Year End Tax Planning for Individuals

As we wrap up 2022, it’s important to take a closer look at your tax and financial plans and discuss steps that can be taken to reduce taxes and help you save for your future. With the passage of the…

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Employee Retention Credit for Small Businesses

The American Rescue Plan extends the availability of the Employee Retention Credit for small businesses and allows businesses to offset their current payroll tax liabilities by up to $7,000 per employee…

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IRS provides Tax Inflation Adjustments for Tax Year 2023

The Internal Revenue Service announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.  Highlights of Changes The…

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IRS extends Tax Relief to the Victims of Hurricane Ian

The IRS has extended tax relief to the victims of Hurricane Ian throughout Florida until February 15, 2023, to file various individual and business tax returns and make tax payments. Individuals and households…

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ANCHOR Replaces the Homestead Rebate, Makes Owners/Renters Eligible for Relief

ANCHOR provides property tax relief to New Jersey residents who owned or rented their principal residence (main home) on October 1, 2019, and met the income limits. The filing deadline for the ANCHOR Application…

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Tax Credit helps Businesses hire Designated Categories of Workers

The IRS updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing…

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Official Updates on the One Time Student Debt Relief

On Aug. 24, 2022, the Biden-Harris Administration announced a Student Debt Relief Plan that includes one-time student loan debt relief targeted to low- and middle-income families. The plan will cancel…

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Businesses are Still Waiting for Pandemic Relief

Businesses are still waiting for pandemic relief made available to them during the COVID-19 outbreak amid ongoing processing delays at the Internal Revenue Service, according to the Treasury Inspector…

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IRS Provides Late Filing Penalty Relief

The Internal Revenue Service will provide late-filing penalty relief to taxpayers who filed late tax returns for tax years 2019 and 2020. Penalties related to the late payment of taxes in those years will…

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Inflation Reduction Act of 2022 Signed into Law

The Inflation Reduction Act of 2022, which includes both tax and non-tax measures, was signed into law by President Joe Biden on August 16, 2022. Among other items, the act includes: • a 15% corporate…

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