Rivero CPA

May 8, 2020

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

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 ...

Read more »

More changes could be coming to the rules governing overtime for employees whose hours worked change from one week to the next. The U.S. Department of Labor recently indicated it would examine ways that employers who pay bonuses and other incentives can be given more flexibility in calculating ...

Read more »

The IRS is warning taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally on email. The IRS does not send unsolicited emails and never emails taxpayers about the status of refunds. The IRS this week detected this new scam as taxpayers began ...

Read more »

The House Ways and Means Committee held a legislative hearing Thursday on the Social Security 2100 Act, a bill that would increase the Social Security Tax to 14.8%, a 2.4 percentage point increase or about a 20% tax increase. If enacted, both businesses and employees would see their payroll ...

Read more »

Two new bills were recently signed in New Jersey. The first requires colleges to provide students with detailed information to help them “know before you go.” This clarifies the net cost of their tuition and programs before and after loans. The second requires lenders to be licensed by the ...

Read more »

Calling employee misclassification a crisis, Gov. Phil Murphy stated that New Jersey workers lost out on $46 billion in wages and benefits in 2018 because they were not properly paid due to employee misclassifications. A task force appointed by Murphy in 2018 found more than 12,300 cases where ...

Read more »

New Jersey voters will decide this November whether veterans can still get their property tax deduction even if they live in continuing-care retirement communities. Here's what's happening: State law provides that veterans (and their surviving spouses) who served in active duty during war and ...

Read more »

The first phase of implementing New Jersey’s higher minimum wage is officially less than two months away. Beyond that, however, some businesses will see their minimum wage requirements rise more slowly than most employers in the state. Eventually, everyone will get to a $15 an hour minimum wage, ...

Read more »

The IRS reminds small businesses that recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding rate that usually applies to bonuses and other supplemental wages to 22 percent. Small business owners should encourage their employees to check their ...

Read more »

The IRS has adjusted the limits on deductions for contributions to a health savings account, to account for inflation. Let's break it down. What's an HSA and an HDHP? An HSA, Health Savings Account, helps taxpayers with family coverage under a high-deductible health plan, or HDHP. Those ...

Read more »

The biggest Tax Day is over — and before you put it out of your mind entirely, use the results from last year to plan for this year's better results. There are plenty of things that are under your control when it comes to tax results. Checking and then adjusting your tax withholding can help ...

Read more »

The IRS Explains the Tax Treatment of State and Local Tax Refunds The IRS has clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect. Read it here. The IRS Revises the EIN Application ...

Read more »

Let’s face it, business owners of all varieties of industries can count on one thing we have in common – the dread of filing taxes. And when we dread something, we tend to put it off – if April 15 is our deadline, we can sit down to do our taxes on the 14th, right?   If you’ve ever been ...

Read more »

Governor Phil Murphy recently signed legislation that will raise New Jersey's minimum wage to $15 per hour by 2024. The current minimum wage in New Jersey is $8.85 per hour. Under the new law, the base minimum wage for New Jersey workers will increase to $10 per hour on July 1, 2019. By Jan. 1, ...

Read more »