Everyone is aware of what the Internal Revenue Service does, especially when they file their tax returns, but what exactly is an External Revenue Service and how would this impact you? Proposed Agency An External Revenue Service would be responsible for collecting tariffs from foreign goods that are sold in the U.S. Tariffs are expected […]
Taxes
IRS is Stepping it Up
The Inflation Reduction Act increased the budget of the IRS substantially, and their efforts are already proving to be effective. Think of them as a bully who started to take steroids while training in jiu-jitsu. Here are the latest reported examples of their efforts: $172 Million Recovered from 21,000 Wealthy Taxpayers In February 2024, the […]
What is the Best Business to Start?
Are you thinking about starting a business and don’t know which one to start? You can look at the latest business trends and fastest growing industries, but there are some easier, simpler approaches. Start What You Know Your chance of success skyrockets when you get into a business that you are already familiar with. For […]
4 Business Risks You Need to be Aware Of
Business is about taking risks to earn a profit. However, there are some risks that can creep up on you slowly or swiftly that can either destroy or greatly damage your business. Health Issues: As we get older, health issues become a larger risk. Common and sudden issues can include heart attacks and strokes. The […]
New Jersey Tax Breaks
There are several positive tax changes that NJ has implemented this year regarding education, child tax credits, and property tax relief. Education: A deduction of up to $10,000 of NJBest contributions, and a deduction of up to $2,500 of principal and interest paid on student loans if your gross income is $200,000 or less. You […]
How Many Returns Are Unprocessed by the IRS?
Can you guess how many tax returns are unprocessed by the IRS as of the middle of March? The number is 7 million unprocessed individual returns. It is taking the IRS more than 21 days to issue any related refunds and in some cases it can take 90 to 120 days. If there are any […]
How Does the Recovery Rebate Credit Work?
The recovery rebate is a credit for taxpayers who either did not receive or received less than the full amount of their Economic Impact Payments. Here’s how it works for the 2021 tax year: Economic Impact Payments and plus-up payments were issued during 2021 from March through December. If you received the full amount of […]
Challenges at the IRS
The IRS is facing many challenges that have carried over from last year. According to the IRS, its workforce has shrunk by 17% from 2010, while its workload, as measured by the number of individual return filings, has increased by 19 percent. What are some issues and what can you do for this tax filing […]
Tax Deadline & Updates
You may have heard that the IRS extended the individual tax deadline by one month to May 17th, but there are important updates to know as follows: The deadline to file corporate taxes has not been extended and is still April 15th States are expected to extend their deadline, but we’ll have to wait and […]
Possible Extensions
There have been major challenges with being able to file tax returns, especially business returns, which are due soon on March 15th for s-corporations and partnerships. This relates to new tax laws, loan forgiveness, and delays with states approving tax forms and software. Additionally, New Jersey has new complexities with its new BAIT (Business Alternative […]