Over the last couple of days, we found different articles published on the media that New Jersey residents will have paid taxes for almost a million dollars over their lifetime. This is more than any other States ( Massachusetts and Connecticut residents come close at $827,185 and $805,213 respectively). On average, the other residents pay
One week to the end of the 2020 tax season (May 17, 2021), the IRS backlogs keeps growing mainly driven by manual reviews and checks due to the unemployment benefits exclusion ($10,200), stimulus checks (rebate credit) that might not have reported accurately in the 2020 tax return, and other items such as Earned income credit.
From the article below, it points out that the IRS is focusing more and more on crypto transactions. Initially, it was the disclosure requirement in the 1040 tax return to report if the taxpayer hold crypto currencies. The exact question is "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire
The New York PTE tax follows several other states in availing itself of the IRS’ guidance in Notice 2020-75, which permits the use of PTE tax regimes like New Jersey and Connecticut previously. With the new PTE tax in place, eligible entities that elect to be taxed at the entity level will now be able
Last night, the SBA PPP portal was closed to the financial institutions. No more applications were able to be submitted today. The question is what will happen to the applications submitted but not yet approved. Note that there are around $8 billions on the side for minority groups and around $6B for applications with error
In the recent IRS Tax Tip 2021-59, the IRS provides information on their IRS mobile app that allows you to check on refunds, make tax payments, etc. The IRS mobile app – IRS2Go – provides taxpayers with quick access to helpful IRS tools on their mobile devices. The app is free to download on any
American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines and that credit should be claimed in the 941 Employer's Quarterly Federal Tax Return. We recommend business owners to reach out to the payroll department or payroll company to get advantage of this tax credit. For further
Tonight there was a SBA press release about the Restaurant Revitalization Fund program. SBA Administrator Isabella Casillas Guzman on 4/17/2021 announced key details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund (RFF). Under this announcement, details on application requirements, eligibility, and a program guide are now available in English at
For those taxpayers that filed their taxes before the $10,200 unemployment exclusion was approved in the middle of the 2020 tax season, the IRS will automatically recalculate the Federal taxes and plans to start issuing refunds in May 2021. From the official IRS guidance, we can read: "... This law change occurred after some people filed
The IRS is reminding taxpayers that the 2021 estimated tax payments are due on April 15, 2021 as the estimated tax payments were not extended. Note that they were extended in prior year tax period. As a result, some taxpayers might be confused on this year's due date for estimated tax payments. Additionally, the tax
