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Hobby activities versus business – Profit purpose?

The IRS as part of their Tax Tip 2021-94 provided more clarification on the hobby activity and how to report hobbies (Schedule 1, Form 1040, line 8). Note that the IRS might disregard expenses on a business if they consider that it is a hobby or just for the purpose of offset other income and

By |2021-07-13T18:20:42+00:00July 15th, 2021|Categories: Business|Tags: , , , , , |

Some major companies paid zero Federal taxes versus small businesses

In April 2021, there was a report from Fortune media listing some of the companies that paid zero in their 2020 tax return. There are different options on the tax code allowing those companies to avoid paying taxes, such as international transactions, real estate investments, research and development, etc. Note that even if the federal

By |2021-05-19T19:30:16+00:00May 19th, 2021|Categories: Business|Tags: , , , , , , , |

Philadelphia – Business support in the last year

The City of Philadelphia has wrote a post on how the different departments (Commerce, Revenue, etc.) have supported local businesses during the last twelve months of pandemic. We are aware of the continued efforts of these departments through the pandemic, in times of civil unrest, etc. and value all the assistance that they provide to

By |2021-03-15T17:11:23+00:00March 15th, 2021|Categories: Business|Tags: , , , |

NJ Small Business Lease Emergency Assistance Grant Program

Governor Phil Murphy and Lt. Governor Sheila Oliver recently announced $5 million in funding for Phase 2 of the Small Business Lease Emergency Assistance Grant Program. This commercial rent relief program grants up to $10,000 for COVID-impacted small businesses and nonprofits located in NJRA’s 66 legislatively designed communities. From today at 9am you can apply

By |2021-02-22T19:26:30+00:00February 22nd, 2021|Categories: Business|Tags: , , , , |

NJ Tax Relief for Business Owners in 2020 Taxes

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

By |2021-01-23T18:06:47+00:00December 3rd, 2020|Categories: Business|Tags: , , , , , |

Receiving tax notices? There is a significant backlog and incorrect notices are sent out

In the last weeks, we noted a significant increase in the notices received by our clients as there seem to be a backlog in the tax authorities. In some cases, the system automatically sends out a notice even if the documents and support was already provided to the tax authorities almost a year ago. Address

By |2021-01-05T10:47:40+00:00September 1st, 2020|Categories: Individuals|Tags: , , |

Top four most repeated recommendations to our tax and accounting clients (Covid-19 lock down)

In this period of uncertainty and chaos, we strongly believe that informed individuals take better decisions. It is important to filter all the noise, take rational and logical decisions in our scenario or it can worsen our position. Over the last few days, we had hundreds of conversations via phone, email, texts, radio shows, blogs,

By |2021-01-05T12:00:39+00:00March 22nd, 2020|Categories: Business|Tags: , , |
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