While thousands of New Jersey homeowners are still examining — and ruing — the new federal tax changes for how they will affect their bottom line, many New Jersey corporations could do nicely because of the legislation. According to a newby the New Jersey Society of CPAs (NJCPA), close to 50 percent of CPAs who were polled said that either “many” or “most/all” of their corporate clients would benefit from the Tax Cuts and Jobs Act of 2017. A similar percentage who work for New Jersey companies said their own company will have “moderate” to “significant” tax savings. Of those CPAs who said their clients will benefit, more than 50 percent said the clients haven’t decided what to do with the tax windfall, more than 30 percent said their clients plan to reinvest in the business, more than 25 percent said their clients plan to expand the business, and more than 20 percent said the clients will either hire extra employees or give their employees a raise.
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