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# VEB CPA

Vernoia Enterline + Brewer CPA LLC, Accountants + Advisors

## Sitemaps

- [XML Sitemap](https://vebcpa.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Blog](https://vebcpa.com/blog/)
- [Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement (BOI)](https://vebcpa.com/2024/11/21/corporate-transparency-act-beneficial-ownership-information-reporting-requirement-boi/) - The provisions of the Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement (BOI) are not tax or accounting requirements and as such this information is provided for client information purposes only. The responsibility for compliance with this act is the sole responsibility of the management and owners of entities required to comply with the
- [Clean Vehicle Credits Can Help Car Buyers Pay Less at the Dealership](https://vebcpa.com/2023/11/20/clean-vehicle-credits-can-help-car-buyers-pay-less-at-the-dealership/) - Taxpayers who buy a qualifying new or used clean vehicle may be able to transfer their tax credits to the dealer in exchange for a financial benefit – such as a lower cost – starting Jan. 1, 2024. Benefits of Transferring the Credit Taxpayers can now claim tax credits for new and used clean vehicles
- [Qualified Charitable Distributions Allow Eligible IRA Owners Up to $100,000 in Tax-Free Gifts to Charity](https://vebcpa.com/2023/11/20/qualified-charitable-distributions-allow-eligible-ira-owners-up-to-100000-in-tax-free-gifts-to-charity/) - The Internal Revenue Service today reminded individual retirement arrangement (IRA) owners age 70½ or over that they can transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end of the year. And,
- [401(k) Limit Increases to $23,000 for 2024, IRA Limit Rises to $7,000](https://vebcpa.com/2023/11/20/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000/) - The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024
- [Individual Retirement Accounts Can Be Important Tools in Retirement Planning](https://vebcpa.com/2023/09/29/individual-retirement-accounts-can-be-important-tools-in-retirement-planning/) - It is never too early to begin your retirement workout. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. A traditional IRA is the most common
- [Increased Energy Investment Credit for Solar and Wind Facilities Benefitting Low-Income Communities](https://vebcpa.com/2023/09/29/increased-energy-investment-credit-for-solar-and-wind-facilities-benefitting-low-income-communities/) - The Inflation Reduction Act provides for an increase to the energy investment credit (under Internal Revenue Code Section 48) for qualifying solar and wind facilities benefitting certain low-income communities. For a taxpayer to be eligible for this increase, the taxpayer must apply for and receive an allocation of environmental justice solar and wind capacity limitation
- [Builders of New Energy Efficient Homes May Qualify for Expanded Tax Credit](https://vebcpa.com/2023/09/29/builders-of-new-energy-efficient-homes-may-qualify-for-expanded-tax-credit/) - Eligible contractors who build or substantially reconstruct qualified new energy-efficient homes may be eligible for a tax credit of up to $5,000 per home. The actual amount of the credit depends on eligibility requirements such as the type of home, the home's energy efficiency, and the date when someone buys or leases the home. Contractors
- [Educational Assistance Programs Can Help Pay Workers’ Student Loans](https://vebcpa.com/2023/09/29/educational-assistance-programs-can-help-pay-workers-student-loans/) - Employers that offer educational assistance programs can also use those programs to help pay their employees’ student loans. Though educational assistance programs have been available for many years, the option to use them to pay student loans is available only for payments made after March 27, 2020. Under current law, this option will be available
- [Tax Basics for Setting Up a Business](https://vebcpa.com/2023/09/29/tax-basics-for-setting-up-a-business/) - Starting a new business can seem overwhelming for new entrepreneurs or even seasoned professionals. The IRS has resources to help new business owners understand the tax responsibilities of running a business. Here are a few things any entrepreneur needs to do when starting their business. Choose a Business Structure The form of business determines which
- [Make Sure Your Donations Go to Legitimate Charities](https://vebcpa.com/2023/09/30/make-sure-your-donations-go-to-legitimate-charities/) - When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. Sadly, criminals are just as likely to answer the call after a disaster or emergency as the millions of people who open their wallets. Scammers
- [Home Energy Audits May Qualify for an Energy Efficient Home Improvement Credit](https://vebcpa.com/2023/08/26/home-energy-audits-may-qualify-for-an-energy-efficient-home-improvement-credit/) - The IRS issued Notice 2023-59 regarding the requirements for home energy audits for taxpayers who want to claim the energy-efficient home improvement credit. The Inflation Reduction Act of 2022 created several clean energy credits. Each of these credits has requirements for the type of clean energy property or service purchased and how they are claimed.
- [Certain Energy Credits Under the Inflation Reduction Act are Elective Pay Eligible](https://vebcpa.com/2023/08/26/certain-energy-credits-under-the-inflation-reduction-act-are-elective-pay-eligible/) - Elective pay allows applicable entities, including tax-exempt and governmental entities that would otherwise be unable to claim certain credits because they do not owe federal income tax, to benefit from some clean energy tax credits. By choosing this election, the amount of the credit is treated as a payment of tax and any overpayment will
