More than 50 percent of survey respondents said that less than half of their clients have reviewed and/or updated their witholdings due to tax changes from the 2017 Tax Cuts and Jobs Act, the New Jersey Society of Certified Public Accountants found.
The survey found that 35 percent of respondents said “less than half” of their clients will owe money next tax season due to underwithholding, while 27 percent said “about half” will owe money and 17 percent said “most” will owe money.
“It’s precisely amid this tax reform that our members provide the most practical advice to their clients. CPAs provide insight on a variety of topics, but tax issues are particularly challenging for New Jersey residents and businesses,” said Ralph Albert Thomas, CEO and executive director, NJCPA.
NJCPA’s membership survey was comprised of 200 respondents, it said.