2017 Payroll and Tax Update

Published on December 30, 2016.

January 2017 We wish all of our friends a Happy and Healthy New Year! This letter contains important tax related information that you may need for 2016 and 2017. As always, please contact us if you have any questions.                                                                                                                                                                          IMPORTANT WEBSITES. ESTIMATED TAXES FOR INDIVIDUALS. INDIVIDUAL INCOME TAX RATES. Federal Individual Rates. 2016 Capital Gain, Dividend, and Qualified Five-year

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Christie reverses course on ending Pa. reciprocal tax agreement

Published on November 29, 2016.

On Tuesday November 22nd, Governor Chris Christie formally announced that he is not going to rescind the 40 year old Reciprocal Agreement between Pennsylvania and New Jersey. Governor Christie signed a new bill that will save New Jersey taxpayers over 200 million dollars. If the termination of the Reciprocal Agreement had gone through, many taxpayers working on the other side

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Christie reverses course on ending Pa. reciprocal tax agreement

Published on November 23, 2016.

On Tuesday November 22nd, Governor Chris Christie formally announced that he is not going to rescind the 40 year old Reciprocal Agreement between Pennsylvania & New Jersey.  Governor Christie signed a new bill that will save New jersey taxpayers over 200 million dollars.  If the termination of the Reciprocal Agreement had gone through, many taxpayers working on the other side

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Accelerated W-2 filing deadline for 2016 W-2’s and 1099-MISC.docx

Published on November 16, 2016.

Accelerated Form W-2 filing deadline for employers The Protecting Americans from Tax Hikes (PATH) Act, enacted late last year, changed the filing deadline for Forms W-2 for calendar years after 2015 (e.g. 2016 W-2’s filed in 2017) to January 31 of the year following the year to which such returns relate. Therefore, 2016 W-2’s must be filed by January 31,

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RETIREMENT PLAN BENEFITS AND LIMITS FOR 2017

Published on November 3, 2016.

Type 2016 2017 Traditional and Roth IRA contribution $5,500 $5,500 Traditional and Roth IRA catch-up contribution $1,000 $1,000 SIMPLE IRA and SIMPLE 401(k) salary deferral $12,500 $12,500 SIMPLE IRA and SIMPLE 401(k) catch-up contribution (50 years old & above) $3,000 $3,000 401(k), 403(b), 457(b), and SARSEP salary deferral contribution $18,000 $18,000 401(k), 403(b), 457(b), and SARSEP catch-up contribution (50 years

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New Jersey Tax Changes

Published on October 24, 2016.

  Gas Tax Increase:  On October 14, 2016, Governor Christie signed a bill raising the gasoline tax 23 cents per gallon.  This gas tax hike, along with other related fuel taxes, will generate $1.23 billion in annual revenue used primarily for a $16 billion transportation program.  This is effective November 1, 2016. Sales Tax:  The sales tax is being reduced

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Pennsylvania Announces 2017 Tax Amnesty Details

Published on September 16, 2016.

Pennsylvania has announced the details of its new tax amnesty program. It will run from April 21 to June 19, 2017. Please click on the link below for more information.  http://www.revenue.pa.gov/taxamnesty/Documents/tax_amnesty_qa.pdf    

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2016 Payroll and Tax Update

Published on December 30, 2015.

January 2016   We wish all of our friends a Happy and Healthy New Year!   This letter contains important tax related information that you may need for 2015 and 2016. As always, please contact us if you have any questions.   TOPIC                                                                                                                                                                               IMPORTANT WEBSITES. ESTIMATED TAXES FOR INDIVIDUALS. INDIVIDUAL INCOME TAX RATES. Federal Individual Rates. Capital Gain, Dividend, and

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Congress Passes Tax Extended Legislation

Published on December 22, 2015.

Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) On December 18, the Senate passed the Protecting Americans from Tax Hikes Act of 2015 (“Path Act”), which the House had passed the day before. The President quickly signed the legislation into law. The Path Act addresses the 50 or so taxpayer favorable “extenders” that had expired at the end

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Revised Due Dates For Certain Returns

Published on October 29, 2015.

Earlier this year, the President signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015”. The new law contains a number of important tax provisions including revised due dates for partnership and C corporation returns and revised extended due dates for certain returns. The following is a summary of these due date changes. Revised Due

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