Rivero CPA

September 14, 2020

The Treasury Department announced that lower fuel consumption trends, due to exacerbated COVID-19 pandemic, will increase gas tax to 9.3 cents per gallon in order to ensure compliance with the Trust Fund (TTF) program. This is expected to go into effect on Oct. 1, 2020. This was the outcome of a ...

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In the wake of the coronavirus pandemic, more employees are working remotely and state income tax withholding has become a complicated burden on employers. Determining the jurisdiction where an employee owes state and local taxes have changed drastically during the pandemic. In addition to owing ...

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With millions of Americans now receiving taxable unemployment compensation, the IRS reminds them to have tax withheld from their benefits now to help avoid owing taxes on when they file their federal income tax return next year. By law, unemployment compensation is taxable and must be reported ...

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Interest payments are being sent this week from the Treasury Department and the IRS to about 13.9 million taxpayers who filed their 2019 federal income tax returns on time and are receiving refunds. Who will be receiving these payments? Payments will be made to individual taxpayers who filed ...

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The IRS is reminding seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The CARES Act waives Required Minimum Distributions during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. This ...

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The Internal Revenue Service reminds us that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan ...

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The Internal Revenue Service announced its annual “Dirty Dozen” list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. This year, the Dirty Dozen focuses on scams that target taxpayers. These criminals ...

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The New Jersey Department of Labor and Workforce Development has announced that it will begin providing 20 weeks of extended unemployment this week to New Jersey workers who have exhausted their state and federal jobless benefits.  The state extension kicks in after claimants exhaust up to 26 ...

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The Department of the Treasury is warning New Jersey residents to be wary of receiving text messages that seem too good to be true. These scammers are claiming to be from the Treasury’s Unclaimed Property Administration (UPA) and are sending text messages stating that that unclaimed funds can be ...

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Congress has joined the Senate in extending the Paycheck Protection Program for small businesses. The bill now goes to President Trump for signature. The extension is intended to provide more time for small businesses to apply for the approximately $129 billion in PPP funding remaining. The ...

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The IRS has announced that later this summer taxpayers will be able to file their Form 1040-X electronically. Currently, taxpayers must mail a completed Form 1040-X to the IRS for processing. The new electronic option allows the IRS to receive amended returns faster while minimizing errors ...

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The IRS is reminding taxpayers to guard against tax fraud and other related financial scams related to COVID-19. In the last few months, the IRS Criminal Investigation division has seen a variety of Economic Impact Payment scams and other financial schemes looking to take advantage of ...

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Recently the U.S. House approved legislation making it easier for small businesses and other recipients of the Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans. What to know? The bill extends to the recipients have to spend their funds which is 8-24 ...

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The IRS has announced enhancements to the “Get My Payment” tool. These enhancements provide a smoother experience for those eligible to receive Economic Impact Payments. Click Here to read more and learn how to use Get My Payment. Be aware though of scammers. Only visit IRS.gov to utilize ...

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The government has released billions of dollars for the Paycheck Protection Program (PPP). Many loan applications have been submitted to banks by small businesses hoping to get funding to provide continued employment of millions of workers. Money is starting to be deposited into business bank ...

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The Treasury Department and the IRS launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. This tool provides a free and easy option designed for people who don't have a return filing obligation, including those with too ...

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The New Jersey Division of Taxation has published a comprehensive list of return due dates. Here are some highlights: What’s been extended: 2019 gross income tax returns and payments, including trusts 2019 corporate business tax returns and payments First quarter 2020 GIT/CBT estimated ...

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We're getting lots of inquiries about this, and the information seems to be updating frequently. This program is being administered over a 20 week period.  It has only started. IRS has had some problems and technical glitches. Many people will still be getting theirs. In addition, the ...

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As you can imagine, we are receiving new information and changes to deadlines from day to day. Here's the latest: Confirmed Deadline Change for NJ Tax Filing We had previously shared that this was likely to happen, and happy to confirm that New Jersey’s income tax filing deadline and ...

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The IRS announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. High-income taxpayers who haven't filed tax returns in 2018 or previous years may be receiving visits from an IRS officer. These visits ...

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For the 2019 tax year, the IRS has introduced the new Form 1040-SR (U.S. Tax Return for Seniors). Congress required the IRS to develop a new form that was simpler and easier for senior taxpayers. This new form provides larger print, bigger spaces for the information and numbers that senior ...

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The “Setting Every Community Up for Retirement Enhancement Act,” more commonly known as the SECURE Act, was attached to an appropriations bill that was rushed through both houses to prevent another government shutdown. One thing is clear: the new law will not “enhance” everyone’s ...

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Individuals suffering from financial hardships have been provided with relief when seeking funds from their 401(k) plans. In addition to participant loans, many plans offer hardship distributions to ease the burden of adverse financial situations. The Bipartisan Budget Act of 2018 (BBA) changed ...

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The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized ...

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On your marks, get ready, get set… The IRS announced the opening of Tax Season on Monday, January 27, 2020. This means they will begin accepting paper and electronic tax returns on that day. For most taxpayers, the traditional due date of April 15 holds this year for your 2019 federal income tax ...

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The IRS is conducting special compliance efforts for individual and business taxpayers to help resolve tax compliance issues. They will be executing this plan by meeting face-to-face with taxpayers with ongoing tax issues. Revenue officers are trained IRS civil enforcement employees who work to ...

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We covered this important issue in July. Here's an update. A new bill could classify thousands of New Jersey independent contractors, freelance and gig economy workers as employees — a measure that could profoundly impact businesses that rely on such workers, including ride share and food ...

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Do you have medical debt, credit card debt or unpaid student loans that go back several years? How long can they try and collect these debts from you? It depends on the situation and your payment activity. Here’s an overview of the timelines for debt collection and what to do if you’re contacted ...

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Employees who make less than $35,568 are now eligible for overtime pay under a final rule issued recently by the U.S. Department of Labor. The new rate will take effect Jan. 1, 2020. To be exempt from overtime under the federal Fair Labor Standards Act, employees must be paid a salary of at ...

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It's “Back-To-School” season and an appropriate time to check into tax credits that can help with the cost of higher education. This works by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to less than zero, the taxpayer may get a refund. If you pay for ...

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