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𝐅𝐄𝐃𝐄𝐑𝐀𝐋 𝐑𝐄𝐒𝐄𝐑𝐕𝐄 𝐄𝐗𝐓𝐄𝐍𝐃𝐒 𝐏𝐀𝐘𝐂𝐇𝐄𝐂𝐊 𝐏𝐑𝐎𝐓𝐄𝐂𝐓𝐈𝐎𝐍 𝐏𝐑𝐎𝐆𝐑𝐀𝐌 𝐋𝐈𝐐𝐔𝐈𝐃𝐈𝐓𝐘 𝐅𝐀𝐂𝐈𝐋𝐈𝐓𝐘 (𝟔/𝟑𝟎/𝟐𝟎𝟐𝟏)

The Federal Reserve Board is extending, for a final time, its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. The extension allows additional processing time for banks, community development financial institutions, and other financial institutions to pledge to the facility any Paycheck Protection Program, or PPP, loans approved […]

𝐈𝐑𝐒 𝐇𝐄𝐋𝐏 𝐭𝐨 𝐌𝐀𝐍𝐀𝐆𝐄 𝐂𝐇𝐈𝐋𝐃 𝐓𝐀𝐗 𝐂𝐑𝐄𝐃𝐈𝐓𝐒 (𝟔/𝟐𝟖/𝟐𝟎𝟐𝟏)

The IRS has two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits under the American Rescue Plan. These two new tools are in addition to the Non-filer Sign-up Tool which helps families not normally required to file an income tax return to quickly register for […]

𝐈𝐑𝐒 𝐒𝐓𝐀𝐑𝐓𝐒 𝐂𝐎𝐋𝐋𝐄𝐂𝐓𝐈𝐎𝐍𝐒 (𝟔/𝟐𝟑/𝟐𝟎𝟐𝟏)

The IRS is beginning collection activities again. Balance due Notices are generally automatically sent to taxpayers after the tax filing deadline to those the IRS believes has a tax bill. Beginning June 15, 2021, the IRS expects to begin following up with taxpayers who failed to respond to prior notices. Taxpayers (some with 2020 and/or […]

𝐒𝐄𝐋𝐋𝐈𝐍𝐆 𝐘𝐎𝐔𝐑 𝐇𝐎𝐌𝐄 ? 𝐁𝐔𝐘𝐈𝐍𝐆 𝐓𝐀𝐗 𝐇𝐄𝐀𝐃𝐀𝐂𝐇𝐄𝐒 ? (𝟔/𝟏𝟔/𝟐𝟎𝟐𝟏)

Selling your home triggers a number of tax issues. Below are some issues to be aware of. GAINS Taxpayers who sell their main home and have a gain from the sale may be able to exclude up to $250,000 of that gain from their income. Taxpayers who file a joint return with their spouse may […]

𝐈𝐑𝐒 𝐒𝐄𝐍𝐃𝐒 𝐋𝐄𝐓𝐓𝐄𝐑𝐒 𝐭𝐨 𝐂𝐇𝐈𝐋𝐃 𝐓𝐀𝐗 𝐂𝐑𝐄𝐃𝐈𝐓 𝐑𝐄𝐂𝐈𝐏𝐈𝐄𝐍𝐓𝐒 (𝟔/𝟏𝟒/𝟐𝟎𝟐𝟏)

The IRS is sending letters to more than 36 million American families who may be eligible to receive monthly Child Tax Credit payments starting in July. The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act, enacted in March. The letters are going to families who may be eligible based […]

𝐍𝐉 𝐃𝐄𝐕𝐄𝐋𝐎𝐏𝐌𝐄𝐍𝐓 𝐀𝐔𝐓𝐇𝐎𝐑𝐈𝐓𝐘 𝐀𝐂𝐂𝐄𝐏𝐓𝐈𝐍𝐆 𝐑𝐄𝐒𝐈𝐃𝐄𝐍𝐓𝐈𝐀𝐋 𝐏𝐑𝐎𝐉𝐄𝐂𝐓 𝐀𝐏𝐏𝐋𝐈𝐂𝐀𝐓𝐈𝐎𝐍𝐒 (𝟔/𝟗/𝟐𝟎𝟐𝟏)

The New Jersey Economic Development Authority (NJEDA) is accepting applications for the residential component of the Economic Redevelopment and Growth (ERG) Program. The ERG program, which was originally created to address project financing gaps in development projects, previously stopped accepting new applications in June 2019 because its enabling legislation ended. The Authority first announced the […]

𝐅𝐈𝐍𝐓𝐄𝐂𝐇 & 𝐚 𝐋𝐎𝐓 𝐨𝐟 𝐏𝐏𝐏 𝐅𝐑𝐀𝐔𝐃 ? (𝟔/𝟕/𝟐𝟎𝟐𝟏)

The Select Subcommittee on the Coronavirus Crisis has sent letters to four financial technology (FinTech) firms and their partner banks seeking documents and information related to their handling of Paycheck Protection Program (PPP) loans. The requests follow reports that FinTech companies and bank partners have been linked to a disproportionate number of fraudulent PPP loans. […]

𝐏𝐑𝐎𝐏𝐎𝐒𝐄𝐃 𝐑𝐄𝐏𝐎𝐑𝐓𝐈𝐍𝐆 𝐨𝐟 $𝟏𝟎,𝟎𝟎𝟎 𝐂𝐑𝐘𝐏𝐓𝐎 𝐓𝐑𝐀𝐍𝐒𝐀𝐂𝐓𝐈𝐎𝐍𝐒 (𝟔/𝟐/𝟐𝟎𝟐𝟏)

One of the many tax law compliance efforts proposed by the present administration focuses on crypto transactions. Cryptocurrency poses a significant detection problem by facilitating illegal activity such as tax evasion. And although crypto transactions are a relatively small portion of business income today, they are likely to rise in importance in the next decade. […]

𝐁𝐀𝐋𝐀𝐍𝐂𝐄 𝐃𝐔𝐄 𝐍𝐎𝐓𝐈𝐂𝐄𝐒 𝐃𝐔𝐄 𝐃𝐀𝐓𝐄𝐒 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 (𝟔/𝟐𝟗/𝟐𝟎𝟐𝟎)

Due to the pandemic, the IRS was unable to mail some previously printed balance due notices as a result of office closures. As the IRS reopens, these notices will be delivered in the next few weeks. Therefore, some of the notices taxpayers will receive have due dates that have already passed. However, each notice will […]

𝐊𝐄𝐄𝐏 𝐘𝐎𝐔𝐑 𝐍𝐎𝐓𝐈𝐂𝐄 𝟏𝟒𝟒𝟒-𝐈𝐓 𝐃𝐄𝐓𝐀𝐈𝐋𝐒 𝐘𝐎𝐔𝐑 𝐄𝐈𝐏 𝐟𝐨𝐫 𝐍𝐄𝐗𝐓 𝐘𝐄𝐀𝐑’𝐒 𝐑𝐄𝐓𝐔𝐑𝐍 (𝟔/𝟐𝟑/𝟐𝟎𝟐𝟎)

The IRS mails Notice 1444, Your Economic Impact Payment within a few weeks after the payment is made. Taxpayers should keep the letter for their tax records. The Economic Impact Payment (EIP) is considered an advance credit against 2020 tax. Taxpayers will not include the payment in taxable income on their 2020 tax return or […]