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...]

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...]