FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership InformationSeptember 19, 2023
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about …
Werfel Stops New Employee Retention Credit Processing Amid Surge of Questionable ClaimsSeptember 15, 2023
The IRS has announced an immediate moratorium on processing new Employee Retention Credit (ERC) claims through at least the end of the year. This decision comes amid rising concerns about a flood of improper claims, putting honest small business owners at financial risk from scams. (IR 2023-169, 9/14/2023) IRS Commissioner Danny Werfel ordered the immediate …
New Digital Asset Regs a ‘Huge Milestone,’ Crypto Tax Expert SaysSeptember 11, 2023
By Tim Shaw Long-awaited proposed regs clarifying information reporting and basis determination rules for digital asset transactions under the Infrastructure Investment and Jobs Act are a step in the right direction and demonstrate Treasury’s commitment to understanding the crypto ecosystem, according to a former senior IRS official. Enacted almost two years ago in November 2021, …
Clean Vehicle CreditsSeptember 5, 2023
Taxpayers are cautioned to be aware of changes made by Inflation Reduction Act ’22 when considering the purchase of a new or used clean vehicle. The Internal Revenue Service reminded consumers considering an automobile purchase to be sure to understand several recent changes to the new Clean Vehicle Credit for qualified plug-in electric drive vehicles, …
The Curchin Group Raises $12,500 for Two Local Charities at the 2nd Curchin Cornhole Classic Event!August 28, 2023
The Curchin Group, LLC, a mid-sized, full-service accounting firm based in Red Bank, N.J., hosted its 2nd Annual Curchin Cornhole Classic Event on Wednesday, August 16th, 2023. This year a total of $12,500 was raised for the two chosen charities: CASA of Monmouth County and the Northern Ocean Habitat for Humanity. The new outdoor cornhole …
Division of Taxation Mails ANCHOR Benefit Confirmation LettersAugust 17, 2023
The New Jersey Division of Taxation has begun mailing letters to taxpayers who received property tax relief benefits through the ANCHOR program last year will soon receive a letter that confirms their eligibility for the 2020 tax year and notification that they will not need to re-file an application to receive a check or direct …
Recent New Jersey Tax UpdatesJuly 19, 2023
Businesses Income Sourcing – Effective January 1, 2023, the sourcing rules for Gross Income Tax purposes will follow the Corporation Business Tax sourcing rules. A taxpayer that engages in a trade or business, a partner in a partnership or a shareholder of an S Corporation that conducts business operations inside and outside of New Jersey …
Local Charities Selected to Receive Proceeds from 2nd Annual Curchin Cornhole Classic Event!June 6, 2023
The Curchin Group, LLC, a mid-sized, full-service accounting firm based in Red Bank, N.J., announced today that CASA of Monmouth County and the Northern Ocean Habitat for Humanity, two locally-based nonprofit organizations will be receiving all proceeds from the firm’s 2023 outdoor cornhole tournament for charity, The Curchin Cornhole Classic. Since 2005 our annual charity …
Vexing Questions in the Construction Business—and in the MetaverseMarch 8, 2023
Construction companies build the world around us. They’re also impacted by the world around them. Virtually every economic trend, market condition and regulatory change directly affects builders in some form. In its 2023 forecast, the Construction Financial Management Association (CFMA) discussed material costs, infrastructure opportunities, the labor squeeze and more. Now well into 2023, we …
Key Individual Provisions in SECURE 2.0January 16, 2023
In late December while most practitioners and their clients were busy with other things, Congress was passing a giant omnibus budget bill. Buried within it was the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (SECURE 2.0), which contains many retirement (and some other) changes that practitioners and their clients need to …