The IRS recently released a draft version of a new tax return for senior citizens. Designed to be easier to read and navigate, the new form was mandated by the Bipartisan Budget Act of 2018. While based off the regular 1040, the 1040-SR, has a larger font size and the shading in boxes has been[…]
In an effort to delay the implementation date of four key accounting standards financial services experts use for certain groups, the Financial Accounting Standards Board (FASB) said it plans to propose postponing the effective dates. The new standards would change the way certain items have to be reported on financial statements. Some of the changes[…]
In today’s rapidly changing world it’s important to remember that while one’s technical skills matter greatly, one’s so-called “human intelligence” skills are equally important when seeking a new job, or a move up the ladder. Many people often don’t realize that while their skill set in the financial and accounting field may be a perfect[…]
Seniors and those with disabilities who receive rebates through the Property Tax/Rent Rebate Program should be aware of a scam that is specifically targeting them, says the Pennsylvania Department of Revenue. While the Department of Revenue says it does send automated calls to confirm that information from an application has been received and approved, it[…]
How the state of New Jersey and the federal government tax Individual Retirement Accounts can be confusing for many taxpayers. Tax professionals strongly advise people to not only keep track of their personal contributions, but to also keep good records each year, as they receive a statement. For NJ taxpayers, the only amount in your[…]
Business owners who are moving their businesses can claim a number of deductions, although the IRS has certain requirements that must be met. It is always recommended that you check with a tax professional and the IRS to confirm your individual situation. The cost of moving business equipment, including all computers and peripheral equipment, supplies,[…]
Since the passing of the Tax Cuts and Job Act in 2017 the consequences of how a business structures itself is more important than ever. Tax considerations play a key role in determining whether your business is better suited to be a C Corporation or an S Corporation (pass-through entity), say tax advisors. The new[…]
When the Tax Cuts and Job Act (TCJA) became law in 2017, the United States tax code significantly changed. Those changes, from deductions and accounting methods, to succession planning opportunities, have important implications for many taxpayers. Additionally, TCJA expanded many states’ tax bases and initiated discussions on tax conformity. At the end of 2018, only[…]
Whether you’re considering a startup business or have already begun one, be sure you don’t overlook the important matter of taxes. Experts strongly advise business owners to take time to look at businesses similar to theirs and research how they are handling taxes, including what structure they are using to establish their startup. While many[…]
All too frequently, people have their identity stolen. Despite our best efforts, there are computer hackers, lost Social Security cards and sketchy websites that allow criminals to disrupt our lives, often causing serious damage to our finances. There are a number of warning signs that could mean you’ve been a victim of identity theft. If[…]