The anticipated April 15th deadline to file individual income tax returns and payments has been extended by the Treasury Department and Internal Revenue Service to Monday, May 17, 2021. Without filing an extension, individual’s income tax filings, and payments are not due until May 17th. This relief does not apply to estimated tax payments that Read More…
Governor Phil Murphy announced on October 12th that $112 million in aid, that the State of New Jersey received from CARES Act money, is being made available to provide grants to small businesses and help support struggling individuals with rental and mortgage assistance payments. $70 million of the funds will be distributed by the State’s Read More…
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with Read More…
On December 20, 2019, President Trump signed into law, two appropriations bills that extended government funding while also dealing with several of the tax extender provisions and repealing some Obamacare taxes. The most broadly applicable tax law changes in the bills are in connection to the tax extenders provisions. The bills reinstate many of the Read More…
On an annual basis, certain individuals should review their income tax situation at the end of each year, so as to minimize their income tax liability for the year. Common planning techniques include deferring income and/or accelerating deductions to the following year. With the current climate of dramatic tax reform in Congress, there is even Read More…
When a partnership or an LLC filing as a partnership, files their Federal tax return, there is never any tax due at the entity level. Instead, all income, deductions, and credits flow proportionally to the partners on their respective Schedule K-1’s. As a result, if the IRS decided to audit a partnership tax return, taxes Read More…
2016 Year-end Strategies for Businesses & Individuals: Straddling Two Years of Significant Changes. Click to read here.
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