On October 19, 2018 the Treasury and IRS issued proposed regulations on the new Opportunity Zone Tax incentive created by the Tax Cuts and Jobs Act (TCJA) encouraging economic growth and development through private investment in specific low-income or rural communities and disaster areas. 

Given affairs in the Capital, we assume that no tax legislation will be enacted the rest of this year and that the prospects for technical corrections for the numerous unartfully drafted provisions of the New Law are poor.

New Policy updates for Not-For-Profits—What does this mean for you?

The New Jersey Paid Sick Leave Act was signed into law on May 2 by Gov. Phil Murphy and went into effect on Oct. 29. The law requires New Jersey employers of all sizes to provide up to 40 hours of paid sick leave per year to covered employees.  

For the past eight months, tax practitioners have been reviewing and interpreting the Internal Revenue Code (“IRC”) associated with the pass-through deduction (Sec. 199A) and awaiting additional guidance. 

Grassi & Co. has been recognized by Accounting Today as the 70th largest firm and INSIDE Public Accounting as the 68th largest in the country.