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If your business files Corporation Business Tax (CBT), Partnership, or Pass-Through Business Alternative Income Tax (PTE/BAIT) returns, now is the time to prepare for the transition. 

What’s Changing? 

Phase 2A expands the NJ Tax Portal to include: 

• Corporation Business Tax (CBT)  

• Partnership Tax  

• Pass-Through Business Alternative Income Tax (PTE/BAIT)  

These tax types will move into the state’s modernized filing and payment platform, joining the Phase 1 taxes that are already using the portal. The Division of Taxation has indicated that additional tax programs will continue to be added in future phases.  

Important Payment Deadline to Know 

One of the biggest announcements accompanying the Phase 2A rollout is a temporary limitation on future-dated payments. 

Due to the expansion of the NJ Tax Portal, taxpayers will not be able to schedule payments dated after August 20, 2026.  

Businesses that routinely schedule tax payments in advance should review their payment calendars and make any necessary adjustments before that date. 

What Businesses Should Do Now 

Although the full Phase 2A launch is still a few months away, there are several steps businesses can take now to ensure a smooth transition: 

• Review upcoming Corporation Business Tax, Partnership, or PTE/BAIT filing deadlines.  

• Plan around the August 20 payment scheduling limitation.  

• Confirm that your business has access to its NJ Tax Portal credentials and administrator account.  

• Coordinate with your CPA or tax advisor regarding any filings or payments that may be affected during the transition.  

Preparing now can help avoid unnecessary delays once the new system becomes available. 

More Changes Are Still Coming 

The Division of Taxation has confirmed that Phase 2A is only one step in its broader modernization initiative. Future phases will eventually bring additional tax types, including Employer Withholding (Payroll) taxes, Individual Income Tax, Estate Tax, and others, into the NJ Tax Portal over the coming years.  

We’re Here to Help 

Technology upgrades often create new processes and deadlines for businesses. If you’re unsure how the Phase 2A rollout may impact your company or upcoming tax filings, the professionals at Alloy Silverstein are here to help you prepare and stay compliant. 

Our team will continue monitoring updates from the New Jersey Division of Taxation and will share additional guidance as implementation details become available. 

More Resources 

• New Jersey Launches New Tax Filing Portal: What Business Owners and Tax Preparers Need to Know 

The post NJ Tax Portal Expansion Continues: Phase 2A Launch Coming This Fall appeared first on Alloy Silverstein.

What is Kwong v. United States?

Kwong v. United States is a recent federal court case that examined how special IRS disaster-relief provisions were applied during the COVID-19 pandemic. The court concluded that certain tax filing and payment deadlines may have been automatically extended for a longer period than many taxpayers and practitioners previously understood. As a result of the court’s decision, some penalties and interest assessed during that time may have been applied incorrectly, potentially creating refund or abatement opportunities for affected taxpayers.

Potential claim deadline: July 10, 2026

Although the law is still developing, July 10, 2026, may be an important deadline for preserving certain claims or requesting a refund or abatement. Our tax team is actively monitoring this area and evaluating whether the ruling may be relevant based on your individual circumstances.

Why this matters

During the COVID-19 declared emergency, special disaster-relief rules postponed certain tax filing and payment deadlines. In Kwong, taxpayers who paid certain penalties and interest – or still have unpaid assessed amounts from that period – may want to review whether relief is available. This issue may apply to a wide range of taxpayers, including individuals, businesses and trusts/estates.

Items worth reviewing

• Failure to file and pay penalties
• Certain estimated tax penalties and interest

Important reminders

• There may be a limited‑time opportunity to recover penalties and interest paid during the pandemic.
• The IRS will not issue refunds automatically.
• Action is required by July 10, 2026, but in some situations, the deadline could be earlier.
• Future guidance from the IRS, legislation, or court cases could change the outcome of this issue.
• We can help you determine eligibility based on your specific facts and circumstances and file protective claims or claims for refund or abatement of penalties and interest where appropriate.

What you can do now

• Review IRS notices and account transcripts for tax years 2019-2022 for penalties or interest tied to late filing, late payment, or estimated taxes.
• Identify any amounts already paid as well as any balances that remain assessed but unpaid.
• Contact your CPA early to determine whether a protective claim or refund request should be filed before the July 10th deadline.

Consult with an Alloy Silverstein Advisor

Please call our office at 856.667.4100 or contact your Alloy Silverstein advisor to discuss whether Kwong v. United States may apply to you. We can help evaluate eligibility, review IRS records, and prepare any appropriate protective claims or refund requests before applicable deadlines. Proactive planning and timely action are often the key to preserving valuable tax opportunities.

