Recent changes to federal and New Jersey tax laws have had a myriad of negative effects on local nonprofit organizations. One of the main downsides these changes have had is the way they’ve impacted the amount of donations that nonprofit organizations receive. It’s estimated that almost $20 billion of donations have been lost annually, as millions of households no longer have a financial incentive to donate.
What is Cost Segregation?
In simple terms, cost segregation refers to the process of identifying and reclassifying personal property assets that are grouped with real property assets. The separation of these assets can increase cash flow, reduce tax liability, and uncover hitherto overlooked deductions that can be extremely beneficial to you.
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes.
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired.
The Internal Revenue Service (IRS) has announced that tax season will open on Monday, January 27, 2020. The IRS will begin accepting paper and electronic tax returns that day.