News and Announcements

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.

Most people have to commute to and from work each day, but for business owners, there is a chance that you’ll have to do a lot more driving than that. Business owners often drive long distances to have meetings with clients, attend industry conferences, check on various worksites or additional business locations, and so on. This type of business-related driving is actually deductible on your tax return, either using a standard deduction rate per mile, or by calculating your actual fuel and maintenance costs. The standard mileage rate changes each year, and for 2023, has increased to 65.5 cents per mile. Keep reading to learn all you need to know about this increase and how to claim the deduction.

Tax season can be a daunting period for South Plainfield, NJ residents, given the intricate web of rules and regulations. However, mastering the intricacies of local tax laws and implementing effective strategies can turn this taxing time into a manageable and potentially rewarding experience. In this comprehensive guide, we'll explore specific steps tailored for South Plainfield residents to streamline their tax preparation process and, ultimately, ease the stress associated with tax season.

Tax Season 2023: Why Your Tax Refund May Be Lower This Year

Tax season officially began last week. Have you already started getting your tax documents together? For most people, taxes don’t really become a concern until March or April, but getting your documents together sooner—and even filing early—can be extremely beneficial. So when should you actually start compiling your tax documents? Keep reading to find out more.

For the second year in a row, the IRS has issued sharply higher new depreciation limitations for passenger automobiles. These limits are updated annually for inflation according to the automobile component of the chained consumer price index for urban consumers.

Throughout the decades, millions of Americans had small amounts from their paychecks withdrawn—before taxes were deducted—and invested the money in retirement plans.

Some users of digital wallets and e-commerce platforms must start reporting small transactions, sowing fears among small-business owners.

The New Jersey minimum wage is rising to $14.13 an hour for most employees on Jan. 1, 2023.  It is rising $1.13 an hour from the current rate of $13 an hour.

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.

Waiting for a tax refund can be a hassle, but fortunately, there are a couple of things that a taxpayer can do to speed up the process.

For the second year in a row, the IRS has issued sharply higher new depreciation limitations for passenger automobiles. These limits are updated annually for inflation according to the automobile component of the chained consumer price index for urban consumers.

The Internal Revenue Service is issuing a warning for 2023: You likely won’t receive as large a tax refund as you have in the past

With the start of a new year, millions of taxpayers across America get ready to file their taxes in time to avoid penalties but also to enjoy some of the multiple tax credits available to them. The pandemic started a trend in which individuals have been receiving bigger tax refunds than before, given the emergency funds handed out to help residents go through the pandemic. This year there will be four major tax credits that most of the taxpayers will be able to apply for, according to The Sun: earned income tax credit, child tax credit, solar tax credit, and electric vehicle tax credit.