The Tax Cuts and Jobs Act, enacted in December 2017, affects nearly every business and individual in 2018 and the years ahead. As a small business or self-employed taxpayer, you [...]
NJ has sent Amnesty Letters to 750,000 businesses and individuals, who they think might qualify. NOTE: Amnesty Full Details and Criteria Below These letters will have an Amnesty ID [...]
To listen to the podcast version of this memo click here --> Podcast Version This memo is for anyone that has investments in the stock market, either in their retirement [...]
If you have seriously delinquent tax debt, IRC § 7345 authorizes the IRS to certify that debt to the State Department for action. The State Department generally will not [...]
This law is repealed BUT - THIS WILL NOT BE RETROACTIVE TO 10/1/2018. Important Notice to Sellers and Purchasers of Transient Accommodations Amendments to the Sales and Use Tax [...]
To listen to the podcast version of this memo click here –> Podcast Version Of course the CPA you choose is the most significant professional choice you can make. ;-) [...]
Trump's Tax Plan includes a Qualified Business Income (QBI) Deduction. This deduction gives up to a 20% deduction on certain business income and uses sometimes complicated formulas. This deduction [...]
Listen to this informative interview where Chris Whalen, CPA discusses: Cryptocurrency NJ Refunds Delayed Checking The Adequacy of Your Payroll Deductions Unreimbursed Expenses Get my memos in your inbox [...]
NOTE: If viewing this memo on a phone or tablet, use landscape mode. I was featured in an article for ROI-NJ on Crypto (Virtual) Currencies and Income Taxes. Page [...]
Purposefully not reporting or misreporting your Crypto related income is Tax Evasion at a minimum, and Tax Fraud at worst. I follow many crypto podcasts, forums and newsletters and [...]
In response to a court order, Coinbase is reporting information on some of its users. If you have crypto transactions you haven't properly accounted for over the past several [...]
If you are going to attempt to use the IRS Website to establish an installment plan, I urge to call me before you start so I can give advice [...]
We have seen an uptick in mortgage rates and this has people believing they can afford less of a house. This is quite often untrue, as the tax savings [...]
Watch my Youtube interview with Styxhexenhammer666 "A Chat With Chris Whalen, CPA Re: Trump Tax Plan, SALT, Income Tax Brackets, etc" Get my memos in your inbox by clicking [...]
Red Bank, NJ — I wanted to warn taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. I will also provide a [...]
Red Bank, NJ — With the 2018 filing season in full swing, I wanted to offer taxpayers some basic tax and refund tips to clear up some common misbeliefs. [...]
NOTE: If viewing this memo using a phone or tablet, use landscape mode. Mortgage Insurance Premium (MIP) treated as qualified residence interest has been extended to 2017 so they [...]
President Trump's Tax Reforms will mean lower taxes for most of us. Part of this process is the changing of the payroll tax tables for the federal income tax [...]
This memo has been superseded. The legislation did pass extending this deduction into 2017. Please click below to read the updated memo. Tax Memo – Mortgage Insurance Premiums ARE [...]
There are many ways to pay your federal taxes. The best and most efficient method is to pay your taxes using a direct debit from a bank account when [...]
Are you concerned or confused about how to account for your crypto currency transactions for tax purposes? My firm specializes in analyzing these. Contact us so we can prepare [...]
Under tax reform, starting in 2018, each of your qualifying children may qualify for a Child Tax Credit of up to $2,000. That is double what it was in [...]
Topics: Case Study - Family of 4, Two Parents, Two Children, 100K of wages, renters wondering if buying a home is worth it. SALT Deduction Limitations, Mortgage Interest, Home Equity [...]
All of us should have a REAL PERSON to contact in the significant areas of our lives shown below. If you have NO contact, or only a customer service [...]
FACTS: Family of 4, Two Parents, Two Children, 100K of wages. In 2017 they were renters. This case study will analyze and compare the same financial facts based on the [...]
FACTS: Family of 4, Two Parents, Two Children, 230K of wages, homeowners with itemized deductions. Are you concerned about how the new law will impact your family's or business’ [...]
Hello and Happy New Year! Tax Season is here again! Tax Preparation Checklist OVERVIEW I prepared this checklist to assist you in gathering your end-of-year income tax information. [...]
NOTE: If viewing this memo using a phone or tablet, use landscape mode. New Jersey: $8.60 an hour New York State: New York’s minimum wage rate depends on the geographic location [...]
The House-Senate conference committee has issued their final version of the Trump Tax Plan. I expect this to become law when it finally comes to a vote before Christmas. [...]
RED BANK NJ — I am warning taxpayers of a new email scam targeting Hotmail users that is being used to steal personal and financial information. The phishing email [...]