Mazzucco & Company CPAs – Accounting Financial Services

2019 SECURE ACT The bill, Setting Every Community Up for Retirement (SECURE) Act by the U.S. Senate, signed by President Trump on Friday, Dec. 20, 2019, is the most significant retirement savings reform legislation in nearly 15 years. This table containing details about the 2019 SECURE Act And Tax Extenders illustrates the major changes made by these laws.

Please click here for a Printable Summary.

W-4 Update The IRS has released the final version of the 2020 Form W-4. Changes have been made to the form and you can learn more about them by visiting this IRS FAQ link.

FAQs on the 2020 Form W-4

Here are some key points you need to know:
• All new employees hired as of January 1, 2020 must complete the new form
• Current employees are not required to complete the new form but can choose to adjust their withholding based on the new form
• Any adjustments made after January 1, 2020 must be made on the new form

Federal and NJ Estate laws have changed recently. Please call our office 856-234-7788 and we can answer any questions you may have.

Effective July 1, 2019 NJ Minimum Wage increases for most employers to $10 per hour. Please see the attached detail of the increases enacted by Gov. Murphy. Click here for details

Please note that if you are a Small Business (fewer than 6 employees), a seasonal or agricultural employer, or employee tipped workers please note the different amounts.

Also please see the attached information provided by the NJBIA for some further information. Please click here for details.

As always, please give us a call if you have questions.

**Important Changes to NJ Annual Report Filing Fees for Small Business Owners!
Click here for full details

Please be advised that a new State law effective July 1, 2019, changes the filing fees for Annual Reports and Reinstatements. The new fees are as follows:

Annual Reports for Corporations, LLCs, LLPs, LPs, and Non-Profits For-profit business entities – Annual Report filing fee changes from $50 to $75 for all Annual Reports due on or after July 1, 2019. Non-profit business entities – Annual Report filing fee changes from $25 to $30 for all Annual Reports due on or after July 1, 2019. Important Note: Business entities that paid Annual Report fees prior to 7/1/19 that were not due until 7/31/19, 8/31/19 or 9/30/19, are not required to pay the increased fee amount.

Reinstatements For-profit corporations and LLCs – The reinstatement assessment of $200 is eliminated

Countdown to Tax Day