The post Kwong v. United States: Could You Be Eligible for an IRS Penalty or Interest Refund? appeared first on Alloy Silverstein.

June 15, 2026 – Second quarter 2026 individual estimated tax payments are due.

July 31, 2026 – Due date for filing 2025 retirement or employee benefit plan returns (5500 series) for calendar year plans.

September 15, 2026 – Third quarter 2026 estimated tax payments are due. Extension deadline for 2025 S-Corporation and partnership returns.

This Summer – Be proactive with your finances and check with your CPA or advisor for a tax and financial review to go over your personal or professional goals.

What the IRS is Up To

Still Waiting on Your Refund?

Some taxpayers are still experiencing delayed refunds due to the IRS’s transition to digital disbursements. If your direct deposit fails, you may receive IRS Notice CP53E, often caused by missing bank information, name mismatches, or rejected deposits. You typically have 30 days to correct the issue online or the IRS may issue a paper check, which could take up to six weeks. Use the IRS “Where’s My Refund?” tool to check your status. 

NJ Property Tax Relief: 2026 Reminders 

New Jersey’s ANCHOR, Senior Freeze, and Stay NJ property tax relief programs continue rolling out in 2026 with a deadline of November 2, 2026. Senior Freeze payments begin in July, ANCHOR payments start in September, and Stay NJ payments follow a quarterly schedule. Eligibility is based on residency, income, and age as of 2025, and some residents may receive auto-filed applications or mailed notices. Eligible seniors can file a single PAS-1 form for all three programs. 

Tariff Update: Monitoring Potential Impacts 

Recent U.S. Supreme Court developments related to tariffs may affect businesses with imported inventory or global supply chains. The AICPA is monitoring potential impacts on balance sheets, inventory costs, and possible refunds. Guidance continues to evolve, and the financial impact will vary by business. Discuss any concerns with your CPA or advisor as more information becomes available. 

The post Summer 2026 Tax Deadlines and IRS News appeared first on Alloy Silverstein.

This checklist outlines the key records and information your business should have in place before filing begins. Staying organized upfront can reduce stress, avoid last-minute surprises, and help your CPA file an accurate return that reflects the full picture of your business.

Essential #1 – Books that actually add up.

Accurate books aren’t just helpful, they’re the foundation of a reliable return.

• Reconcile accounts before filing begins
• Make sure income and expenses are recorded consistently
• Confirm your accounting software matches your bank records
• Review prior year adjustments or corrections

Essential #2 – Payroll that matches the paperwork.

Payroll accuracy isn’t just about timeliness, it’s about making sure every number tells the right story.

• Double-check W-2s and 1099s for accuracy
• Verify all payroll tax deposits have been filed
• Keep records of bonuses, commissions, and benefit payments
• Confirm year-end payroll summaries match reported figures

Essential #3 – Look back to file forward.

What you reported last year matters because it sets the stage for this year’s return.

• Review deductions and credits from the prior year
• Carry forward losses, depreciation, or credits if applicable
• Ensure consistency in how income and expenses are reported
• Compare net income trends to flag unusual changes

Essential #4 – Gather evidence that backs every claim.

Every deduction should come with backup.

• Keep receipts, invoices, and logs for every deduction
• Organize digital records in one place
• Separate personal and business expenses clearly
• Maintain mileage logs for vehicle-related deductions

Essential #5 – The right papers for the right structure.

Your filing should reflect your business structure, down to the details.

• Make sure incorporation or partnership documents are current
• Verify ownership percentages and agreements
• Keep a record of major business decisions
• Review changes in entity type or tax election status

Essential #6 – Confirm what you’ve already paid.

Before finalizing anything, make sure your estimated tax payments are accounted for.

• Gather records of quarterly payments
• Check totals against what’s reported on the return
• Correct any discrepancies early
• Verify any prior overpayments or credits applied

Essential #7 – Update your list of fixed assets.

Your fixed asset schedule can become cluttered with equipment you no longer use.

• Update depreciation schedules for all business assets
• Make sure new asset purchases are recorded with correct start dates
• Confirm depreciation methods (e.g., straight-line vs. accelerated) match your filing strategy
• Review Section 179 or bonus depreciation opportunities

Essential #8 – Review credits you may qualify for.

Tax credits can be powerful, but only if you’re eligible and prepared to prove it.

