Taxpayers Should Be on the Lookout for New Version of SSN Scam

Taxpayers should be on the lookout for new variations of tax-related scams. In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s…

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IRS Clarifies the Tax Treatment of Cryptocurrency

As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service issued two new pieces of guidance for taxpayers who engage in transactions…

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IRS Finalizes Safe Harbor Allowing Rental Real Estate to Qualify as a Business

The Internal Revenue Service issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade…

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Treasury, IRS Release Final and Proposed Regulations on New 100% Depreciation

The Treasury Department and the Internal Revenue Service released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional…

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EEO-1 Component 2 Reporting Update

The Equal Employment Opportunity Commission (EEOC) recently reinstated the requirement to collect two years of pay data for 2017 and 2018 and that covered employers would be required to file this information…

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IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Tax Filers

The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the…

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NJ Assembly Passes Bill Modifying the ‘Airbnb Tax’

A law offering relief to some New Jersey Shore homeowners and renters affected by a new tax on short-term rentals is poised to become law, after the Assembly passed a bill and sent it to Gov. Phil Murphy…

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Hiccup in Sales Tax Changes for Restaurants Using Uber Eats

On July 1, 2019 Uber Eats was to begin calculating, collecting and remitting sales tax on behalf of restaurants in 14 States (including PA) and the District of Columbia, but the company has released a…

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IRS Advising Virtual Currency Owners to Pay Back Taxes

The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions…

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July 1st: NJ Minimum Wage Increases

Effective Monday July 1st,the NJ minimum wage increases. The increased rate/wage needs to start being paid for hours that have been worked from July 1st forward. Seasonal and Small Employers (fewer than…

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