Starting January 1, 2022, Venmo, PayPal, Zelle, and Cash App are required to report payments for goods and services of more than $600 to the IRS. Prior to 2022, these platforms were required to report on Form 1099-K to the IRS payments for goods or...
With preparations for the next tax season starting there is something important you should be aware of. The IRS will be sending out two letters to taxpayers in January: Letter 6419 - Advance Child Tax Credit Payments Letter 6475 - Economic Impact (stimulus) Payment It is important that you...
Short term rentals are very popular these days. Especially on rental sites such as Airbnb and Vrbo. Whether it’s a cottage at the beach, an apartment in the city, or a home in the mountains, short term rentals make it easy to travel and provide...
In divorces, alimony payments often are substantial and have been locked into tax deductions for the payer — but that was before the Tax Cuts & Jobs Act passed....
On November 4th, 2021, the Internal Revenue Service announced 401(k) contributions for individuals have been increased to $20,500. For tax years 2020 and 2021, the maximum was contribution was limited to $19,500. The IRS also issued technical guidance regarding cost of living adjustments affecting dollar...
It's been a very busy year at the IRS, with many special tax changes. This article reviews top issues to discuss with your tax preparer before tax prep time....
The end of the year always means the possibility of last-minute tax changes, and this year, that's especially true. Some of the new legislation may mean major changes starting in the new year, but other proposed bills, such as new capital gains and qualified dividend...
NJEDA opens applications for its Small Business Lease Grant Program on Oct. 20, 2021. $10 million pilot program to help revitalize downtowns and Main Streets....
Please meet Antoinette Borkowski! She joined our team on September 8, 2021. “As a tax manager, I will be preparing and reviewing various types of tax returns and training our staff. I look forward to working with clients and assisting them with their business...
The pandemic foisted changes on society that reset the context for your company, its employees and professionals, but just because the crisis is over doesn't mean you shouldn't incorporate the changes you made into your future strategy. In responding to COVID-19, you publicly and unambiguously...
