IRS Indep. Office of Appels announced a new Alternative Dispute Resolution program

As published on IR-2024-119 on April 24th, 2024, " The Internal Revenue Service Independent Office of Appeals today announced the formation of a new Alternative Dispute Resolution Program Management Office. This office will collaborate with the IRS Business Operating Divisions to help taxpayers resolve tax disputes earlier and more efficiently." "...For years, the IRS has

By |2024-05-08T18:22:09+00:00May 8th, 2024|Categories: Business, Individuals|Tags: , , , , , , , |

Victor Garrido, CPA, EA, our Managing partner, recognized as Forbes “Top 200 CPAs in America”

The Managing partner Victor Garrido has been recognized as one of the Top 200 CPAs in America in its first edition. As mentioned in Forbes, "CPAs are often called upon to fill the role of separating financial fact from fiction. A reliable CPA is a bodyguard for your accounting. And as with a bodyguard, the

By |2024-05-07T03:18:51+00:00May 7th, 2024|Categories: Business, Financial Education, Individuals|Tags: , , , |

Tax planning more important than ever – estimated tax penalty 8%

As the interest rates for money market funds are over 5%, the estimated tax penalties that the tax authorities charge if no payment was made when due and other cases is around 8%. To avoid having to pay that extra 8%, then, taxpayers should: Make tax payments when due, especially estimated tax payments Review any

By |2024-05-04T20:14:26+00:00May 4th, 2024|Categories: Business, Individuals|Tags: , , , , |

FTC implementing a ban on noncompete agreements to be in effect in August 2024

The Federal Trade Commission released a nationwide ban on noncompete agreements on April 23rd, 2024. Note that this new rule is subject to a moratorium of 120 days and we are expecting that this ban will be challenged in court so it could be deemed an invalid ban before being in place in August 2024.

By |2024-05-03T02:44:36+00:00May 3rd, 2024|Categories: Business, Individuals|Tags: , , , , , , , |

US expats should think twice before signing a waiver of your rights

If you are a US citizen or resident alien (i.e. green card holder), then, you are suppose to file taxes with the United States authorities, especially at the Federal level (IRS) even if you do not live in the United States. The United States (and Eritrea, only two countries in the World) taxes its citizens

By |2024-05-02T18:14:16+00:00May 2nd, 2024|Categories: Individuals|Tags: , , , , , , , , , , , |

Beware of fake IRS relief programs “National tax relief” or “New fresh start”

On April 4th, 2024, the IRS shared that the Federal Communications Commission issued a cease and desist letter to Veriwave Telco as the company was making millions of calls (prerecorded message) regarding a National Tax Relief Program. "... The FCC’s Enforcement Bureau today issued a cease-and-desist letter against Veriwave Telco. The letter ordered Veriwave Telco

By |2024-04-29T15:03:47+00:00April 29th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , , , , , |

IRS still finalizing some forms for e-file acceptance

At the present time, the IRS is still finalizing some forms for the e-file acceptance. As a result, there could be rejections or errors on the e-file in certain forms or schedules are e-filed as part of the tax return. The U.S. Government Accountability Office GAO "...  provides fact-based, nonpartisan information to Congress. Often called

By |2024-02-19T04:26:10+00:00February 19th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , , , , , , |

NJ Thrives – Small Business taxes & BOI updates RECORDED WEBINAR LINK

The NJ SBDC posted our webinar related to the Small business taxes and BOI (Beneficial Ownership Interest) updates. They have an extremely curated website where there are over 100 videos for subjects relevant to any business owner, check it out - NJ Thrives NJ SBDC. Link for the WEBINAR (Around minute 53 educational example to

By |2024-02-15T18:40:58+00:00February 15th, 2024|Categories: Business, Individuals|Tags: , , , , , , , |

Beneficial Ownership Interest (BOI) – General information and filing guidance (webinar link)

If you are a small business owner with an EIN or State registration, you are probably required to file identifying information about the individuals who directly or indirectly own or control your company with the Financial Crimes Enforcement Network in order to satisfy requirements under the Corporate Transparency Act. The Beneficial Ownership Information Reporting Rule

The IRS to implement the Simple Notice Initiative

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

By |2024-01-24T18:18:21+00:00January 24th, 2024|Categories: Business, Individuals|Tags: , , , |
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