Rivero CPA

October 30, 2018

Make sure you understand the new rules for what you can and cannot deduct for business expenses relative to entertaining clients. A new rule recently eliminated the deduction for expenses related to entertainment, amusement or recreation. You can still deduct 50 percent of the cost of business ...

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The IRS has announced a new format for individual tax transcripts, one that better protects taxpayer data. The new transcripts made available Sept. 23 redact personally identifiable information from the Form 1040 series, according to the IRS. The new transcript will be the default format ...

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Don’t let the government catch you by surprise. The following IRS deadlines are ahead: Sept. 17 – Third-quarter estimated income tax payments Sept. 17 – Income tax returns for calendar year partnerships and S corporations on extension Sept. 20 – New York second-quarter sales tax ...

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The 2019 New Jersey budget that Governor Phil Murphy recently agreed to contains changes and tax increases for businesses. The reforms are quite complex. A few key highlights: An increase in the income tax rate to 10.75 percent for taxpayers with income of $5 million and ...

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The IRS plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season. The new 1040 – about half the size of the current version – would replace the current Form 1040 as well as the Form 1040A and the Form 1040EZ.    This new approach will simplify the 1040 so that ...

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Last year, the President signed legislation that repealed the “penalty tax” for not having health insurance for tax years beginning on or after Jan. 1, 2019.   On May 31, Governor Murphy signed into law the “New Jersey Health Insurance Market Preservation Act,” which establishes a “shared ...

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Paid sick leave is now the law in New Jersey. New Jersey has passed a paid sick leave law which preempts paid sick leave ordinances adopted by several cities and towns so there is now one uniform law in this area for New Jersey employers. Here is what you need to know about the new law.

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Undeniably, divorce will have a significant effect on your life and especially your finances. There are around 800,000 divorces in the United States each year, according to the National Center for Health Statistics. Here's how to enter into the situation financially informed. Know The Costs ...

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The IRS recently announced relief for taxpayers with family coverage under a High Deductible Health Plan (HDHP) who contribute to a Health Savings Account (HSA).   For 2018, taxpayers with family coverage under an HDHP may treat $6,900 as the maximum deductible HSA contribution.   The ...

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The IRS recently warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax bills.   The IRS, the state tax agencies and the tax industry – urge taxpayers to remain alert to ...

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Millennials are on the move, but studies are finding ways they can be enticed to remain living in NJ.Redeveloping urban areas could assist in making the state more appealing. Almost 90 percent of millennials today live in metro areas, according to a June 2017 article in Governing magazine. How ...

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For individuals receiving a traditional paycheck, when's the last time you took a close look at the numbers? With the popularity of direct deposit, paper paycheck stubs are a thing of the past, which means it's easier for us to skip the paycheck checkup With the new tax laws come more reasons to ...

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You survived another year’s tax filing — was the outcome what you expected? After looking at the results of this last year, and in light of the recent tax changes for this year, if you're concerned about getting the best possible results, why not reach out to me so we can take a look at planning ...

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Income from virtual currency transactions is reportable on income tax returns. Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance that addresses transactions in digital currency.   Taxpayers who do not properly report the ...

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Taxes are on our minds as we approach April. Whether you've filed yours yet or not, the scammers are out there, taking advantage of our concern for making sure everything is in good order. The IRS released its updated 2018 list of the top 12, or “Dirty Dozen,” tax scams on recently. Like last ...

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Beginning in the 2017 tax year, New Jersey will give an additional $3,000 exemption for military veterans. You are eligible to claim this exemption NJ state income tax return if you are a military veteran who was honorably discharged or released under honorable circumstances from active duty in the ...

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The Tax Cuts and Jobs Act brings a host of changes to tax returns for 2018. Highlighted are just a few of the new rules that may impact many of our clients. Please reach out to us to find out if and how your personal situation is impacted. For Business: ·       A flat 21% corporate tax rate ...

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New Jersey taxpayers who prepaid one or two quarters of their 2018 property tax assessments at the end of 2017 need to be aware that the amount they can deduct on their federal tax return is not the same as the amount they can deduct on their state tax return.  We will work with you to determine ...

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The majority of the 2017 tax reform is effective after 2017. I’d like to explain important notes that will impact your 2017 tax returns. Medical Expenses Add up those medical expenses! Currently if you itemize your deductions, you can deduct qualifying medical expenses which exceed 10 ...

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2018 tax filing season begins Jan. 29.   Tax returns due April 17. The IRS set the Jan. 29 opening date.   The IRS expects that the earliest date the EITC/ACTC related refunds will be available in taxpayers' bank accounts (or on debit cards if they chose direct deposit) is Feb. 27, ...

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It's no secret that the new 2018 tax legislation will mean plenty of changes for us. Also, there are provisions of the law that are not being changed in the new legislation that do impact 2017 and 2018. As we look ahead, we wanted to share some tips for taxpayers to implement before the year ...

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Did you know that the New Jersey estate tax has been repealed? The regulation was passed in the transportation bill in late 2016. Effective Jan. 1, 2018, the estate tax repeal goes into effect, so there will no longer be New Jersey estate tax. For deaths as of Jan. 1, 2017, the NJ estate tax ...

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Disaster Tax Relief and Airport and Airway Extension Act of 2017:   This bill modifies requirements for purchasing flood insurance and provides tax incentives for individuals and businesses affected by recent hurricanes.   To read the details, click here.  

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If you or your employees are planning on traveling for business, you'll want to know that there are new per-diem rates for certain expenses, which are in effect from Oct. 1 2017 to Sept. 30, 2018.   New rates includes expenses for transportation industry meals and incidental expenses rates, ...

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Scam Alert 1: Fake Donations It's a testament to the generosity of the people in our nation to want to pitch in and help those affected by a catastrophe. As we see all the destruction that Harvey and now Irma are imparting, our hearts go out to these folks, and we want to respond by opening our ...

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Summer time may cause child care issues because younger children are out of school during times when the parents would be able to be at work.  "Many of my clients find themselves having to pay for summer programs so the child is taken care while they work,"  Louri Rivero Borr, of Rivero CPA ...

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We're back to 1950. Historically, we can point to periods in time when it was popular for generations of a family to share one home. Remember the TV show "The Walton's?" Grandparents, parents and children all said goodnight to each other, loving and living under one roof. Well, today, 19 ...

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Millennials have grown up in a time of economic uncertainty. Are you financially prepared for job loss, illness or other emergencies that could have an impact on your financial life?  It's natural to have uncertainties when it comes to money, especially when you're young, but how are millennials ...

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Many of my small business clients ask how they can pay less in income taxes. As their accountant, I hear that all of the time.  I found this interview, which addresses this concern, of particular interest, which comes from Nasdaq CEO, Adena Friedman.    The beginning of the interview talks ...

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April 18 This year's federal filing deadline for individual returns is Tuesday, April 18th, not April 15th. Making a contribution to an IRA for tax year 2016 Filing 2016 calendar year NJ corporate, partnership tax return, fiduciary returns and federal C corporations using a calendar ...

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