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IRS announces 2022 retirement changes

In the Tax Tip 2021-170 communication, the IRS announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. Traditional IRA income phase-out ranges for 2022 are: $68,000 to $78,000 - Single taxpayers covered by a workplace retirement plan $109,000 to $129,000 - Married couples filing jointly. This applies when the spouse making

By |2021-11-17T16:18:12+00:00November 17th, 2021|Categories: Individuals|Tags: , , , , , , |

Temporary side walk café/streetery extended to 2022 in Philadelphia

Last week, the temporary side walk café/streetery were extended until the end of 2022 in Philadelphia. These license can be renewed now (45 days before ending in 12/31/21) for the next year and we have started the process for many of our clients. Whyy post "... Following a flurry of behind-the-scenes activity, the committee also

By |2021-11-16T16:16:31+00:00November 16th, 2021|Categories: Business, Individuals|Tags: , , , , , , , |

Is this charity a scam/fraud? Use the IRS tax exempt tool

Are you unsure about a charity? Do you suspect it might be a scam or fraudulent organization? You can use the IRS Tax Exempt Organization Search tool and search the organization using 1) EIN or 2) organization name, plus other fields (i.e. State, City, etc.). Some key features and functions of this tool: It provides

By |2021-11-16T05:39:48+00:00November 16th, 2021|Categories: Business, Individuals|Tags: , , , , , , , |

Excluded New Jerseyans Fund (ENJF) – $1k per individual for undocumented (ITIN), excluded individuals, etc.

New Jersey has a fund, called the Excluded New Jerseyans Fund (ENJF), that provides a one-time, direct cash benefit to eligible households who have suffered an economic hardship due to COVID-19 and were excluded from both the federal stimulus checks and COVID related unemployment assistance - including undocumented individuals, residents re-entering from the justice system,

By |2021-11-15T15:16:48+00:00November 15th, 2021|Categories: Individuals|Tags: , , , , , |

IRS provides tax inflation adjustments for tax year 2022

In the Issue Number: IR-2021-219, the IRS announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The tax items for tax year 2022 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married couples filing

By |2021-11-15T19:50:10+00:00November 13th, 2021|Categories: Individuals|Tags: , , , , , , |

Retirement contributions – 2022 updates

On November 4, the IRS released notice 2021-61 which contains technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022 . The IRS highlighted the following changes in their communication IR-2021-216: The contribution limit for employees who participate in 401(k), 403(b),

By |2021-11-05T14:11:17+00:00November 5th, 2021|Categories: Business, Individuals|Tags: , , , , , , , |

IRS Unemployment compensation refunds – Status early Nov 2021

Based on IRS communication IR-2021-212, the IRS sent approximately 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020. Earlier this year, the IRS began its review of tax returns filed prior to the enactment of ARPA to identify the excludible unemployment compensation.

By |2021-11-15T20:49:36+00:00November 4th, 2021|Categories: Individuals|Tags: , , , , |

Considering amending your tax return?

The IRS in their Issue Number: COVID Tax Tip 2021-157 reminds us that there are several reasons to amend your tax return, such as, entering income (or expenses if business - Schedule C or rental - Schedule E) incorrectly, not claiming credits for which they're eligible, claiming deductions incorrectly, etc. Note that the IRS may

By |2021-11-15T16:11:03+00:00October 27th, 2021|Categories: Individuals|Tags: , , , , , , , , , , , |

Extended tax benefits for charity during 2021; deductions up to $600 cash donations by non-itemizers

In the IRS Issue Number: IR-2021-190, there are some updates for those taxpayers giving to charity in 2021. Some of these updates are below: Deduction for individuals who don’t itemize; cash donations up to $600 qualify Ordinarily, individuals who elect to take the standard deduction cannot claim a deduction for their charitable contributions. The law

By |2021-09-21T00:02:43+00:00September 21st, 2021|Categories: Individuals|Tags: , , , , , |

IRS tax relief available for PA

In the IRS Issue Number: IR-2021-183, the IRS extended the tax relief for hurricane Ida to victims in Pennsylvania. This is consistent with the tax relief provided to victims in New Jersey and New York as we published in our previous post. Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3,

By |2021-09-20T23:01:30+00:00September 13th, 2021|Categories: Business, Individuals|Tags: , , , , |
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