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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The IRS Versus the FEDS
When Congress passed and President Trump signed the 2017 “The Tax and Jobs Act” this new law limits the taxpayer’s itemized deductions for State and Local Taxes and Real Estate Taxes to no more than $10,000. High tax states like California, New York, New Jersey, Illinois, and Connecticut are looking
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What’s Really Happening in Tax Return Identity Theft?
Ever wonder how tax return identity theft got to be such a big problem? Here’s the background. Employers are required to distribute annual W-2 Wage and Income Statements to all employees by January 31st of each year, for the previous year. This gives the taxpayers enough time to put together their
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Protect Yourself from Identity Theft
I’ve been on a crusade to educate and explain how to protect yourself from the scourge of identity theft. While Millennials are especially susceptible – so much of their communications is done online, across a multitude of devices – we are all at risk! The id thieves are salivating at the treasure
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Scammers Impersonate IRS Agents, Call & Threaten Taxpayers
Some of our clients and business associates have contacted us regarding telephone calls they have received regarding outstanding tax liabilities. These calls are actually coming from scammers, who pretend to be IRS agents and demand payments immediately or the taxpayer is threatened with bank seizures,
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