Tax

The New Jersey Society of CPAs is warning taxpayers in the Garden State that the New Jersey Division of Taxation isn’t letting them deduct the 2018 property taxes they prepaid last year on their 2017 state return after passage of the Tax Cuts and Jobs Act, though the move could still be helpful in terms of federal taxes.

The Internal Revenue Service released updated tax withholding tables for 2018 Thursday to reflect changes for the Tax Cuts and Jobs Act, amid warnings that the tables may not be accurate and will need further refinements.

Among the incoming are four CPAs and an Enrolled Agent.

Wal-Mart Stores Inc. is boosting its starting hourly wage to $11 and delivering bonuses to employees, capitalizing on the U.S. tax overhaul to stay competitive in a tightening labor market.

Ceterus has debuted Ceterus Tax, a managed tax service for small businesses.

The Financial Accounting Standards Board issued a one-page Q&A document Thursday from its staff letting private companies and nonprofits apply recent staff guidance from the Securities and Exchange Commission on the tax accounting implications of the recently passed Tax Cuts and Jobs Act and plans future Q&A documents, along with an accounting standards update.

Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up—provided their fiscal years don’t follow the calendar year.

Crooks have already started targeting tax professionals this year.

National Taxpayer Advocate Nina Olson outlined concerns about how the Internal Revenue Service will be able to implement the new tax law after a series of budget cuts, in her new report to Congress.

Call it the liberal (arts) penalty. This year’s tax overhaul slapped a 1.4 percent levy on the annual investment income of the wealthiest private university endowments. Republicans targeted the measure so narrowly that it ended up as a tax almost entirely on elite blue-state institutions.