westfield

Rivero CPA

June 26, 2022

Small business owners are navigating new challenges in their businesses after the COVID-19 pandemic.   Can things "go back to the way it used to be?" Here are three factors that prove that we can’t just return to the way it was pre-pandemic.   1. Filling Positions   Some small ...

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Due to the recent increase in fuel prices, the IRS announced on June 9 that for the period July through December 2022, the optional standard mileage rate for business travel is increasing from 58.5 cents to 62.5 cents per mile.

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With a growing number of business owners working from home, many may qualify for the deduction for business use of a home. Usually, a business owner must use a room or other identifiable portion of the home exclusively for business on a regular basis.   The regular method of determining the ...

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For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal.   To qualify for the higher limit, ·       The business owner or an employee must be ...

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The IRS introduced a new feature in the "Where's My Refund?" tool that allows taxpayers to check the status of their current tax year and two previous years’ refunds. You can select any of the three most recent tax years to check your refund status. You'll need your Social Security number or ...

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For those who make estimated tax payments such as self-employed individuals, retirees, investors, businesses, corporations and others that the payment for the first quarter of 2022 is due Monday, April 18. Income taxes are a pay-as-you-go process. This means, by law, taxes must be paid as income ...

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Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use regular mail, phone or email to set up individuals, businesses, payroll and tax professionals.  The IRS doesn't initiate contact with taxpayers by email, text messages or social media ...

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The IRS states that you are obliged to report income from working in the gig economy, making virtual currency transactions, earning foreign-source income or holding certain foreign assets. Ask your accountant. Gig Income Gig work income is taxable and must be reported to the IRS. This ...

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The IRS is reminding taxpayers about key items when preparing to file their federal income tax returns this year.   File an accurate return and use e-file and direct deposit to avoid delays. Taxpayers should submit all relevant documents to their accountant, electronically file and ...

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The New Jersey minimum wage starting in 2022 is now $13/hour in most cases. Some exceptions are tipped employees, some student workers and other exempt occupations.   New Jersey's minimum wage rate is linked to a Consumer Price Index, in order to raise the rate to be in line with inflation.

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Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021, 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the ...

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A recently enacted state law is triggering big changes for a tax credit that can help offset childcare expenses for thousands of New Jersey families.   The new law has more than doubled the amount of money that taxpayers can earn annually in New Jersey while remaining eligible for the state’s ...

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Victims of Hurricane Ida in Louisiana, Mississippi, and parts of New York, New Jersey, Connecticut and Pennsylvania now have until Feb. 15, 2022, extended from Jan. 3, to file various individual and business tax returns and make tax payments.   The updated relief postpones various tax filing ...

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Take important steps help file federal tax returns in 2022.   Planning ahead can help file an accurate return and avoid processing delays that can slow tax refunds.   Gather and organize tax records Organized tax records make preparing a complete and accurate tax return easier.

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Next year you can put an extra $1,000 into your 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. They also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next ...

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The IRS is reminding us that the agency won't ask for or accept gift cards as payment for a tax bill. However, that doesn't stop scammers from targeting taxpayers by asking them to pay a fake tax bill with gift cards.  Here's how this scam usually happens: The scammers typically will call, ...

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Year-end giving reminder: Special tax deduction helps most people give up to $600 to charity, even if they don’t itemize. The IRS is reminding taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal ...

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Taxpayers must research charities before donating. It's also important to familiarize yourself with the expanded tax benefits that may come with charitable giving.   You may be able to deduct donations to tax-exempt organizations on your tax return. Here's a tool from the IRS that may ...

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The New Jersey Economic Development Authority approved the creation of the Main Street Micro Business Loan, which will provide financing of up to $50,000 to eligible micro businesses in New Jersey with 10 or fewer full-time employees and no greater than $1.5 million in annual revenues. The Main ...

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The SBA announced major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, a federal disaster relief loan designed to better serve and support our small businesses still reeling from the pandemic, especially restaurants, gyms and hotels. The SBA is ready to receive new ...

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The Internal Revenue Service is reminding taxpayers that the cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health flexible spending arrangements (health FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs) or Archer ...

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IRS The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. In New Jersey, this currently includes 11 counties: Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris Passaic, ...

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Taxpayers who may qualify for the Advance Child Tax Credit should be aware of important changes that will help them receive advance payments of the credit.   The IRS will pay half of the credit amount due taxpayers in monthly payments on July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec.

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New Jersey residents working from home are taxed by their New York companies. Murphy says the state will make changing that a priority.   Despite a recent setback in the courts, Gov. Phil Murphy said the fight for residents whose income has been taxed by New York despite working from home in ...

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Below is a small summary of all the updates. We recommend reading the full article to get a better understanding.   Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying care ...

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The IRS has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July. The expanded and newly advance-able Child Tax Credit was authorized by the American ...

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The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law. The additional 60 days provided by the bill will greatly help small businesses, not-for-profits, and the CPAs that serve them complete ...

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The IRS has answered questions on how students and higher education institutions should report pandemic-related emergency financial aid grants. Emergency financial aid grants made by a federal agency, state, Indian tribe, higher education institution or scholarship-granting organization to a ...

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The IRS 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. This allows taxpayers who earned less than $150,000 in modified adjusted gross income ...

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It's a confusing time for Americans wondering how to make sense of changing deadlines and new financial assistance. Here is a summary of what financial help may be taxable and what is not. Economic Impact Payments (Stimulus Payments) Federal: The payments are not taxable, and they will not ...

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