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π‘π„π“πˆπ‘π„πŒπ„ππ“ 𝐏𝐋𝐀𝐍𝐒 𝐒𝐓𝐀𝐑𝐓𝐔𝐏 π‚πŽπ’π“π’ 𝐓𝐀𝐗 π‚π‘π„πƒπˆπ“ (𝟏𝟎/πŸπŸ–/𝟐𝟎𝟐𝟎)

There’s a tax credit for some of the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified plan. Eligible employers Employers qualify to claim this credit based on number of employees, employee compensation and other plan participation by employees. Amount of the credit The credit is 50% of your ordinary and necessary […]

π‚πŽπ•πˆπƒ-πŸπŸ— ππ”π’πˆππ„π’π’ 𝐓𝐀𝐗 π‘π„π‹πˆπ„π… π“πŽπŽπ‹ π–π„ππ’πˆπ“π„ (𝟏𝟎/πŸπŸ”/𝟐𝟎𝟐𝟎)

The National Taxpayer Advocate (an independent organization within the IRS that ensures that every taxpayer is treated fairly) has created a tool website to help businesses. In 2020, the Federal government enacted several new laws that provide tax relief and assistance to businesses impacted by the Coronavirus (COVID-19). Some allow for an immediate dollar-for-dollar tax […]

π„π‚πŽππŽπŒπˆπ‚ πˆπŒππ€π‚π“ ππ€π˜πŒπ„ππ“ πƒπ„π€πƒπ‹πˆππ„ 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 𝐭𝐨 ππŽπ•. 𝟐𝟏 (𝟏𝟎/𝟐𝟏/𝟐𝟎𝟐𝟎)

The IRS has announced that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. The IRS urges people who don’t typically file a tax return – and haven’t received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. […]

𝐍𝐉 π€πƒπƒπˆπ“πˆπŽππ€π‹ $𝟏𝟎𝟎 πŒπˆπ‹π‹πˆπŽπ 𝐟𝐨𝐫 π‚πŽπ•πˆπƒ-πŸπŸ— π„π‚πŽππŽπŒπˆπ‚ π‘π„π‚πŽπ•π„π‘π˜ (𝟏𝟎/πŸπŸ—/𝟐𝟎𝟐𝟎)

Governor Phil Murphy announced $100 million in additional Coronavirus Aid Relief and Economic Security (CARES) Act funding to support New Jersey residents and businesses affected by the COVID-19 pandemic. The funds will be distributed- – $70 million will be distributed to restaurants, microbusinesses, and other small businesses through Phase 3 of the New Jersey Economic […]

π’π“π‘π„π€πŒπ‹πˆππ„πƒ π…πŽπ‘π†πˆπ•π„ππ„π’π’ 𝐟𝐨𝐫 𝐏𝐏𝐏 π‹πŽπ€ππ’ 𝐔𝐍𝐃𝐄𝐑 $πŸ“,𝟎𝟎𝟎 (𝟏𝟎/πŸπŸ’/𝟐𝟎𝟐𝟎)

A Small Business Administration (SBA) interim final rule simplifies: – the forgiveness and loan review processes for PPP loans of $50,000 or less, and – for PPP loans of all sizes, lender responsibilities with respect to the review of borrower documentation of eligible costs for forgiveness in excess of a borrower’s PPP loan amount. Additionally, […]

πŒπ„π€π‹ & π„ππ“π„π‘π“π€πˆππŒπ„ππ“ 𝐄𝐗𝐏𝐄𝐍𝐒𝐄 𝐂𝐇𝐀𝐍𝐆𝐄𝐒 (𝟏𝟎/𝟏𝟐/𝟐𝟎𝟐𝟎)

Final regulations from the IRS update the deduction for meals and entertainment expenses to reflect changes made by the Tax Cuts and Jobs Act (TCJA). The TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. But, taxpayers may still deduct business expenses related to food and beverages […]

𝐍𝐉 𝐓𝐀𝐗 𝐑𝐀𝐓𝐄 πˆππ‚π‘π„π€π’π„ 𝐟𝐨𝐫 πˆππ‚πŽπŒπ„ 𝐟𝐫𝐨𝐦 $𝟏 𝐭𝐨 πŸ“ πŒπˆπ‹π‹πˆπŽπ (𝟏𝟎/πŸ•/𝟐𝟎𝟐𝟎)

New legislation increases the Gross Income Tax rate for income between $1 million and $5 million and provides a new withholding rate for the remainder of 2020. Effective January 1, 2020, the tax rate on that income bracket increases from 8.97% to 10.75%, regardless of filing status. Income over $5 million is already subject to […]

𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍𝐒 𝐃𝐔𝐄 π“π‡π”π‘π’πƒπ€π˜, πŽπ‚π“πŽππ„π‘ πŸπŸ“ (𝟏𝟎/πŸ“/𝟐𝟎𝟐𝟎)

Thursday, October 15 is the filing deadline for taxpayers who extended their 2019 tax return. Here are a few tips and reminders for taxpayers who have not yet filed: β€’ Use IRS Free File or other electronic filing options. Taxpayers can file their tax return electronically for free through IRS Free File. β€’ Taxpayers getting […]

π•πˆπ‘π“π”π€π‹ π‚π”π‘π‘π„ππ‚π˜-πƒπ„π…πˆππˆπ“πˆπŽπ (𝟏𝟎/πŸ‘πŸŽ/πŸπŸŽπŸπŸ—)

Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like β€œreal” currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, […]

𝐍𝐄𝐖 π’πŽπ‚πˆπ€π‹ π’π„π‚π”π‘πˆπ“π˜ ππ”πŒππ„π‘ π’π‚π€πŒ (𝟏𝟎/πŸπŸ–/πŸπŸŽπŸπŸ—)

In the latest scam with Social Security numbers (SSN), scammers threaten to suspend or cancel your SSN. Scammers may mention overdue taxes in addition to threatening to cancel the person’s SSN. If taxpayers receive a call threatening to suspend their SSN for an unpaid tax bill, they should just hang up. The IRS and its […]