New Jersey Provides Tax Deduction for College Savings Plan Contributions By Ralph Loggia, CPA, MST, Goldstein & Loggia CPA's, LLC – December 14, 2021 Many states provide an income tax deduction for contributing to a college savings plan, including New York, which provides a maximum annual $10,000 deduction; Pennsylvania with a $30,000 maximum; and Connecticut with a $10,000 … [Read more...]

Topics in the NewsNews ReleasesMultimedia CenterTax Relief in Disaster SituationsTax ReformTaxpayer First ActTax Scams/Consumer AlertsThe Tax GapFact SheetsIRS Tax Tipse-News SubscriptionsIRS GuidanceMedia ContactsIRS Statements and Announcements COVID Tax Tip 2022-03, January 5, 2022 The IRS started issuing information letters to advance child tax credit recipients in December. … [Read more...]

The coronavirus pandemic has changed the world as we knew it, and it's not likely to go back to the pre-COVID world any time soon. When it comes to filing for 2022 taxes, that's almost definitely the case. COVID-19 will still be a concern in Spring 2022, and a number of stimulus laws will still present challenges, as may new tax laws that could well be created by then. This year, though, the … [Read more...]

Governor Phil Murphy Announces $10 Million in Financial Relief for Small Businesses Impacted by Tropical Storm Ida 09/3/2021 Interim assistance will provide grants up to $5,000 to storm-impacted businesses/non-profits with up to 50 employees  MILLBURN – Governor Phil Murphy today announced preliminary details of a proposed plan to provide grants to New Jersey small businesses … [Read more...]

September 3, 2021 Victims of Hurricane Ida that began on Aug. 26 now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) —  — as qualifying for individual or public assistance. Currently this includes Louisiana, New … [Read more...]

NJCPA Reminds Taxpayers to Take Advantage of New Advance Monthly Payments of the Child Tax Credit June 25, 2021 Payments to Begin July 15 The New Jersey Society of Certified Public Accountants (NJCPA) reminds taxpayers who may qualify for the Advance Child Tax Credit to be aware of important changes that will help them receive advance payments of the credit. The IRS will pay … [Read more...]

EnglishEspañol IndividualsAdvance Child Tax CreditEarned Income Tax CreditBusinesses and Self Employed Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. … [Read more...]

IRS to Recalculate Taxes on Unemployment Benefits; Refunds to Start in May April 1, 2021 To help taxpayers, the IRS announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows … [Read more...]

IRS and New Jersey Extend Tax Deadline for Individuals to May 17 March 19, 2021 The Treasury Department and IRS announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. Individual taxpayers can … [Read more...]

HOMESTEAD BENEFITBecause the COVID-19 pandemic is anticipated to negatively impact the State economy, the New Jersey Department of the Treasury has frozen a portion of spending in order to ensure the State can meet its emergency and statutorily required obligations. Regrettably, this includes freezing funding to support the 2017 Homestead Benefit program.2017 Homestead Benefit Program … [Read more...]