Major tax legislative changes enacted in NJ
New Jersey Governor Phil Murphy recently signed legislation that makes significant revisions to the state’s corporate and gross income tax, including:
Hurricane Idalia struck the US East Coast on August 30, 2023, causing substantial damage. The Federal Emergency Management Agency issued disaster declarations for the affected areas.
Florida taxpayer relief
On August 30, 2023, the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by Hurricane Idalia in parts of Florida. Taxpayers affected by the storm now have until Feb. 15, 2024, to file various individual and business tax returns and make tax payments.
The following Florida counties are covered by the IRS relief announcement: Alachua, Baker, Bay, Bradford, Brevard, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hardee, Hernando, Hillsborough, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Nassau, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union, Volusia and Wakulla.
The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. Taxpayers who reside outside the covered disaster area, but have a business located inside the covered disaster area or who maintain their records inside the covered disaster area, should call the IRS disaster hotline at 866-562-5227 to request this tax relief.
Detailed information can be found here:
South Carolina taxpayer relief
On September 6, 2023, the IRS announced tax relief for individuals and businesses anywhere in South Carolina affected by Hurricane Idalia. These taxpayers will also have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.
Unlike Florida, taxpayers in all 46 counties in South Carolina are eligible for relief.
Detailed information can be found here:
Disaster-related losses
Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim those losses on either the return for the year the loss occurred or the return for the prior year.
Taxpayers have up to six months after the due date of their federal income tax return for the disaster year to make the election. The FEMA declaration number – DR-3597-EM – must be written at the top of any return claiming a loss.
Please contact your Mazars professional for additional information.
Authors
Andrew Lendrum, Manager
Eduardo Chung, Partner
Nekesha Anthony, Senior
The information provided here is for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, legal advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisers.
Employer sourcing rule tax update
On July 21, 2023, New Jersey enacted legislation providing for a “convenience of the employer” rule. Multiple states (including New York) have historically imposed a “convenience of the employer” rule which requires that employees’ wages be sourced to their state if the employee works remotely for their own convenience rather than the convenience of the employer in another state.
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