article thumbnail

New Jersey Enacts Payroll Tax “Convenience of Employer” Rule

Withum

Enacted on July 21, 2023, New Jersey A4694 creates a “Convenience of Employer” rule, affecting both employers and employees for payroll tax reporting purposes. The grant applications must be filed on or before July 1, 2028. The ambiguity of the legislation may result in potential taxpayer disputes.

article thumbnail

Biden Seeks Tax Hike on Income Over $400,000 to Fund Medicare

CPA Practice

By Justin Sink and Josh Wingrove, Bloomberg News (TNS) President Joe Biden’s budget will propose hiking payroll taxes on Americans making over $400,000 per year and allowing the government new power to negotiate drug prices as part of an effort the White House says will extend the solvency of a key Medicare program for another quarter century.

Tax 98