for Business University, which will be held September 20th and 26th in Parsippany.

The goal of this two-part educational series is to help align the business owner's personal and business goals. If you are a busy business owner who wants to learn how to get the most out of their business, this course is for you!

New KRS Insights Breakfast: The State of Cannabis in New Jersey

The KRS Insights Breakfast Series resumes on September 21st with an in-depth look at proposed legislation to legalize marijuana in the State of New Jersey.

Join us on September 21st as Joshua S. Bauchner, Partner, Ansell Grimm & Aaron Counsellors at Law, discusses the new bills that, if passed, will dramatically expand the legalization of medical marijuana in the state.

This is a must-attend event if you are, or are planning on becoming, involved in any aspect of Cannabusiness.

NJ State Bar Association Publishes Partner Jerry Shanker’s TCJA Article

KRS partner Jerry Shanker, CPA/ABV, CFF, recently authored "Significant Provisions of the Tax Cuts and Jobs Act Affecting Closely Held Businesses and Their Owners," in the August 2018 edition of the New Jersey State Bar Association's Business Law Section Newsletter.

Shanker's article provides a general overview of the three provisions that affect closely held businesses, and examples to help business owners understand what they should consider in their tax planning.

IRS Prevents SALT Deduction Workaround

The Trump administration rejected attempts by New Jersey and other high-tax states, including New York, Connecticut, and California, to get around the federal cap on deducting state and local taxes by setting up charitable funds.

Taxpayers will not be allowed to fully deduct charitable contributions in lieu of property taxes under new rules released by the IRS and U.S. Department of Treasury.

Check Your Withholding Now!

The IRS is urging two-income families and folks who work multiple jobs to complete a paycheck checkup to verify that they're withholding the right amount of tax from their paychecks.

If you are a two-income family or if you work multiple jobs — you may be more vulnerable to being under-withheld or over-withheld following the tax law changes. A paycheck checkup can help you see whether you're having the correct amount withheld for your personal financial situation.

You can check out the IRS Withholding Calculator to help navigate the complexities of multiple employer tax situations and determine the correct amount of tax for each employer to withhold.