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So far Victor Garrido, CPA, EA has created 252 blog entries.

Educational assistance program – benefits up to $5,250 are not compensation (box 1 – w2)

In the IR-2024-167, the IRS shares the Frequently Asked Questions and general guidance on how the employee's w2 will not reflect any additional compensation for educational assistance programs with benefits of up to $5,250 if there is a section 127 program at your employer. This is an excellent way to have the employer pay for

By |2024-06-18T02:03:07+00:00June 18th, 2024|Categories: Business, Individuals|Tags: , , , , , , , |

Boost your Business in Philadelphia – Receive a $50k forgivable loan

Our friends from PIDC have shared this new program for businesses in Philadelphia and please, if you meet the requirements, start compiling the required document. You can find some of the details below (See links at the bottom): Boost Your Business is a program of the Department of Commerce — in partnership with PIDC, the City’s public-private economic

By |2024-06-13T17:29:53+00:00June 13th, 2024|Categories: Business|Tags: , , , , , , , , , , |

Slowdown in your NY business? Shared work program might help!

The New York State Department of Labor has a special program called " Shared Work CLICK HERE  " to support NY business with a slowdown, so the employee work reduced hours receiving wages and also collecting some of the unemployment benefits.  This program allows: Save Labor Dollars - Adjust employee hours as needed. Employees working reduced hours

By |2024-06-12T18:24:40+00:00June 12th, 2024|Categories: Business|Tags: , , , , , |

Join the FREE NJ SBDC Webinar June 13th at 12pm EST – Mid-Year Financial Review: Tax Changes

Dive into the essential 2024 tax updates in this Presidential election year and Beneficial Ownership Interest (BOI) requirements to keep your business compliant and penalty-free! Join our friends at NJ SBDC this next Thursday, June 13th at 12 PM EST for our next event, "Mid-Year Financial Review: Tax Changes & BOI Compliance in 2024", a

By |2024-06-09T00:23:56+00:00June 9th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , |

Got one IRS notice out of the 170 million sent a year? You might use the Document Upload Tool to reply

As stated in the U.S. Department of the Treasury website, " The IRS sends around 170 million notices to individual taxpayers every year to help them claim the credits and deductions they are eligible for and meet their tax obligations. " In IRS communication IR-2024-155, the IRS reached the milestone of receiving 1 million documents

By |2024-06-05T17:55:31+00:00June 5th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , |

Offer in compromise rejected? You might appeal

As reminded in the IRS Tax Tip 2024-54, if your offer in compromise is rejected you have 30 days to request an appeal using Form 13711 - Request for Appeal of Offer in Compromise.  In the IRS form, you will have to list the a) disagreed item and b) the reason for the disagreement, plus

By |2024-05-30T16:11:20+00:00May 30th, 2024|Categories: Business, Individuals|Tags: , , , , , , |

Charitable donations – Cash vs In kind? Does a pledge count?

Based on numerous reports around three out of four Americans donate to charity on a regular basis. These donations if made to the appropriate organizations, tax-exempt organization by section 501(c)(3) of the Internal revenue code, then, you can deduct in your itemized deductions.  You can use the IRS tool for Tax Exempt Organization Search  Note

Got a tax notice? Review carefully as it might be wrong

Last week, some of our clients and other tax professionals have been sharing with us some of their notices received from different tax authorities. As we always recommend, please, review it carefully as it might be sent by error as more and more tax departments are relying on a) IT criteria, b) outstanding balance without

By |2024-05-18T19:56:48+00:00May 18th, 2024|Categories: Business, Individuals|Tags: , , , , , , |

Disagreeing with the IRS? Consider the Independent Office of Appeals

In the IRS Tax Tip 2024-47, it presents the option of reaching out to the Independent Office of Appeals when there is a disagreement with the IRS. Note that this is a relatively informal process where you start with a written letter / petition, then, an officer of Appeals listen to your case (you can

By |2024-05-16T19:06:40+00:00May 16th, 2024|Categories: Business, Individuals|Tags: , , , , , , |

Impacted by a Ponzi scheme? You might be able to deduct the loss faster

In early January 2024, the IRS updated the post titled Help for Victims of Ponzi Investment Schemes which makes references to the 2009 related guidance. Note that this guidance was released a year after the Bernard Madoff scandal. In a normal case scenario if you have a loss in the value of a security (capital

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