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IRS tax relief available for PA

In the IRS Issue Number: IR-2021-183, the IRS extended the tax relief for hurricane Ida to victims in Pennsylvania. This is consistent with the tax relief provided to victims in New Jersey and New York as we published in our previous post. Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3,

By |2021-09-20T23:01:30+00:00September 13th, 2021|Categories: Business, Individuals|Tags: , , , , |

What to do when you get an IRS notice

Our advice to our clients is to provide us the notice from the tax authority as soon as they receive it, so we can review it, check your tax returns and other tax records and either explain in plain English the letter to the taxpayer or reply to the IRS notice. In some cases, we

By |2021-08-20T11:46:01+00:00August 18th, 2021|Categories: Individuals|Tags: , , , , , , , , |

Common questions about the advance child tax credit payments

In the COVID Tax Tip 2021-117, the IRS reminds and clarifies advance child tax credit information to the taxpayers. Note that the advance child tax credit is an early payment on potential tax credits (these are estimates) to be claimed on their 2021 tax return during the 2022 tax filing season (January to April 2022).

By |2021-08-12T15:19:58+00:00August 12th, 2021|Categories: Individuals|Tags: , , , |

Work Opportunity Tax Credit – Extension Deadline to submit a request to a DLA

In the IR-2021-168, the IRS provides relief for certain employers claiming the Work Opportunity Tax Credit (WOTC). The WOTC is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment, including Designated Community Residents or Qualified Summer Youth

By |2021-08-14T17:25:53+00:00August 11th, 2021|Categories: Business|Tags: , , , |

Be careful selecting your payroll provider

On the Tax Tip 2021-103, the IRS reminds us the importance of using legitimate and reliable payroll services (for example, well known companies such as Paychex, ADP, Gusto, etc.). The IRS mentioned that "when hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a

By |2021-08-12T18:20:56+00:00July 20th, 2021|Categories: Business|Tags: , , , , , , |

IRS reminds us good tax planning requires good recordkeeping

The IRS in their COVID Tax Tip 2021-89 communication reminds us that "The first step of good tax planning is good recordkeeping."  We always recommend to 1) use checks, credit cards and debit cards for your expenses, so there is no need of keeping all the bills and invoices, 2) do not commingle - separate

By |2021-07-13T18:11:54+00:00July 13th, 2021|Categories: Business|Tags: , , , , |

Advance Child Tax Credit for 2021

From this summer (2021), there will be significant changes to the Child Tax Credit. Instead of paying the tax credit when the tax return is filed (usually as a tax refund to the taxpayer), the IRS plans to make advance monthly payments beginning July 15, 2021. You will claim the other half when you file

By |2021-06-24T16:37:57+00:00June 24th, 2021|Categories: Individuals|Tags: , , , , , |

Debunked IRS myth – Taxpayers file late and do not pay their taxes (Wrong: 98% of tax revenue is voluntary)

From the Issue Number: CL-2021-17, the IRS featured the IRS Commissioner, Charles Rettig, discussing how taxpayers who file and pay on time play a vital role in the tax system. “More than 98 percent of the tax revenue collected by the IRS comes in voluntarily from taxpayers. When you do your part by filing your

By |2021-05-19T20:04:56+00:00May 19th, 2021|Categories: Business, Individuals|Tags: , , , |

New Jersey Residents Will Pay Most in Taxes Over a Lifetime

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

By |2021-05-19T18:54:09+00:00May 19th, 2021|Categories: Individuals|Tags: , , , |

Around 29 million returns hold by the IRS

Over the past year, we have noted that the IRS processing times have been delayed due to the pandemic. During this 2020 tax season (Jan to May 2021), there has been delays in the processing of tax returns and several sources point to the change of tax laws during this tax season as one of

By |2021-04-24T18:14:35+00:00April 24th, 2021|Categories: Individuals|Tags: , , , , , |
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