TYPES OF SCAMS Receiving Threatening Phone CallsReceiving Unusual EmailsOffers to Collect Tax Payments in PersonRequest for a Specific Type of Payment (like a Gift Card) PROTECTING PRIVATE INFORMATION Physically Protect Your ComputerUse Strong Passwords and Change PeriodicallyUse a Secure
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The Taxpayer Roadmap 2019
The map below illustrates, at a very high level, the stages of a taxpayer’s journey, from getting answers to tax law questions, all the way through audits, appeals, collection, and litigation. It shows the complexity of tax administration, with its connections and overlaps and repetitions between stages.
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The Taxpayer Bill of Rights
This publication explains your rights as a taxpayer and the processes for examination, appeal, collection, and refunds. Read the Taxpayer Bill of Rights
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2019 YEAR END TAX STRATEGIES
General Tax Planning Moves Higher income filers ($250,000 married filing joint; $125,000 single) may be subject to the additional 3.8% Net Investment Income Tax. This is based on the calculated amount of the Adjusted Gross Income. There is also the additional 0.9% Medicare tax on these high-income
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401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500
WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides cost‑of‑living adjustments affecting dollar
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IRS provides tax inflation adjustments for tax year 2020
WASHINGTON — The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 (PDF) provides details about these annual adjustments. The tax law change
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SOCIAL SECURITY AMOUNTS FOR 2020
The Social Security Administration has announced the new amounts for 2020. The gross Social Security benefits are increasing 1.6% for 2020. Some of the other limits change by different percentages. Here is the information for 2020 (followed by 2019 amounts): The amount of earnings
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The Cannabis Industry in New Jersey
On October 24, I attended the first NJ Cannabis Conference at the Forsgate Country Club (Monroe Township, NJ). Among the 300 attendees, there were a few law firms and attorneys present, but only a handful of accountants. There were vendor tables for a host of service providers to the cannabis industry.
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Charitable Contributions and State Tax Credits
The Tax Cuts and Jobs Act passed and signed into last year limits the deduction for state, local and real estate taxes to a total of $ 10,000 per return. The New Jersey legislature passed, and Governor Murphy signed the legislation to allow municipalities to set up charitable funds to allow residents
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