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We are thrilled to announce that Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) has joined forces with Bacchetta & Company in an exciting new partnership!

Here’s What Happened in the World of Small Business in September 2021

Here are five things that happened this past month that affect your small business.

1) House Ways & Means Committee releases tax policy outline.
Every business owner should be monitoring the debate and tax policy coming out of Washington DC. The latest tax proposals may change before Democrats craft the final bill but include changes to capital gains, estates, and marginal tax rates. The Ways and Means Committee is scheduled to debate tax policy in the coming weeks. Full story via CNBC.

Why this is important for your business:
If changes occur, strategic tax planning can help minimize the impacts on your finances.

2) Are digital advertising taxes the wave of the future? 
The Maryland digital advertising tax is applied to gross revenue derived from digital advertising services. The proposed Maryland regulations raise at least three major issues: definitional ambiguity, suspect sourcing rules, and unworkable geolocation requirements. Full story via The Tax Foundation.  

Why this is important for your business:
If other states follow, businesses driving revenue through digital advertising might have some unpleasant tax surprises. 

3) Is inflation transitory or building?
U.S. businesses are experiencing escalating inflation that is being aggravated by a shortage of goods and likely will be passed onto consumers in many areas. Full story via CNBC

Why this is important for your business:
Rises prices, whether in labor or materials, will affect the bottom line. Indicators are mixed with an apparent slow down in China retail sales. 

4) Business tax return backlog slowly opening up.
Still waiting for your business return to be processed? Backlogs primarily affected employment tax returns and business tax returns for partnerships, corporations, estates and gifts, fiduciaries, and tax-exempt organizations. Full story via CNBC

Why this is important for your business:
The inability of the IRS to hire sufficient staff will affect taxpayers awaiting refunds or that have claimed pandemic business credits.

5) IRS adds the R & D Tax Credit to the annual Dirty Dozen list.
Increased scrutiny on this important credit may be met with increased enforcement. Full story via IRS.

Why this is important for your business:
Many businesses qualify but are not taking the credit as of yet. So don’t let a little scrutiny scare you away if you can benefit. 

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More About Us

Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)


Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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Califon Office