Best Wishes for a Happy, Healthy and Prosperous New Year
December 2019
‘IRS-Proof’ SALT-Cap Workaround Heads
to New Jersey Governor
We have good news regarding recent legislation passed on Dec. 16 that will have a significant impact on the New Jersey small businesses and partnerships that are defined as S Corps, Limited Liability Corps and other business partnerships. The bill, once signed, will give them the option of paying state income tax directly at the entity level as a business tax rather than at the partner level as personal income tax. The prediction is that the bill will save billions of dollars for the estimated 115,000 New Jersey small businesses as well as applying to the 175,000 law firms, medical groups, accounting practices and other partnerships created as LLCs.
What's New at SobelCo
Look what's new this month at SobelCo

2019 Year End Tax Planning

It’s the end of 2019 and before 2020 arrives you may want to consider some last minute planning ideas to trim your tax bill and to avoid costly mistakes. 

Verify that you withheld the appropriate taxes from your paycheck. You can start the process of your year-end planning by simply confirming that you have withheld enough, or paid the right amount, of taxes throughout the year. By doing this now you can avoid the possibility of owing any additional amounts at year-end. This step is especially necessary for people who have changed jobs or who worked at multiple jobs throughout the year.
Extension Granted for Providing Employees
with Forms 1095-B and 1095-C

The IRS has announced that it will grant an automatic extension under good-faith transition relief rules for providing 2019 health coverage information reporting forms to individuals. Insurers, self-insuring employers, applicable large employers and certain other coverage providers must now issue Form 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage) to individuals by March 2, 2020. The due date prior to this relief was January 31, 2020.
January 15, 2020
Executive Women's Leadership Breakfast - Livingston
January 29, 2020
Women in International Trade Roundtable