News and Announcements

Selling a small business can be a significant milestone for any entrepreneur. It is the culmination of years of hard work, dedication, and strategic planning. However, amidst the excitement and anticipation, it is crucial not to overlook the tax implications that accompany such a transaction. Understanding and effectively managing the tax consequences of selling your small business is essential for maximizing your financial outcome. Keep reading to learn about some key tax considerations and receive some expert guidance to help you navigate this complex process.

An exemption in the Inflation Reduction Act is worth $7,500 to drivers who lease, and EV leasing has been on the rise since the US Department of the Treasury opened the loophole by characterizing leased EVs as commercial vehicles in December. 

As the U.S. continues to emerge from the pandemic, certain businesses might be seeing improved revenue and owe more taxes than they have in the past few years.

QuickBooks is an incredibly powerful tool for managing your business finances. However, to get the most out of the software, it's essential to configure it correctly. By taking the time to set up QuickBooks effectively, you can streamline your bookkeeping processes, save time, and gain greater insight into your business's financial health. Here are a few configuration tips to help you make QuickBooks more effective for your business, making your bookkeeping simpler and easier than ever.

Starting a new business is an exciting and challenging endeavor. Among the many tasks on your to-do list as you establish your business, setting up your bookkeeping system is among the most essential. Proper bookkeeping is not only a legal requirement, but it also helps you keep track of your financial performance and make informed decisions that can impact your company’s growth. Here are a few tips for setting up an effective bookkeeping system for your new business.

It’s important for business owners to consider their business’s taxes from the very beginning. In fact, it’s something that you should think about before you even officially open your doors for business. When establishing a new company, you’ll need to select a corporate structure. While there are many factors that impact the right designation for your business, you should seriously consider how each option available to you impacts your business’s taxes. Keep reading to find out how corporate structure impacts the taxes for your business.

While the chances of an IRS audit have been slim, the agency may scrutinize your return for several reasons. Some red flags for an audit include round numbers, missing income, excessive deductions or credits, unreported income, and refundable tax credits. The best defense is proper documentation and receipts, tax experts say.

As a business owner, it’s important to find a balance between reducing costs and ensuring that you’re not cutting important corners. If a service seems unnecessary, it might seem natural to forego it in the interest of saving on expenses. However, it’s important to consider the benefits of every opportunity, and weigh it against the costs. When it comes to hiring a tax consultant for your business, there are many ways in which a consultation can save your business money and, ultimately, cost less than what it will save you. Keep reading to learn more about how a tax consultation can benefit your business.

Tax season is underway, and there’s been increased scrutiny of the IRS as it starts deploying part of the nearly $80 billion in funding approved for the agency by Congress in August. While Treasury Secretary Janet Yellen has said goals include boosting customer service and improving technology, critics have warned the new funding will spark an uptick in IRS audits.

For 2023, the minimum wage in the state of New Jersey has been increased by $1.13 per hour, making the new minimum wage $14.13 per hour for most employees. This change went into effect on January 1st of this year. It’s important for business owners to be aware of these kinds of changes to their daily expenses and operations, and understand how those changes impact their company. Keep reading to learn more about the minimum wage increase and how it might affect your business.

The annotations show the locations he supposedly visited in connection with either business. For several reasons, the Tax Court didn’t find this evidence credible.

Low- to moderate-income workers with qualifying children may be eligible to claim the Earned Income Tax Credit (EITC) if certain qualifying rules apply to them. You may qualify for the EITC even if you can’t claim children on your tax return. Find out how to claim the EITC without a qualifying child.

Tax season can be a daunting time for Sayreville, NJ residents, given the maze of rules and regulations to navigate. However, mastering the specifics of local tax laws and adopting effective strategies can turn the experience into a manageable and potentially rewarding one. In this comprehensive guide, we'll explore tailored steps for Sayreville residents to streamline their tax preparation process and ease the stress associated with tax season.

The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns.

The Treasury Department and Internal Revenue Service today issued Notice 2023-13, which contains a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program, a voluntary tip reporting program between the IRS and employers in various service industries. The IRS is issuing this guidance in proposed form to provide an opportunity for public comment.

Early in February, the IRS introduced a proposed change to tip reporting for service-based industries. This proposal would establish a new program known as the Service Industry Tip Compliance Agreement (SITCA) program, a voluntary tip-reporting program between employers and the IRS. If your business falls into a service-based industry where employees frequently receive tips, it’s important to learn about the proposed SITCA program and how you can provide feedback on this new method of tip reporting for employers.

A deduction cuts the income you're taxed on, which can mean a lower bill. A credit cuts your tax bill directly. Tax deductions and tax credits can be huge money-savers — if you know what they are, how they work and how to pursue them.

Some of you have to pay federal income taxes on your Social Security benefits. This usually happens only if you have other substantial income in addition to your benefits (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return).

In an attempt to move the United States toward sustainability, the Internal Revenue Service (IRS) will offer a credit of up to $7,500 to all those looking to purchase an electric vehicle.

If you buy a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. Find out if you qualify.

Stimulus cheques are a mainstay of the family economy for many households in the United States. Thanks to these types of payments, many families have very large financial relief to be able to pay bills, pay for housing and buy food. It is a huge help that makes life easier in general.