After Hurricane Sandy hit, the NJ Division of Taxation was flooded (no pun intended) with inquiries regarding the taxability of repairs. As a result, a helpful “Sales and Use Tax – Frequently Asked Questions” page has been added to its website. This article has the answers, including whether charges for demolition services or tree removal are subject to tax.

Urbach & Avraham will be hosting a Constant Contact seminar on Tuesday, Februaury 5, 2013.

Unless NJ repays the loan in 2013, the penalty tax will increase again to 0.9% for 2013. You might want to budget for this in your April, July and October 2013 FUTA payments.

Hurricane Sandy has been designated as a qualified disaster by the IRS for federal tax purposes. As a result, qualified disaster relief payments made to individuals by their employer can be excluded from taxable income.

In the aftermath of Hurricane Sandy, the IRS have taken action to aid those affected by the storm. It has postponed various tax filing and payment deadlines.

As a result of the difficulties faced by taxpayers in the aftermath of Hurricane Sandy, the State of New Jersey has announced that filing deadlines will be extended for returns and payments that would have been due October 30 and 31. The new deadline will be November 7, 2012.

If you’re an American citizen and own a Swiss bank account, there’s a good chance you’ll be receiving a letter from the Swiss bank politely asking you to take your business elsewhere.  A pending U.S. regulation, known as the Foreign Account Tax Compliance Act, or Fatca, requires foreign banks to identify Americans among their clients [...]

NJ Division of Taxation mail was destroyed in a fire of a US Postal Truck en route to Trenton.

Tax planning tip for end of 2012: If you are planning to sell a capital asset that is likely to yield a large gain, try to make the sale before year end, with due regard for market conditions. This year, long-term capital gains are taxed at a maximum rate of 15%, but the rate could go higher as noted above. Additionally, if your adjusted gross income exceeds $250,000 for joint filers or $125,000 for single or married filing-separate, you will get slapped with a brand new 3.8% “unearned income Medicare contribution tax” in 2013.

NJ Unemployment Benefits denied for employee whose visa limited his employment to one employer.