Category Archives: Tax News

Updates in income taxes and tax problem resolution and IRS news

NJ Homestead Benefit Deadline Extended to 01/31/14

State Treasurer Andrew Sidamon-Eristoff has announced that the deadline for filing 2012 Homestead Benefit applications has been extended to January 31, 2014. The deadline had previously been extended from November 22 to December 31. More information and income requirements can … Continue reading

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Coping with the Government Shutdown – Tax Problems Edition

Solving tax problems for clients requires lots of interaction with the IRS. Generally, after meeting with a client, I file an authorization form so I can access their data online. Until last month, I filed those online, which presumably would … Continue reading

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2012 NJ Homestead Benefit Information

Here’s information directly from the NJ Division of Taxation: The Division of Taxation has begun mailing applications for the 2012 Homestead Benefit. Applications are being mailed to homeowners over the next three weeks according to the schedule below. The deadline … Continue reading

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NEW S-Corp Late Filing Election Procedure

Filing a late S-Corporation Election is now much easier and has a longer or no deadline for many filers. Previously, if a business intending to be taxed as a Sub-chapter S Corporation failed to to file a timely election, but … Continue reading

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Penalty Relief for 1099-K Filers Extended Again

Payment issuers will continue to receive penalty relief for mis-matched Taxpayer Identification Numbers and names on Form 1099-K issued in 2013 and 2014. Notice 2013-56 has the details. Note that the penalty relief is solely for the mis-match errors and … Continue reading

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Offer in Compromise IRS Tax Debt Program Updated

If you owe tax debt that you are struggling with, take a look at the Offer in Compromise program. The IRS just released new guidelines that greatly reduce the amount that needs to be offered to settle your tax debt. … Continue reading

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New Jersey Where’s My Refund Now Available

New Jersey has added online and phone-based tools to check the status of your NJ tax refund. If you know your refund amount, enter it online along with your Social Security Number to get the status of your mailed or … Continue reading

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$31,185 in Income Tax Refunds for NJ Residents Expiring

The IRS released figures that show that 8,000 New Jersey taxpayers have not claimed $31,185 in Federal tax refunds due on 2008 tax returns. The average refund is $716. The deadline for filing to receive these refunds is April 17, … Continue reading

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New Free Online Offer in Compromise Calculator

We’re pleased to announce the release of a free online Offer in Compromise Calculator. While the calculations for an Offer in Compromise can be complex, this online version is a great starting point for taxpayers when deciding on a solution … Continue reading

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2012 Small Business Calendar Available

Order the IRS Small Business Calendar and keep track of important tax and payroll dates. Did I mention that it’s free? Completely free and very handy to have around the office. I keep a few on hand to give to … Continue reading

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