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Join the FREE NJ SBDC Webinar June 13th at 12pm EST – Mid-Year Financial Review: Tax Changes

Dive into the essential 2024 tax updates in this Presidential election year and Beneficial Ownership Interest (BOI) requirements to keep your business compliant and penalty-free! Join our friends at NJ SBDC this next Thursday, June 13th at 12 PM EST for our next event, "Mid-Year Financial Review: Tax Changes & BOI Compliance in 2024", a

By |2024-06-09T00:23:56+00:00June 9th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , |

Are you a visual person? Enjoy the 1) Tax burden by State and 2) American frustration with the tax system

If you are a visual person, probably, you are aware of Visual Capitalist, a website that contains great graphics in almost any topic (i.e. Economy, Wealth, Automotive, Healthcare, etc.). This website is always posting interesting graphs, tables and other visual elements. Recently, they posted two tax related ones that are worth mentioning: 1) What Frustrates

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: , , , , |

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

Small Business Taxes & BOI Updates: Stay Compliant, Stay Informed – Webinar NJSBDC

Join us this Thursday at 12 PM for our next event, "2024 Small Business Taxes & BOI Updates: Stay Compliant, Stay Informed." 💸 Navigate the 2024 tax landscape with confidence! Join our webinar for 2024 tax updates, red flags, and insights on the new BOI requirement. 🌐 In this informative session, Victor Garrido, Managing Member

By |2024-02-06T19:57:07+00:00February 6th, 2024|Categories: Business|Tags: , , , , , , , , , |

More notice of deficiencies in circulation and potential last resort, U.S. Tax Court

Over the summer and until now, we have observed a higher number of Notices of Deficiencies from the IRS in forums, colleagues discussions and through clients' consultations. This trend seems in line with other tax authorities at the State and Local levels (i.e. Philadelphia) were they put on hold the automatic notices and some collection

By |2023-11-17T17:43:10+00:00November 17th, 2023|Categories: Business, Individuals|Tags: , , , , , , , , |

IRS estimated tax gap of around $668 billion for 2021

The IRS is reporting the tax gap (amount of money that taxpayers are not settled with the Federal tax authority or the true tax liability versus the paid tax on time) amounts to around $668 billion for 2021. The breakdown is as follows (per IRS blog), comprising three components: Nonfiling, which means tax not paid

By |2023-10-14T21:00:46+00:00October 14th, 2023|Categories: Individuals|Tags: , , , , , , , , |

FTC to put five tax preparation companies on notice

The Federal Trade Commission communicated to five tax preparation companies that they could face penalties of up to $50,120 per violation for the misuse of consumers' confidential data. These preparation tax companies were sharing sensitive information such as finance, marital status, number of children and more and monetizing (getting financial benefit) from the taxpayer /

By |2023-09-25T22:53:08+00:00September 27th, 2023|Categories: Individuals|Tags: , , , , , , , , , , , , |

More and more States adding a Pass Through Entity Level tax

Since Connecticut enacted the first Pass Through Entity (PTE) tax in April 2018, more States have enacted or proposed this tax tool. It was around 14 in June 2021, around 30 in January 2023 and at the date of this article is 36 States and one localty (NYC) according to the AICPA listing (link below).

By |2023-08-07T17:26:49+00:00August 10th, 2023|Categories: Business, Individuals|Tags: , , , , , , , , , , , |
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