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

The IRS will use artificial intelligence (AI) for their examinations

During this month of September 2023, we have read numerous articles on the IRS efforts to use more AI tools (in addition to hire more IRS agents). Over this summer of 2023, we have seen an increase of IRS examinations and notice of deficiencies where either you agree to the change or if you disagree,

By |2023-09-25T21:36:27+00:00September 25th, 2023|Categories: Business, Individuals|Tags: , , , , , |

The IRS will be using Artificial Intelligence (AI) for collection purposes

During this month of September 2023, we have read numerous articles on the IRS efforts to use more AI tools (in addition to hire more IRS agents). Over this summer of 2023, we have seen an increase of IRS examinations and notice of deficiencies where either you agree to the change or if you disagree,

By |2023-09-25T21:07:49+00:00September 25th, 2023|Categories: Business, 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: , , , , , , |

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: , , , , , |

Are you a student getting a summer job?

In Tax Tip 2021-108, the IRS reminded students and first time employees some important considerations. New employees: Employees (w2) – including those who are students – normally have taxes withheld from their paychecks by their employer. When anyone gets a new job, they need to fill out a Form W-4, Employee's Withholding Allowance Certificate, and

By |2021-08-13T12:06:45+00:00July 28th, 2021|Categories: Individuals|Tags: , , , , , , , |

New York State has approved their Pass through Entity Tax (PTET)

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

By |2021-05-05T22:18:10+00:00May 5th, 2021|Categories: Business, Individuals|Tags: , , , , , , |
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