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Business & Individual Provisions in the New Tax Bill
Posted On 12/ 21/ 17


Click the links for pdf files discussing many of the provisions in the new tax bill affecting businesses and individuals. Tax Cuts and Jobs Act Business Provisions Tax Cuts and Jobs Act Individual ProvisionsRead More...

3 Year-End Tax Moves to Make Due to the New Tax Bill
Posted On 12/ 20/ 17


You may want to act quickly on one or more of these including paying your 4th quarter estimates or making a charitable donation by 12/31/17. This article discusses three moves you can make to cut your 2017 tax bill as well as the potential pitfalls of each option: http://www.nextavenue.org/year-end-tax-moves-tax-bill/ If you have any questions or if you would like more information, contact Fred Schutz at (856) 722-5300 ext. 201 or Dave Gill at ext. 210.Read More...

NJ: Minimum Wage Increases and Sales Tax Decreases on January 1st
Posted On 12/ 20/ 17


Minimum Wage On January 1, 2018, the NJ minimum wage will increase 16 cents from $8.44 per hour to $8.60 per hour. The increase is mandated by New Jersey’s constitution, which was amended in 2013 to make increases to the wage floor automatic based on inflation, as measured by the federal consumer price index. This year’s 16-cent increase is the largest annual hike since the amendment was approved by voters to raise the minimum wage by a dollar to $8.25 an hour in 2014 and make   Read More...

Standard Mileage Rates for 2018 Up from 2017
Posted On 12/ 20/ 17


The Internal Revenue Service issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate   Read More...

GOP Unveils Final Version of Tax Cuts and Jobs Act
Posted On 12/ 18/ 17


Republican leaders in Congress unveiled the merged version of the House and Senate Tax Cuts and Jobs Act (HR 1) late on December 15. The final bill reflects the work of a House-Senate Conference Committee over the past week to iron-out differences between the House and Senate. GOP leaders predicted swift passage of HR 1. Key Provisions The bill text and the "Joint Explanatory Statement of the Committee of Conference" (which begins on page 510) were released late on December 15. The   Read More...

Get Ready for Taxes: Donations May Cut Tax Bills
Posted On 11/ 30/ 17


The Internal Revenue Service reminds taxpayers looking to maximize their tax savings before the end of the year to consider charitable giving. Giving money or goods to a tax-exempt charity before Dec. 31 can usually be deducted on that year’s federal income tax return. Taxpayers are urged to consider the following before donating: Only Donations to Eligible Organizations are Tax-Deductible. The IRS Select Check tool on IRS.gov is a searchable online database that lists most eligible   Read More...

2nd Annual National Tax Security Awareness Week
Posted On 11/ 30/ 17


This week is the 2nd Annual National Tax Security Awareness week hosted by the IRS, state tax agencies, and the tax industry. The week is to encourage both individual and business taxpayers to take additional steps to protect their tax data and identities in advance of the 2018 filing season. The IRS, state tax agencies and the tax industry, partners in the Security Summit, have enacted a series of defenses in recent years that have made significant inroads into tax-related identity theft.   Read More...

Capital Bank of New Jersey Appoints Haefele Flanagan Partner, Jim Haefele, to their Board of Directors
Posted On 11/ 30/ 17


Capital Bank of New Jersey, the South Jersey community bank owned by hundreds of local stockholders, announced the appointment of James R. Haefele, CPA to its Board of Directors. Haefele is a partner at Haefele Flanagan, a public accounting and consulting firm in Maple Shade, New Jersey. In addition to being a Certified Public Accountant, he is Accredited in Business Valuation and is a Master Analyst in Financial Forensics. When not serving the wide professional needs of his clients, Haefele   Read More...

Details of House Tax Reform Bill
Posted On 11/ 07/ 17


On November 2, House Republicans unveiled their much-anticipated tax reform legislation, the Tax Cuts and Jobs Act (HR 1). Here are the highlights: Individuals - On the individual side of the tax code, the Tax Cuts and Jobs Act proposes to do the following: Lower the individual tax rates for low-to-middle income taxpayers to 12, 25, and 35 percent. For joint returns, the 25 percent would start at $90,000; and at $260,000 for the 35 percent bracket (half for single, individual filers).   Read More...

Congress Enacts Significant Changes to Partnership Audit Procedures
Posted On 11/ 01/ 17


Congress recently enacted significant changes to partnership audit and adjustment rules. The changes are expected to dramatically increase the audit rates for partnerships and will require partners to carefully review, if not revise, their partnership’s operating agreement. The new rules generally apply to partnership returns filed after 2018, but careful planning today will help mitigate any unfavorable consequence. Important New Provisions That May Impact You • The IRS may   Read More...