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IRS tax tips

1099-K – Understanding Your Special K’s

January 5, 2022 by dmcjoe

1099-K Form

The IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns

Filed Under: Blog Tagged With: 1099-K, Accountants in New Jersey, business accounting systems, financial tips, irs, IRS tax tips, tax planning, tax tips, taxes, Top Accounting Firms in NJ

Avoid These Small Business IRS Audit Mistakes

August 11, 2021 by dmcjoe

IRS Audit

IRS audits – In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited.

Filed Under: Blog Tagged With: Accountants in New Jersey, business accounting systems, Covid-19, IRS Audit, IRS tax tips, small business financial advice, tax tips, Top Accounting Firms in NJ

Double Check the Check

May 5, 2021 by Melissa Mandel

Following these tips when you receive a payment from the Federal or State government can save you more headaches than you can imagine.

Filed Under: Blog Tagged With: business accounting systems, IRS tax tips, tax advice, tax help, tax tips

What You Need to Know About the IRS Scam Epidemic

April 27, 2021 by Melissa Mandel

In a recent keynote address to over 1,000 tax professionals in Chicago, John Koskinen, the Commissioner of the IRS, asked the audience to raise their hands if they had personally been contacted by someone pretending to be from the IRS. He reiterated that he was not talking about clients, but those sitting in the audience. Well over 50% of the professionals raised their hands. So did the IRS Commissioner.

Filed Under: Blog Tagged With: business accounting systems, financial scams, IRS scam, IRS scam help, IRS tax tips

Toss This. Not That. Post Tax Filing Record Retention

April 21, 2021 by Melissa Mandel

With a sigh, you are relieved that yet another tax return has been sent off to the government. Another 12 months before you need to do this again. But before you close that tax file, there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared. Here is what you need to know:

Filed Under: Blog Tagged With: business accounting systems, income tax help, IRS tax tips, Tax Consultant in New jersey, tax help, tax record keeping, tax records, tax return help, tax returns, tax tips

Some Unemployment Income Is Now Tax Free for 2020

April 14, 2021 by Melissa Mandel

A surprise tax break for 2020 was passed into law last month. It may impact your situation if you received unemployment income this past year. This will mean filing amended tax returns for some and a delay in preparing your tax return for others.

Filed Under: Blog Tagged With: American Rescue Plan, business accounting systems, income tax help, IRS tax tips, Tax Consultant in New jersey, tax help, tax return help, tax services, tax tips, unemployment tax break

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