Earlier this month, the IRS announced the retirement plan contribution limit changes for 2025. The limits are adjusted annually to account for inflationary changes and other economic factors. Starting next year, there are several increases coming. This is welcome news for individuals and families that rely on employer sponsored and other retirement plans as the main retirement savings vehicle.

The State of New Jersey’s Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief program officially opened for 2024 in August.  Payments for eligible homeowners and renters began going out on a rolling basis in mid-October; however, just a short time later, the State pulled the ANCHOR benefit payments from some taxpayers’ accounts, due to possible fraud.

Over the last few weeks, the IRS has issued several updates about the Employee Retention Credit (ERC). Information had been scarce since the agency announced a claims processing moratorium last year, but that all changed…

In August 2024, the IRS announced that interest rates will remain the same for the fourth quarter of 2024, which begins October 1, 2024.  The rates have remained unchanged since the fourth quarter of 2023…

As students and teachers get ready to head back to the classroom for a new school year, the IRS wants to remind teachers and educators that they can deduct up to $300 in out-of-pocket classroom expenses for 2024 when they file their tax returns in 2025.  This is the same limit as 2023, continuing the adjustment for inflation that started in 2022 (when the limit was increased from $250). 

The State of New Jersey’s Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief program will officially open for 2024 in August.  Beginning August 19, the state’s Treasury Department will start sending notification letters to 1.5 million New Jersey taxpayers…

IRS compliance teams are stepping up work on analyzing and processing Employee Retention Credit (ERC) claims and have issued five new warning signs of incorrect claims that are being commonly seen.  These five new problem areas are in addition to the seven warning signs previously released.

In May 2024, the IRS announced that interest rates will remain the same for the third quarter of 2024, which begins July 1, 2024.  The rates remain unchanged from the first and second quarters of 2024 and the fourth quarter of 2023

In February, the IRS released a list of seven suspicious signs that a company’s Employee Retention Credit (ERC) claim may be questionable or incorrect, which could cause future problems with the IRS. Small businesses should carefully review these warning signs to determine if their claims must be resolved. The ERC, a pandemic-era credit, was meant to help small businesses, but corrupt promotors have deceived many businesses and misled them about the qualifications needed to claim the credit.

Each year, the IRS releases its “Dirty Dozen,” a list of tax scams that taxpayers should be wary of. The list highlights common scams that put people at risk of losing money, personal information, data, and more. Here are the 12 scams that you should be aware of in 2024…