• Review current-year tax credits available for your business type or industry
• Confirm documentation for each credit (e.g., R&D, energy efficiency, hiring incentives)
• Make sure you haven’t double-counted expenses used for credits and deductions
• Track carryforward credits from previous years

Tax credits and depreciation rules change frequently, making year-over-year review especially important.

Partner with an Alloy Silverstein Business Advisor

Filing your 2025 business tax return doesn’t have to be a scramble. This checklist can help you stay organized, identify gaps early, and approach tax season with confidence.

At Alloy Silverstein, we go beyond filing. Our CPAs and Client Advisory Services team help business owners keep their books accurate year-round, identify planning opportunities, and use financial data to make smarter decisions — not just meet deadlines.

If you’d like help preparing your records, cleaning up your books, or building a more proactive tax and accounting strategy, contact Alloy Silverstein today. We’re here to help your business stay compliant, informed, and positioned for growth.

The post Your Business’s Essential Tax Return Filing Checklist appeared first on Alloy Silverstein.

Your business’s tax return is more than a compliance document—it’s a snapshot of your financial performance and a guide to smarter decision-making for the year ahead. By reviewing key numbers from your return, you can identify opportunities to improve efficiency, optimize your tax strategy, and better plan for cash flow needs.

Here are several ratios and metrics to pull from your business’s most recent tax return and track over time. Comparing these numbers year over year can help highlight trends, potential risks, and areas for growth.

Effective tax rate = Total tax liability / Total income

Take your total tax liability from your most recent tax return and divide it by your gross income from that return. Do this calculation for your three most recent tax returns and compare the results.

If your effective tax rate increased, it may mean certain deductions dropped off, income grew faster than expected, or your business structure is no longer a good fit. A decrease could be a sign of one-time factors that may not repeat, like the purchase of expensive equipment.

(Note: Remember if you have a pass-through entity, your business’s tax liability will be found on your individual tax return.)

Planning tip: Use this rate to estimate future tax liability more accurately, so you can set aside the right amount of cash to make estimated tax payments throughout the year. It can also be used to evaluate whether changes to compensation, retirement contributions, or entity type are worth exploring in 2026.

Owner tax burden = Total tax liability / Total owner compensation (or distributions)

Owner tax burden looks at how much of the cash an owner takes out of the business that ultimately goes to taxes. A high owner tax burden may signal that compensation is structured inefficiently, estimated payments are off, or the entity type is creating unnecessary tax friction.

Planning tip: This number can guide changes to how you pay yourself (salary vs. distributions), timing of bonuses, retirement contributions, and even whether a different business structure would leave more cash in your hands.

Operating expense ratio = Total operating expenses / Total revenue

This ratio gives a clear view of how efficiently the business runs day-to-day. A rising ratio often signals creeping overhead. Expenses may be increasing faster than revenue, even if total profit still looks acceptable. A falling ratio usually points to improved efficiency, better pricing, or stronger cost control. Neither is good or bad on its own, but comparing ratios over time matter.

Planning tip: Remember this ratio is outside of your gross margin percent (Cost of Goods Sold/Net sales). Use this ratio as a guardrail to control against creeping overhead expenses. Try to make the percent of sales go down every year. If the number starts creeping up, it’s often a sign to slow hiring, reduce other expenses, or adjust pricing before margins erode. A common culprit outside of payroll is annuity billing and outside consulting expense.

Putting It All Together

By tracking your effective tax rate, owner tax burden, and operating expense ratio, you gain actionable insights into how your business is performing and where adjustments may be needed. These metrics are simple to calculate but powerful in helping you make informed decisions about compensation, expenses, pricing, and long-term planning.

How Alloy Silverstein Can Help

At Alloy Silverstein, we work with business owners to turn tax data into actionable insights. Our CPAs and tax advisors can help you interpret these numbers, plan for 2026, and implement strategies to maximize efficiency, reduce tax friction, and keep more cash in your business.

If you’re ready to make your tax return work harder for you, contact us today.

The post Numbers to Know From Your Business’s Tax Return appeared first on Alloy Silverstein.

Both qualified overtime and qualified tips must be reported separately on the W-2, using new codes in box 12 and a new box 14b for the tipped occupation code.

Track overtime accurately

• Record employee hours carefully, including overtime worked beyond 40 hours per week.
• Calculate the extra “half-time” above the regular rate correctly.
• Separate overtime pay from bonuses or other discretionary pay.

Track tips carefully

• Record qualified tips such as cash, credit, debit, or gift card tips.
• Exclude service charges, mandatory gratuities, and non-cash items.
• Ensure employees report tips promptly and keep documentation.

