Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need certain records to prove their loss. [...]
Are you going through a divorce? Might there be alimony as part of your settlement? Will it not be settled before 12/31/2018? Trump's tax reform plan will eliminate the [...]
THESE PROPOSED TAX CHANGES ARE THE MOST SIGNIFICANT I HAVE SEEN IN MY CAREER. My team is actively monitoring this situation and how it may impact your family and [...]
The current law dictates that taxpayers who do not have (MEC) Minimum Essential (Health) Coverage, may have to pay a penalty when filing their tax returns. MEC is any [...]
Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. [...]
The last day to file your 2016 tax returns on time is October 15! If you have a history of tax filing procrastination and have not filed your 2016 [...]
President Trump's election has caused an upheaval on so many levels, and the companies who get their managers and line employees educated will have the edge over their competition. [...]
Puerto Rico — Victims of Hurricane Irma that took place beginning on Sept. 5, 2017 in parts of the Commonwealth of Puerto Rico may qualify for tax relief from [...]
Taxpayers may be able to deduct certain expenses of moving to a new home because they started or changed job locations. Use Form 3903, Moving Expenses, to claim the [...]
RED BANK NJ —The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricanes Harvey and Irma [...]
It is difficult to keep track of when personal and business tax returns are due. This pdf file gives you all the information you need. Click on the link [...]
Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing -- no matter what a person’s [...]
I get so many calls like this: "Chris, if my elderly parent suddenly needs to go into a nursing home, how can I protect their assets?" "Chris, what [...]
Chris Whalen, CPA Note: Don't roll the dice with your taxes! The best bet you can make is to choose the best CPA! You must report all gambling winnings as [...]
My firm specializes in the income tax and financial implications of divorce. If you are in any stage of a divorce, and have not sought the advice of a [...]
Paying for Long Term Care is something everyone needs to plan for and understand. There is so much misinformation out there about Long Term Care Insurance, I decided to [...]
Spring showers bring summer flowers and weddings typically aren’t far behind. Newlyweds have a lot to think about and taxes might not be on the list. However, there is [...]
My Retiree and Senior client base continues to grow, and with that comes special tax planning needs. There is so much information out there on taxes and from so [...]
Note From Chris Whalen, CPA: This memo includes important information for all entrepreneurs as well as those participating in the Sharing Economy. If you use one of the many [...]
First, I have to say in my almost 30-year career I have never seen such enthusiasm and positive public sentiment among my entrepreneur clients and overall positive consumer confidence. [...]
Chris Whalen, CPA Note: The IRS Online tools can be very frustrating. Most of my clients give me a Power of Attorney so I can do this research for [...]
Note from Chris Whalen, CPA - Even if you cannot pay your tax, FILE YOUR TAXES ON TIME. You can always apply for an installment plan. Many taxpayers don't [...]
On Nov. 11, 2003, President Bush signed into law the Military Family Tax Relief Act of 2003. Among its provisions are these tax breaks related to military personnel: Death [...]
RED BANK, NJ — Hurricane Preparedness Week is only one 7 days in May, May 7 to 13, but this is far too short in my opinion. Every week should [...]
This Memo has important information for everyone. Please share this with your networks and contacts. As entrepreneurs find success with their primary business ventures, and employees salaries increase, many [...]
Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of income tax [...]
The following is an analysis of President Trump's proposed tax plan as presented on Wednesday April 26, 2017. Note from Chris Whalen, CPA - The information presented here is [...]
Many people don’t realize the risk of becoming disabled as the result of an illness or injury at some point in their lives – or how it can affect their ability [...]
It is a common misconception that getting an extension of time to file your tax returns, form 4868, also extends the time that any taxes you owe are also due. [...]
I want to remind you about some basic tips to keep in mind about your refunds. During the early parts of the tax season, early filers are anxious to get [...]