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
NJ Tax Relief – Business Alternative Income Tax (BAIT) New NJ Law Permits State Income Tax Deduction Under Certain Circumstances Using Pass-through Entities. If you have NJ income, and a partnership, LLC or S-Corp, we recommend discussing with your accountant how to take advantage of this new law. New Jersey recently enacted the Pass-Through Business
As part of the GPHCC's technical assistance on demand, Victor Garrido, CPA, EA, made a video presentation on "Preparing for year end taxes" in November 2020. Link to the video presentation - https://www.youtube.com/watch?v=jz39znKtwnE Link to the GPHCC's video library - https://www.philahispanicchamber.org/r-video-library.html
