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𝐍𝐉 πƒπ„π•π„π‹πŽππŒπ„ππ“ π€π”π“π‡πŽπ‘πˆπ“π˜ π€π‚π‚π„ππ“πˆππ† π‘π„π’πˆπƒπ„ππ“πˆπ€π‹ ππ‘πŽπ‰π„π‚π“ π€πππ‹πˆπ‚π€π“πˆπŽππ’ (πŸ”/πŸ—/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 […]

π…πˆππ“π„π‚π‡ & 𝐚 π‹πŽπ“ 𝐨𝐟 𝐏𝐏𝐏 𝐅𝐑𝐀𝐔𝐃 ? (πŸ”/πŸ•/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. […]

ππ‘πŽππŽπ’π„πƒ π‘π„ππŽπ‘π“πˆππ† 𝐨𝐟 $𝟏𝟎,𝟎𝟎𝟎 π‚π‘π˜ππ“πŽ π“π‘π€ππ’π€π‚π“πˆπŽππ’ (πŸ”/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. […]

𝐑𝐄𝐅𝐔𝐍𝐃𝐀𝐁𝐋𝐄 π‚π‡πˆπ‹πƒ 𝐓𝐀𝐗 π‚π‘π„πƒπˆπ“ ππ€π˜πŒπ„ππ“π’ 𝐒𝐓𝐀𝐑𝐓 π‰π”π‹π˜ πŸπŸ“ (πŸ“/πŸπŸ”/𝟐𝟎𝟐𝟏)

The IRS has announced that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households β€” covering 88% of children in the United States β€” are slated to begin receiving monthly payments without any further action required. […]

πˆπ‘π’ πˆπ’π’π”πˆππ† 𝐑𝐄𝐅𝐔𝐍𝐃𝐒 𝐟𝐨𝐫 π”ππ„πŒππ‹πŽπ˜πŒπ„ππ“ π„π—π‚π‹π”π’πˆπŽπ (πŸ“/πŸπŸ’/𝟐𝟎𝟐𝟏)

The IRS is issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income. The IRS identified over 10 million taxpayers who filed their tax returns prior to the American Rescue Plan of 2021 becoming law in March and is reviewing those tax […]

$𝟐 π“π‘πˆπ‹π‹πˆπŽπ π„π’π“πˆπŒπ€π“π„πƒ π‡πˆπƒπˆππ† πŽπ…π…π’π‡πŽπ‘π„ (πŸ“/πŸπŸ—/𝟐𝟎𝟐𝟏)

In a May 11, 2021 hearing before the Senate Subcommittee on Taxation and IRS Oversight, the IRS testified about the amount of money being held offshore. Based on the latest available information (from 2017 returns), the IRS estimated that $2.7 trillion was held offshore. Of that amount, $2 trillion was held in tax evading countries […]

πˆπ‘π’ 𝐆𝐄𝐓𝐒 𝐇𝐄𝐋𝐏 𝐰𝐒𝐭𝐑 π‚π‘π˜ππ“πŽ (πŸ“/πŸπŸ•/𝟐𝟎𝟐𝟏)

TAXBIT (WWW.TaxBit.Com) will help the IRS with data analysis and tax calculation support regarding crypto currency transactions. TAXBIT β€˜s CEO’s statement on the website states: β€œThis is a milestone moment for the cryptocurrency industry. It indicates regulators are embracing the asset class, but doing so in a way that ensures a straightforward approach to conform […]

π“πˆππ’ 𝐟𝐨𝐫 𝐭𝐑𝐞 π†πˆπ† π„π‚πŽππŽπŒπ˜ π–πŽπ‘πŠπ„π‘ (πŸ“/𝟏𝟐/𝟐𝟎𝟐𝟏)

Gig economy workers must report all income, even if the income is: β€’ From part-time, temporary, or side work β€’ Not reported on a Form 1099-K, 1099-NEC, 1099-MISC, W-2, or other information return. β€’ Paid in the form of cash, property, goods, or virtual currency Gig economy workers may also be required to make quarterly […]

πŠπ‘π€πŠπ„πβ€™π’ π‚π‘π˜ππ“πŽ 𝐔𝐒𝐄𝐑𝐒 π„π—ππŽπ’π„πƒ (πŸ“/𝟏𝟎/𝟐𝟎𝟐𝟏)

A federal court in California has authorized the IRS to summons the records of Payward Ventures Inc., and Subsidiaries d/b/a Kraken (Kraken)-a digital currency exchanger. The summons focuses on U.S. taxpayers who conducted at least the equivalent of $20,000 in transactions in cryptocurrency during the years 2016 to 2020. The court’s order grants the IRS […]

π€π•πŽπˆπƒ π‚πŽπŒπŒπŽπ 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍 π„π‘π‘πŽπ‘π’ & π…πˆπ‹π„ 𝐛𝐲 πŒπ€π˜ πŸπŸ• (πŸ“/πŸ“/𝟐𝟎𝟐𝟏)

Eliminate common errors by- Electronic Filing – It reduces mistakes and maximizes deductions. The software automatically applies the latest tax laws, checks for available credits or deductions, does the calculations, and asks taxpayers for all required information. Report all Taxable Income – Be sure to have income documents before starting the tax return. Examples are […]