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taxation

Economic Aid Act for the Paycheck Protection Program (PPP) 

Jan14,2021
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Economic Aid Act for the Paycheck Protection Program (PPP)  —Background— On Dec. 27, 2020, President Trump signed the Economic Aid Act into law which included $284 billion for the Paycheck Protection Program (PPP). The legislation made several revisions to the program including changing eligibility requirements, creating a process for Second Draw loans, and adding additional […]

Employer Guide to 2021 Tax Withholding Changes

Dec17,2020
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As an annual service to our members, NJBIA explains the changes in tax withholding rates and taxable wage bases that employers face in the year ahead. Outside of payroll taxes, it is important to note that legislation signed into law in 2020 reinstated the 2.5% corporate business tax surtax originally imposed in the 2018 state […]

Governor Signs Corporate Business Tax ‘Cleanup’ Bill

Nov05,2020
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Gov. Phil Murphy has signed legislation, supported by NJBIA, that simplifies corporate business tax reporting and compliance by making technical corrections to the Corporation Business Tax.  As part of the FY 2021 budget negotiations, the Governor and Legislature, unfortunately, raised the CBT to 11.5%, adding even greater urgency to the need to simplify the process for both taxpayers and the state, said Chris Emigholz, NJBIA vice president of Government […]

NJBIA Asks for More Manageable Phase-In of Expected Jobless Tax Increase

Oct26,2020
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The New Jersey Business & Industry Association testified in support of legislation that aims to avoid a massive spike in unemployment insurance (UI) payroll taxes in 2021 by way of more manageable payroll tax increases protracted over three years. NJBIA Vice President of Government Affairs Christopher Emigholz told the Assembly Appropriations Committee in written testimony […]

Tax Strategies for Keeping Your Retirement Income Safe

Oct14,2020
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Income taxes are single largest expense people face in retirement, but few people are taking the proactive steps that are needed now to reduce their tax liability. According to certified financial planner Greg Dillion, founding partner of OneTeam Financial, retirement planning has been significantly impacted by changes made to personal income taxes under three recent […]

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