Posted in Individual Tax Brief

You May be Able to Save More for Retirement in 2015

Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings: Type of limitation 2014 limit 2015 limit  Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1)plans   $17,500   $18,000  Annual benefit for defined benefit plans   $210,000   $210,000  Contributions to defined contribution plans   $52,000…

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Posted in Nexus, Sales and Use Tax, State & Local Strategies

Multistate Tax ‘Nexus in Texas’ Alert – Comptroller Decision Sounds Sales Tax Warning For Software Providers

As someone who regularly tunes into the Weather Channel, I keenly appreciate how meteorologists recognize dangerous patterns and potentially significant storms through analysis of weather hundreds of miles and days away from a location.  This ability to predict weather emergencies allow us to prepare and “batten down the hatches” well in advance of the…

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Posted in Nexus, Property and Other State/Local Tax Issues, State & Local Strategies

Polar Vortexes and November Blizzards – Time to Winterize Your Multistate Tax Machine

It is not even Thanksgiving, but already as the news reported yesterday, US braces for more icy temperatures and snow as ferocious storm lingers.  Many years ago I adopted an approach for dealing with Northeast winters.  My approach centered around assessment, preparation and planning.  I called it “winterizing.” My son…

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Posted in Accounting & Auditing

Timing Business Income and Expenses to Your Tax Advantage

Typically, it’s better to defer tax. Here are two timing strategies that can help businesses do this: 1. Defer income to next year. If your business uses the cash method of accounting, you can defer billing for your products or services. Or, if you use the accrual method, you can delay shipping products or delivering…

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Posted in Personal Income Tax, State & Local Strategies

In Search of a New Jersey Gross Income Tax Treasure – Don’t Forget the Alternative Business Calculation Adjustment

Searching for opportunities to reduce our clients’ New Jersey Gross Income Tax costs in the midst of the closing days of our 2014 tax busy season, we revisited one of New Jersey’s relatively recent legislative changes – the Alternative Business Calculation Adjustment. The inability to offset income and losses occurring in different business categories…

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Posted in Sales and Use Tax, State & Local Strategies

Must Reads For Your Summer Leisure – New York Hits The Shore With A Wave of Sales Tax Bulletins and Advisories

Each year the joy of Summer seems to more quickly pass into the demands of the Fall.  Perhaps your summer, like mine, is a coveted time to catch up on non-technical reading.  However, last week the New York State Department of Taxation and Finance issued approximately 15 Sales Tax Technical Bulletins and several Technical…

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Posted in Corporate Income Tax, Nexus, State & Local Strategies

2014 Multistate Tax Road Trip – New Jersey Budget May Create Tax Traffic Headaches for Multistate Taxpayers

New Jersey’s Fiscal 2015 Budget, signed by Governor Chris Christie on June 30, 2014, includes Assembly Bill 3486 which contains tax provisions that may increase multistate taxpayers’ New Jersey income taxes.  In addition, the bill includes “click-through” nexus provisions that may impose New Jersey sales tax nexus upon non-New Jersey…

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