News

  • July 23, 2018 News

    Major Change to Sales Tax: Physical Presence is not required for Sales Tax Collection in Supreme Court Ruling

    By: Laurie J. Vitullo, CPA, Tax Manager July 13, 2018   In the Supreme Court's ruling in South Dakota v. Wayfair, Inc., a state can now require a seller to charge, collect and remit sales tax, even when they have no physical presence or nexus. This would mean the seller has a sales tax obligation even when they do not have any employees or offices outside their home state. This is major overturn to the court's previous decisions in Quill Corp. v. North Dakota (1992) and [...]

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  • July 23, 2018 News

    2018 and 2019 New Jersey Tax Law Changes

    By: Laurie J. Vitullo, CPA, Tax Manager July 13, 2018   Here is a list of tax law changes included in the fiscal year 2019 budget signed on July 1, 2018: Increase in the income tax rate to 10.75 percent for taxpayers with income over  $5 million Corporate business surcharge of 2.5% for the next two years and 1.5 % in years three and four, for corporations earning more than $1 million. Also an adoption of a combined reporting requirement A 90 day tax amnesty p[...]

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  • February 6, 2018 News

    Pennsylvania Tax Law Changes 2017/2018

    Pennsylvania Withholding Requirements Effective January 1, 2018, certain payments over $5,000 made by businesses for rental of PA property and non-employee compensation to PA nonresidents will now be subject to personal income tax withholdings. Form PA-100 may need to be filed to register for withholding accounts. Quarterly reports will need to be filed as well an annual Form 1099.   Achieving a Better Life Experience (ABLE) Accounts ABLE accounts are tax advanta[...]

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  • February 6, 2018 News

    New Jersey Tax Law Changes for 2017/2018

    Veterans Exemption Starting in 2017, individuals who or honorably discharged from active duty in the Armed Forces, Reserves or National Guard on the last day of the tax year are eligible for an additional $3,000 exemption. The exemption needs to be certified by mailing, faxing or uploading the documentation prior to filing the individual's return.   Sales and Use Tax Reductions Sales tax rate reduced to 6.625% from 6.875%, effective 1/1/18.   Retirement[...]

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  • January 26, 2018 News

    2017 Tax Cuts Act: What it Means For Businesses

    Dear Clients: The Tax Cuts and Jobs Act was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. For businesses, tax benefits include a reduction in the corporate tax rate, increase in the bonus depreciation allowance, an enhancement to the Code Sec. 179 expense and repeal of the alternative minimum tax. Owners of partnerships, S corporations, and sole proprietorships are allowed a temporary deductio[...]

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  • January 26, 2018 News

    2017 Tax Cuts Act: Impact on Families

    Dear Clients: The Tax Cuts and Jobs Act makes sweeping tax changes that impact virtually all taxpayers. For individual taxpayers and their families, changes include a decrease in the tax rates, repeal of the personal exemption, increase in the standard deduction, modification to itemized deductions, and doubling of the child tax credit. Under the Tax Cuts and Jobs Act, personal exemptions are repealed ($4,050 in 2017) for 2018 through 2025. Instead, the Tax Cuts and Jobs Act[...]

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  • January 5, 2018 News

    New Pennsylvania Withholding Requirements Enacted

    Effective January 1, 2018 businesses are required to withhold Personal Income Tax on nonresident persons or single member LLCs who receive $5,000 or more annually in nonemployee compensation or net profit (income from the operation of a business, profession or other activity) for work that is Pennsylvania sourced. The rate of withholding is 3.07%. The term persons is defined as individuals, and incorporates estates and trusts. The statute defines a single member LLC as any entity [...]

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  • January 3, 2018 News

    Transition Innovations from Retirement Planning

    Thinking "outside the box" yields results during a laboratory sale   By Bruce Bryen, CPA, CVA   When working hard to develop a profitable laboratory with a stellar reputation, plans emerge about employee retention, profitability, and retirement as the owner ages. Good financial advisors will suggest that the enterprise adopt some type of qualified employer-sponsored retirement plan as the business grows and employee stability becomes increasingly important to c[...]

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  • October 30, 2017 News

    Retirement plans and some innovative ideas for the lab owner(s) that can come from them

    By Bruce Bryen, CPA, CVA Examples with some “out of the box thinking”: As one works hard to develop a profitable lab with a stellar reputation, plans emerge about employee retention, profitability and retirement as the owner ages. Good financial advisors will have suggested that the enterprise adopt some type of employer sponsored qualified retirement plan as the business grows and employee stability becomes increasingly important to the dental professionals’ relationships[...]

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  • October 16, 2017 News

    Selling a practice and the necessary due diligence for preparation of the agreements

    By Bruce Bryen, CPA, CVA What documents must be available to have a successful transition involving the advisors?  Sometime after the negotiations have taken place between each party to the transition, there needs to be a memorialization of the terms and conditions of the transaction so that a successful closing may occur. Unless an excellent brokerage house is involved that may have a template of the underlying agreements available, an attorney is typically retained to prepar[...]

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