The number of returns examined in the last ten years has declined due to budget and workforce cuts at the Internal Revenue Service (IRS). For the fiscal year 2019, an individual tax return had a 1 in 220 chance of being selected for audit. Ten years ago, it was a 1 in 90 event. The likelihood of being chosen drops to 1 in 466 if individual returns do not include a business or the earned income tax credit.

In early August, the news reported attempts between Congress and the White House to deal with additional Coronavirus relief legislation. After several meetings between the two sides, it was clear no agreement would be reached, leaving many without critical unemployment and other financial benefits.

* Update – August 25, 2020: The IRS has temporarily suspended the mailing of three notices to taxpayers who have a balance due on their taxes.  Learn more here. * The effects of the COVID-19 pandemic on individuals and businesses have been difficult to overlook. It started with the implementation of forced business closures and […]

There has been a lot of activity in Congress lately as both the House and Senate search for an amenable agreement on providing additional relief as the COVID-19 pandemic continues. The catalyst was the expiration of extended federal unemployment benefits initiated by the CARES Act. At the same time, Congress also wanted to tackle funding for states, additional school funding, changes to the Paycheck Protection Program, economic stimulus payments, and new business tax incentives

With the spread of the COVID-19 pandemic throughout the United States and around the world, 2020 has been an unprecedented year, leaving many of us wondering about finances and potential tax ramifications.

The legislative changes we’ve seen so far this year have been record-breaking. The Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act were signed in March and made significant changes to tax and employment law for American individuals and businesses.

Treasury Secretary Steven Mnuchin announced last week a 90-day extension of the filing deadline from April 15, 2020, to July 15, 2020. On March 20, 2020, the IRS released Notice 2020-18, which provides specific guidance on the extension. 

This is the time of year when most New Jersey businesses work closely with their accountant to answer last-minute questions, provide additional documentation, and sign the needed forms to complete the corporate return.

Effective March 1, 2020, New Jersey employers (with at least 20 employees) are required to offer pre-tax fringe transportation benefits.  This means qualifying companies must allow employees to pay for qualifying benefits on a pre-tax basis and purchase items such as bus passes, rail tickets and parking passes for their daily commute.

Starting a new business is an exciting time where entrepreneurs transform their new or innovative ideas from drawing board to production and delivery. During these initial stages, a business owner has to manage multiple demands and priorities to get key people, processes, and structures into place. For new manufacturing companies, this might mean investment in facilities, machinery, workers, and an ordering system