On July 3, 2023, New Jersey Governor Phil Murphy signed into law Assembly Bill 5323 which enacted significant changes to the state’s Corporate Business Tax Act (CBT) and Gross Income Tax Act (GIT). Following are…

On May 8, 2023, New Jersey Governor Phil Murphy officially signed legislation that effectively decouples state tax provisions from the federal prohibition on cannabis business deductions beginning with the 2023 tax year. The bills, A-3946/S-340,…

September 19th Update: ANCHOR Benefit Confirmation Letter If you received the ANCHOR Benefit Confirmation Letter or are eligible to apply, here is what you need to know. Did you file last year and have no…

The New Jersey Division of Taxation has announced a new state Child Tax Credit for households earning under $80,000. Refundable tax credits of up to $500 per child will be available when filing the 2022…

The New Jersey Economic Development Authority (NJRDA) has approved changes to the Main Street Micro Business Loan Program. These changes include the removal of the requirement for personal guarantees from owners of micro businesses. The…

Fall IRS Deadlines and Updates September 15 -Third quarter individual estimated tax payments for 2022 are due. -Filing deadline for extended 2021 S-corporation and partnership returns. October 17 -Filing deadline for extended 2021 individual tax…

A new stimulus program for eligible New Jersey business owners is providing funds to upgrade the HVAC and plumbing systems at commercial storefronts. But you have to act quickly to apply as funds are on…

Summer 2022 has proven to be a busy summer for NJ government and the Division of Taxation. With three new major New Jersey tax updates, some taxpayers may soon see temporary relief at the cash…