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During 2020, our Employee Benefit Services Group represented several retirement plans that were selected for examination by the Internal Revenue Service (IRS).

The tax abatement programs for all New Jersey cities dates back to 1961. Beginning in the late 1950s, commercial and manufacturing employers in large New Jersey cities began an exodus from the cities, not only taking with them thousands of jobs but substantially eroding the city’s tax base.

The IRS has released a new form for 2020 ‒ Form 1099-NEC to be used to report payments for nonemployee compensation which were previously reported using Form 1099-MISC, Box 7, Nonemployee Compensation (NEC).

The implementation of Governmental Accounting Standards Board Statement 84, Fiduciary Activities (GASB 84), which requires compliance by June 30, 2021, will create challenges and significantly impact the accounting and reporting requirements of New Jersey school districts.