Best practices for business owners

• Reconcile payroll data each pay period.
• Audit overtime and tip records regularly.
• Maintain clear documentation for all deductions.

Partner with experts

Working with a trusted payroll provider simplifies compliance. Abacus Payroll can help set up reporting codes, generate accurate payroll and tax reports, and ensure your business and employees fully benefit from available deductions. The key to a smooth year ahead is clear: track carefully, report accurately, and rely on a trusted advisory team.

The post Stay Compliant in 2026: Tracking Overtime and Tips appeared first on Alloy Silverstein.

March 16, 2026

• Deadline to file partnership and S-corporation tax returns.

April 15, 2026

• Deadline to file individual, trust, gift and calendar-year C-corporation returns.

• Deadline for making 2025 IRA contributions.

• First installment of 2026 individual estimated tax is due.

May 15, 2026

• Deadline for calendar-year non-profit organizations to file annual reporting returns.

What the IRS is Up To

How the USPS Postmark Update Affects Your Tax Return

The USPS now applies postmarks at processing facilities rather than at local post offices. The mail may be received by the processing center on a different day than it was dropped off, which could affect paper tax returns, extensions, or payments. Because the IRS uses postmark dates to determine timeliness, this could trigger penalties, interest, or rejected filings. Electronic filing remains the safest option whenever possible.

IRS Releases Initial Guidance on ‘Trump Accounts’

‘Trump Accounts’ are a new tax-advantaged savings program for children under the OBBBA. Contributions are not expected to start until July 2026, but taxpayers can elect to enroll using IRS Form 4547 when filing 2025 tax return. Families should monitor IRS guidance and consult their CPA or financial advisor to see if a Trump Account is right for their situation.

Mileage Rates for 2026

Beginning Jan. 1, 2026, the standard mileage rates for the use of a car, van, pickup or panel truck (gas, diesel, electric, or hybrid) will be:

The post Spring 2026 Tax Deadlines and IRS News appeared first on Alloy Silverstein.

The post The March Tax Deadline Is Approaching: Late Filings Can Trigger Costly IRS Penalties appeared first on Alloy Silverstein.

If you paid $600 or more in 2025 to vendors such as freelancers, attorneys, or other service providers, it’s time to get those forms filed. Form 1099-NEC must be submitted to both the IRS and your contractors by the deadline to stay compliant and avoid penalties.

See More Upcoming Tax Deadlines→

Credit Card Payments Excluded

Keep in mind that payments made by credit card are excluded from your 1099 reporting. That’s because payment processors are responsible for issuing their own forms (typically Form 1099-K).

If you’re considering a change in 2026, paying vendors by credit card could mean earning points and simplifying next year’s 1099 season.

Obtain From W9 from Contractors

Be sure to obtain a Form W-9 from each vendor to ensure you have accurate information when preparing 1099s. Double-check all details — even a small mistake can create unnecessary delays or IRS notices.

Good news: if a vendor’s W-9 shows they’re a corporation, you typically don’t need to issue a 1099. One important exception: corporations must receive a 1099 for legal services.

Proofread for Accuracy

Before filing, verify every detail on your 1099 forms. Errors like misspelled names or incorrect EINs or Social Security numbers can cause IRS rejections, trigger notices, and create headaches for both you and your contractors.

More 1099 Compliance Tips

Remember, there are different types of 1099 forms, each with its own rules and thresholds. Make sure you’re using the correct form for each situation. For full details, visit IRS.gov or connect with your trusted tax advisor.

Still have questions? Alloy Silverstein has got you covered. Head to the Resources section of our website for more tips and tools to stay compliant.

Start this tax season stress-free and ahead of the game. Get those 1099s filed on time — your business will thank you later.

Related Form 1099 Resources:

• Acing 1099 Compliance [Webinar Recording] →
• What’s the difference between a Form W-2, Form 1099-MISC, & Form 1099-NEC? (Video) →
• Check Those 1099s →
• What To Do if Your 1099 Form Is Wrong →
• Do I Really Need to File 1099s? →
• Smooth Sailing for Your Business’s Tax Return →
• Employee or Contractor? It Pays to Know the Difference →
• Alloy Silverstein Group Payroll Tax Alert [PDF]→
• What Do Business Owners Need to Know About 1099s? [VIDEO] →

The post 1099-NEC Deadline Approaching: What Businesses Need to Know for 2026 appeared first on Alloy Silverstein.