Entries by Jen

CARES ACT (Part III: Individual Relief Provisions)

Individual Relief Provisions Contained in the CARES Act The CARES Act (the “Act”) has been passed by Congress and signed into law. This is part three of our series, which focuses on various provisions contained in the Act. Part I summarized the business relief provisions contained in the Act.  Part II summarized other business and tax related provisions.  Finally, Part […]

CARES ACT (Part II: Business and Tax-Related Provisions)

Business Tax Related Provisions Contained in the CARES Act The CARES Act (the “Act”) has been passed by Congress and signed into law. This is part two of a three part series, which focuses on various provisions contained in the Act. Part I summarized the business relief provisions contained in the Act.  Part II (below) summarizes other business and tax […]

CARES Act (Part I: Business Relief Provisions)

Business Relief Provisions Contained in the CARES Act The CARES Act (the “Act”) has been passed by Congress and signed into law. The next three emails, including this first part, will focus on various provisions contained in the Act. Part I summarizes the business relief provisions contained in the Act.  Part II will summarize other business and […]

Legislation Updates

Federal Tax Filing Deadline Extended The Treasury Department announced today an extension of the April 15th  filing  deadline for individuals and corporations (who use the calendar year-end).  The extended Federal filing deadline is now July 15, 2020. Coronavirus Relief Legislation Provides for Tax Credits for Employers President Trump signed into law H.R. 6021, The Families First Coronavirus Response […]

Latest Robocall Scam

At GCS, we strive to keep you informed of events, changes to laws, and other areas that may impact you, both personally and professionally.  One area that requires constant vigilance is avoiding potential scams and fraudulent activity from fake phone calls. The Internal Revenue Service is cautioning taxpayers to be aware of fraudulent phone calls […]

Tax Planning – Checking Your Paycheck

Tax planning has turned into a year round process, as events impacting personal and financial changes can affect our income tax liability. Although the “final” tax payments are not due until April 15th of the following year, our current year tax must generally be paid in on an ongoing basis. We must determine and balance […]

New Jersey Employer Unemployment and Disability Tax Rates for the Fiscal Year 2018-2019

The New Jersey Department of Labor (“NJ DOL”) has begun mailing the New Jersey State Unemployment Insurance (“SUI”) and Disability Insurance (“TDI”) annual Rate Notices to all employers. Upon receipt, a copy of this Notice should be provided to your payroll service provider. These Rate Notices cover the fiscal year July 1, 2018 through June […]

Independent Contractor or Employee

Independent Contractor or Employee One of the many consequences of the changes to our tax system in 2018 was the creation of incentives in areas that previously did not exist. Included in this discussion is the classification of an employee versus an independent contractor. The “Section 199A” deduction allows pass-through entities to exclude up to […]

State and Local Tax Deductions

State and Local Tax Deductions On Tuesday, June 11th, the Treasury Department issued final regulations on the “State and Local Tax Deductions” (SALT) mainly aimed at preventing residents from circumventing the cap on these deductions. The tax law signed in December 2017 capped the SALT deduction at $10,000.  This controversial provision lead many politicians in […]

New Jersey Senior Freeze Program

New Jersey Senior Freeze Program Twice as many people moved out of New Jersey in 2018 as moved into the state, with high property tax bills contributing to this exodus. New Jersey does offer some relief through a Senior Freeze Program, which is a reimbursement program available to state residents 65 and older or disabled […]