With IRS Funding Secured, Treasury Chief Outlines 6-Month PlanSeptember 16, 2022
The IRS is poised to course-correct from COVID-19 setbacks impacting customer service and uncollected taxes from top earners, according to the top Treasury Department official, who announced targets for next filing season using additional appropriations from the Inflation Reduction Act (PL 117-169). Speaking at the IRS’ New Carrollton, Maryland, facility on September 15, Treasury Secretary …
Eligible NJ Residents Encouraged to Apply for Tax ReliefSeptember 13, 2022
The New Jersey Division of Taxation has issued instructions on how to file for the new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program and these instructions are being mailed out to eligible residents. Homeowners with incomes up to $150,000 will receive $1,500 in relief; homeowners with incomes more than $150,000 and not more …
2022 Enhanced Business Meal DeductionJune 16, 2022
Here is a reminder for the 2022 enhanced business meal deduction. This is particularly important for small business accounting and tax planning. For 2021 and 2022 only, businesses can generally deduct 100% of the cost of business-related food and beverages purchased from a restaurant. The deduction limit is usually 50% of the cost of the …
New Deductions for College Related ExpensesJanuary 26, 2022
The New Jersey Division of Taxation has advised that there will be three new deductions available for college related expenses in the 2022 tax year for taxpayers with gross income of $200,000 or less. Taxpayers will be able to deduct up to: (1) $10,000 of contributions made during the year to a New Jersey 529 …
Business 2021 Year-End Planning TipsDecember 7, 2021
With year-end approaching, there isn’t much time left to make many moves that may help lower your business tax bill for 2021. This year’s tax planning is more challenging than usual due to the pending legislation that could increase corporate tax rates starting next year as well as increase business owner’s individual tax rates. Here …
Individual 2021 Year-End Planning TipsDecember 7, 2021
With year-end approaching, there isn’t much time left to make many moves that may help lower your tax bill for 2021. This year’s tax planning is more challenging than usual due to the pending legislation that could, among other things, increase top tax rates on both ordinary income and capital gain starting this year. Here …
2021 Update of Business Meals, Travel Meals and Entertainment ExpensesOctober 14, 2021
By: Peter Pfister, CPA BUSINESS MEALS: Since January 1, 1994, business meals have been deductible at 50% of their cost. Reacting to the pandemic a tax law change now allows for a 100% business meal deduction for meals purchased from a restaurant for 2021 and 2022. Per IRS Notice 2021-25, “the term “restaurant” means a …
Latest NJ Legislation NewsJuly 9, 2021
Below please find the most recent New Jersey legislation items outlined below. The first outlines the appropriation for the NJ Homestead Benefit program, the second discusses a new deduction for higher education expenses effective January 1, 2022, and the third discusses an updated deduction effective January 1, 2021, for an increased pension/retirement income deduction. NJ …
IRS Delays Start of Filing Season to February 12, 2021January 15, 2021
The IRS announced on Friday January 15, 2021 that the tax filing season would commence on February 12, 2021. On that date, IRS will start accepting and processing individual tax returns. The IRS needs more time to prepare because of the recent tax legislation that took effect in late December. The tax filing deadline at …
Additional 2020 Economic Impact PaymentsJanuary 4, 2021
You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s …