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New items and changes impacting 2021 taxes

In the Issue Number: COVID Tax Tip 2021-187, the IRS makes references to several items that are new or have changed for 2021, such as: Changes to the charitable contribution deduction Taxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married taxpayers filing joint returns and up to

By |2021-12-17T18:41:22+00:00December 18th, 2021|Categories: Individuals|Tags: , , , , , , , , |

Get ready for tax season – IRS recommendations

The IRS has released the Tax Tip 2021-186, with some recommendations on how to get ready for tax season. Publication 5348 - Get ready to file Protect your data Securely access your individual tax information Get tax information in your preferred language Check your ITIN Prepare to file electronically Get ready to direct deposit your

By |2021-12-16T18:16:55+00:00December 16th, 2021|Categories: Individuals|Tags: , , , , |

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: , , , , , , , , , , , |
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