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𝐍𝐉 π’πŒπ€π‹π‹ ππ”π’πˆππ„π’π’ π‘π„π‹πˆπ„π… 𝐟𝐨𝐫 π“π‘πŽππˆπ‚π€π‹ π’π“πŽπ‘πŒ πˆπƒπ€ (πŸ—/πŸπŸ“/𝟐𝟎𝟐𝟏)

The New Jersey Economic Development Authority (NJEDA) is working on creating and administering a relief program, which will provide short-term, immediate rent/mortgage reimbursement support to New Jersey businesses and non-profits with up to 50 employees that suffered physical damage on September 1st and 2nd, 2021 and any additional flooding immediately thereafter. The proposed program will […]

π…πˆππƒπˆππ† π‘π„π‚πŽπ‘πƒπ’ 𝐀𝐅𝐓𝐄𝐑 𝐚 πƒπˆπ’π€π’π“π„π‘ (πŸ—/πŸπŸ‘/𝟐𝟎𝟐𝟏)

Natural disasters may destroy personal and business records needed to prove and recover disaster-related losses. This can apply for tax purposes, for federal assistance program or for insurance claims. Below are some sources to help people reconstruct needed records. TAX RECORDS Get free tax return transcripts immediately from the IRS by using Get Transcript on […]

πŒπŽπ‘π„ 𝐒 π‚πŽπ‘ππŽπ‘π€π“πˆπŽπ πŽπ…π…πˆπ‚π„π‘ π‚πŽπŒππ„ππ’π€π“πˆπŽπ π€π”πƒπˆπ“π’ π‚πŽπŒπˆππ† ? (πŸ—/πŸ–/𝟐𝟎𝟐𝟏)

The Treasury Inspector General for Tax Administration (the IRS’ auditor-TIGTA) has reviewed the handling of S corporations not paying salaries to officers and avoiding employment taxes. TIGTA’s analysis of all S corporation returns received between Processing Years 2016 through 2018 identified 266,095 returns with profits greater than $100,000, a single shareholder, and no officer’s compensation […]

𝐓𝐀𝐗 π‚π‘π„πƒπˆπ“π’ 𝐇𝐄𝐋𝐏 π„πŒππ‹πŽπ˜π„π‘π’ & 𝐒𝐄𝐋𝐅-π„πŒππ‹πŽπ˜π„πƒ (πŸ—/πŸ‘πŸŽ/𝟐𝟎𝟐𝟎)

Business owners and self-employed individuals have three employer credits available to them during the term of COVID-19. The Employee Retention Credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted […]

πƒπ„π€πƒπ‹πˆππ„ 𝐭𝐨 π‚π‹π€πˆπŒ $πŸ“πŸŽπŸŽ π‚π‡πˆπ‹πƒ ππ€π˜πŒπ„ππ“-π–π„πƒππ„π’πƒπ€π˜, 𝐒𝐄𝐏𝐓.πŸ‘πŸŽ, 𝟐𝟎𝟐𝟎 (πŸ—/πŸπŸ–/𝟐𝟎𝟐𝟎)

The deadline applies to individuals who didn’t receive $500 per qualifying child earlier this year when they received their own automatic Economic Impact Payment and who receive: β€’ Social Security retirement β€’ Survivor or disability benefits β€’ Supplemental Security Income (SSI) β€’ Railroad Retirement benefits β€’ Veterans Affairs Compensation β€’ Veterans Affairs Compensation and Pension […]

πŒπ€π‘πˆπ‰π”π€ππ€ 𝐖𝐄𝐁𝐏𝐀𝐆𝐄 𝐚𝐭 πˆπ‘π’ (πŸ—/𝟐𝟏/𝟐𝟎𝟐𝟎)

The IRS has created a webpage to help taxpayers engaged in marijuana related commerce to meet their tax responsibilities. The website warns such businesses are subject to specific limitations detailed in Internal Revenue Code (IRC) Section 280E. And then provides FAQs addressing federal tax filing and information report requirements. The FAQs focus on- β€’ Income […]

π…πŽπ‘πŒ πŸπŸŽπŸ’πŸŽ 𝐒𝐧 π’ππ€ππˆπ’π‡ & πŒπŽπ‘π„ (πŸ—/πŸπŸ•/𝟐𝟎𝟐𝟎)

As part of a larger effort to reach underserved communities, the Internal Revenue Service is taking a number of aggressive steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time. In addition to being available in English and Spanish, the 2020 Form […]

π‡πˆπ†π‡π„π‘ ππ„ππ€π‹π“πˆπ„π’ 𝐟𝐨𝐫 𝐑𝐄𝐓𝐔𝐑𝐍𝐒 π…πˆπ‹π„πƒ 𝐚𝐟𝐭𝐞𝐫 𝐒𝐄𝐏𝐓. πŸπŸ’ (πŸ—/πŸπŸ’/𝟐𝟎𝟐𝟎)

Taxpayers who didn’t request an extension and still owe taxes face both the failure to file and the failure to pay penalties. They should file now and pay what they can before larger penalties take effect after September 14. The penalty for not filing a federal tax return by the due date, or extended due […]

π€πŒπ„ππƒπ„πƒ 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍 π“πˆππ’ (πŸ—/πŸ–/𝟐𝟎𝟐𝟎)

The IRS often finds and corrects errors but in certain situations taxpayers need to file an amended return to correct errors. Here are some quick tips for amending a tax return. Use the Interactive Tax Assistant. Taxpayers can use the Who should file an amended return? interview tool to help determine if they should file […]

π’ππŽπ”π’π„π’ 𝐭𝐨 𝐆𝐄𝐓 𝐂𝐀𝐓𝐂𝐇-𝐔𝐏 π„π‚πŽππŽπŒπˆπ‚ πˆπŒππ€π‚π“ ππ€π˜πŒπ„ππ“π’ (πŸ—/𝟐/𝟐𝟎𝟐𝟎)

The IRS will soon send catch-up Economic Impact Payment (EIP) checks to about 50,000 individuals whose portion of the EIP was diverted to pay their spouse’s past-due child support. These catch-up payments are due to be issued in early-to-mid-September. They will be mailed as checks to any eligible spouse who submitted Form 8379, Injured Spouse […]