More and more regulations are added for employers that hire independent contractors, freelancers and other gig economy workers. California (CA) – Freelance Isn't Free Act (AB 2257) back from 2020 plus the Freelance Worker Protection Act (FWPA) that took effect earlier this year. Requires written contracts for certain professions, included in a list such as
As a business owner in NJ, you might have been worried for the last couple of weeks as you could not access the New Jersey Division of Taxation portal. NJ was updating its tax portal and tax filing and payment systems were not operating since April 26, 2025. Additionally, the Sales tax phone filing has
Last Thursday at 5pm EST, the New Jersey Economic Development Authority (NJEDA) presented a seminar providing some financing options and some grants available to NJ businesses. You can watch the whole video in the link below, but we will give you a couple of the most relevant moments in the seminar: NJEDA financing summary (around
If you read our blog, you might be already familiar the Financial Crimes Enforcement Network (FinCen) and some of the tools such as the FBAR (Report Foreign Bank and Financial Accounts when you have an aggregate of $10,000 in foreign accounts), the CTR (Currency Transaction Reports where financial institutions report currency (cash or coin) transactions
In the IRS IR-2025-53 released mid April 2025, the IRS provided details on the multiyear strategy. Per the communication, "... since the inception of the IRS Whistleblower Office in 2007, the Whistleblower Office has made awards of over $1.3 billion based on the collection of more than $7 billion attributable to whistleblower information. In fiscal
If you conduct business in Pennsylvania, there is a new annual report requirement starting 2025. Legal Background The new annual reporting requirement for Pennsylvania business entities was established by Act 122 of 2022, which was signed into law by Governor Tom Wolf on November 3, 2022. This legislation introduced significant amendments to Title 15 of
Our Managing partner Victor Garrido has been recognized as Best in State CPA by Forbes in its first edition. As mentioned in the Forbes article, “... The Forbes editorial team has devoted the past year to recognizing our first-ever Forbes Best-In-State CPAs. Our sequel to last year’s inaugural Forbes Top 200 CPAs list, this Best-In-State List
We are almost at the end of tax season 2024 and some taxpayers are waiting for their refunds, but what about the government taking that money? There are certain scenarios where the government can take your refund. This process, called a tax refund offset, is managed by the Treasury Offset Program (TOP) and might happen
Our Managing partner Victor Garrido has been recognized as one of the 40 under 40 accounting professionals by CPA Practice Advisor. As mentioned in the CPA Practice Advisor, “The 40 Under 40 Awards spotlight the top practicing public accountants, educators and thought leaders who are leading their profession by visibly and incrementally changing the accounting
If you are thinking about purchasing commercial property, there are several items that we discuss often with our clients. These are the three more common items raised during our discussions: Entity structure Different options depending on tax benefits, liability protection, and operational efficiency (usually, LLC or partnership for Real estate investments) Purchasing options (Cash flow)
