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...]

471 IRS Grants Additional Broad Tax Relief April 9, 2020 To help taxpayers, the Department of Treasury and the IRS announced today that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No … [Read more...]

New Jersey Extends Tax Deadline to July 15 April 1, 2020 This morning, Governor Murphy, Senate President Sweeney and Assembly Speaker Coughlin issued a joint statement announcing the New Jersey’s tax filing deadline is extended from April 15 to July 15 and the state fiscal year will be extended to September 30.  This outcome comes after two weeks of tireless efforts by … [Read more...]

3/24/20: Coronavirus Business Updates March 24, 2020 Here's a recap of everything we've posted and shared in the past 24 hours. New developments are coming in rapidly, so be sure to check njcpa.org/coronavirus for the latest news and guidance. Federal Tax Update The IRS has published FAQs about filing and payment deadlines. Here are just a few highlights: If … [Read more...]

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak March 18, 2020 The Treasury Department and the IRS are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as … [Read more...]

The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020 after increasing significantly in 2019, the IRS announced on Tuesday (Notice 2020-05). For business use of a car, van, pickup truck, or panel truck, the rate for 2020 will be 57.5 cents per mile in 2020, down from 58 cents per mile last year after increasing from 54.5 cents per mile in 2018. Taxpayers … [Read more...]

The SECURE Act: What You Should Know Now January 2, 2020 President Donald Trump has signed into law the Setting Every Community Up for Retirement Enhancement or SECURE Act. The Act ushers in major changes to the way most Americans plan and save for retirement. The biggest retirement legislation in more than a decade, the SECURE Act expands access to annuities in retirement plans, … [Read more...]

IRS to Begin Visiting Taxpayers Who Have Tax Compliance Issues November 20, 2019 As part of a larger effort to ensure fairness in the tax system, the IRS is taking steps to conduct special compliance efforts for individual and business taxpayers in various communities.  The goal of these visits is to help resolve tax compliance issues by meeting face-to-face with taxpayers with … [Read more...]

The most generous tax breaks for college costs are the American Opportunity Tax Credit and Lifetime Learning Credit, which offset your tax bill dollar-for-dollar compared to a tax deduction that merely reduces the amount of income subject to tax. The American Opportunity tax credit The American Opportunity tax credit is based on 100% of the first $2,000 of qualifying college … [Read more...]

Tax tips for teachers: Deducting out-of-pocket classroom expenses TURBOTAX STAFFAug 16th 2019 4:39PM When it comes to making sure students have the tools for successful learning, school teachers commonly dip into their own pockets to pay for classroom materials. Fortunately, the Educator Expense Tax Deduction can offer teachers some financial relief. THE EDUCATOR EXPENSE TAX … [Read more...]