News & Insights
Using Electronic Funds to Avoid Check Processing Delays for Payment of Income Taxes
Delays by the IRS and State Revenue Departments in processing checks from taxpayers for the payment of income taxes is increasing. Delays in the processing of checks can cause automated tax notices requesting…
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Extended Green Provisions in the Inflation Reduction Act
The Inflation Reduction Act extended several Tax Code provisions related to green energy that had expired at the end of 2021 or were being phased out. Please reach out to your accounting professional with…
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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…
Continue ReadingIRS 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…
Continue ReadingTax 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…
Continue ReadingIRS 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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