There are several programs currently available with NJEDA - Refer to the information below and the links for further details. Small Business improvement grant The Small Business Improvement Grant provides reimbursement for costs associated with making building improvements or purchasing new furniture, fixtures, and equipment. Award Size - Reimbursement of up to 50% of total
The NJEDA program called New Jersey Manufacturing Voucher Program can be an excellent opportunity for businesses in the manufacturing industry that are planning on investing in equipment. The program will accept applications on February 12th, 2024. For more details on the program, read below or go to the link at the bottom. "... The New
Yesterday, Victor Garrido, CPA, EA, had a zoom call presentation about the "Beneficial Ownership Information (BOI) Report to avoid criminal and civil penalties" for the Greater Philadelphia Chamber of Commerce and his members. As we mentioned in our presentation, there are items that will keep changing regarding the Corporate Transparency Act passed in 2021. One
On January 23rd, the IRS released communication IR-2024-19 which provide more details on their Simple Notice Initiative. The IRS releases around 170 million notices / letters each year to taxpayers and the IRS wants to make it easier for the taxpayer to understand them, and hopefully reduce the number of follow up calls and communications
On January 10th, 2024, the IRS communicated that will remove/waive failure to pay penalties on unpaid taxes less than $100k for tax years 2020 or 2021. The rational for this removal of penalties is because the IRS suspended sending automated notices during the pandemic so certain taxpayers were not aware of any amounts due for
Yesterday, the IRS made official the delay on the 1099-k implementation for the $600 threshold for 2023. In 2023, the 1099-k will be released if the taxpayer receives over $20,000 and has more than 200 transactions in 2023. Based on the IRS website, the current plan for 2024 is the threshold to be $5,000 and
Over the summer and until now, we have observed a higher number of Notices of Deficiencies from the IRS in forums, colleagues discussions and through clients' consultations. This trend seems in line with other tax authorities at the State and Local levels (i.e. Philadelphia) were they put on hold the automatic notices and some collection
The IRS will received approximately 44 million forms 1099-k (this form is for electronic transactions over $600 during the year and related to applications for payment settlement entities such as Vemno, eBay, Paypal, etc.) in 2024 related to the 2023 tax year from about 14 million received in the prior year. Note that Zelle is
The IRS is requesting around $28.9 billion in taxes for the period from 2004 to 2013. The subject is related to transfer pricing issues to shift profits from a higher taxable jurisdiction to a lower taxed one, such as Puerto Rico. Daniel Goff, Microsoft Corporate Vice President, Worldwide Tax and Customs, has wrote a blog
Earlier this month, the IRS has announced the new targets for their examination efforts. This information is in line with the previous discussion to target wealthy individuals over the $400,000 income threshold that was mentioned by President Joe Biden in the 2022 State of the Union speech, Treasury Secretary Janet Yellen who instructed the IRS