- [Organizations Applying for Tax-Exempt Status](https://vebcpa.com/2023/08/27/organizations-applying-for-tax-exempt-status/) - Organizations applying for tax-exempt status must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals. Organizations that want to apply for recognition of tax-exempt status under IRC 501(c)(3) will complete and
- [New Jersey Tax Updates](https://vebcpa.com/2023/08/27/new-jersey-tax-updates-2/) - Gross Income Tax Convenience of the Employer Sourcing Rule Enacted for Gross Income Tax A new law was signed July 21, 2023, that establishes a “convenience of the employer test” (convenience rule) for nonresident income sourcing. Under the convenience rule, a nonresident taxpayer’s employee compensation from a New Jersey employer for the performance of personal
- [Homeowners: Review House-Related Deductions and Programs](https://vebcpa.com/2023/08/26/homeowners-review-house-related-deductions-and-programs/) - The summer months are a popular time to buy or sell a house. New homeowners should add reviewing the tax deductions, programs and housing allowances they may be eligible for on their move-in to-do list. Deductible House-Related Expenses Most home buyers take out a mortgage loan to buy their home and then make monthly payments
- [How Summer Activities Impact Taxes](https://vebcpa.com/2023/07/22/how-summer-activities-impact-taxes/) - For many people, summertime means change. Whether it's a life change like a marriage or a typical summer event – like sending the kids to camp – things people do in summer could affect their income taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season. Getting
- [Scams and Schemes: IRS Urges Caution](https://vebcpa.com/2023/07/22/scams-and-schemes-irs-urges-caution/) - Taxpayers see wave of summer email, text scams; IRS urges extra caution with flood of schemes involving Economic Impact Payments, Employee Retention Credits, tax refunds The Internal Revenue Service warned taxpayers today to be on the lookout for a summer surge of tax scams as identity thieves continue pounding out a barrage of email and
- [Tips for Extension Filers](https://vebcpa.com/2023/07/22/tips-for-extension-filers/) - Many people requested an extension to file their tax return after the usual April deadline. These filers have until Oct. 16, 2023, to complete and file their tax return. The IRS suggests that those who already have the forms and information they need file now – there’s no advantage to waiting until the deadline and
- [Storm Victims in 4 States: File and Pay by July 31](https://vebcpa.com/2023/07/22/storm-victims-in-4-states-file-and-pay-by-july-31/) - Parts of Arkansas, Indiana, Mississippi and Tennessee affected The Internal Revenue Service reminded individuals and businesses in parts of four states that their 2022 federal income tax returns and tax payments are due on Monday, July 31, 2023. The IRS normally provides relief, including postponing various tax filing and payment deadlines, for any area designated
- [Avoid Gig Economy Tax Traps](https://vebcpa.com/2023/07/22/avoid-gig-economy-tax-traps/) - The gig economy – also called sharing economy or access economy – is a popular way for people to earn income by providing on-demand work, goods or services. Some people take up gig work on a part-time basis, and for others, the job is done full-time. Income from gig work – such as driving a
- [What to Expect After Requesting a Tax Appeal](https://vebcpa.com/2023/06/19/what-to-expect-after-requesting-a-tax-appeal/) - If a taxpayer disagrees with an IRS decision, they may be able to avoid the time and expense of a court trial by asking the IRS Independent Office of Appeals to review their case. This office is separate from the rest of the IRS. When Appeals officers review cases submitted by taxpayers, they meet with
- [IRS Sends Letter Notifying of Potential Identity Theft](https://vebcpa.com/2023/06/17/irs-sends-letter-notifying-of-potential-identity-theft/) - Scammers sometimes use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If the system finds a suspicious tax return, the IRS reviews the return and sends a letter to the taxpayer letting them know about the potential ID
- [Tax Considerations When Selling a Home](https://vebcpa.com/2023/06/17/tax-considerations-when-selling-a-home/) - Many people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. When selling a home, homeowners should think about: Ownership and Use To claim the exclusion, the taxpayer must meet ownership and use
- [What Employees Need to Know About Income Tax Withholding](https://vebcpa.com/2023/06/17/what-employees-need-to-know-about-income-tax-withholding/) - Whether someone is entering the workforce for the first time or changing jobs, filling out new hire paperwork can feel overwhelming. One of the forms employees must complete is a W-4, Employee’s Withholding Certificate. This form tells employers how much money to withhold from the employee’s pay for federal income tax. It’s important for employees
- [Emergency Preparedness Plans Should Include Financial Records and Tax Information](https://vebcpa.com/2023/05/21/emergency-preparedness-plans-should-include-financial-records-and-tax-information/) - People should put together an emergency preparedness plan for their household – and include copies of their vital records and financial information. By creating an emergency preparedness plan and updating it annually, people will be able to start the recovery process faster if they’re affected by a disaster or other emergency. Here are some things
- [Solar Panels or Other Home Improvements May Qualify for Home Energy Credits](https://vebcpa.com/2023/05/21/solar-panels-or-other-home-improvements-may-qualify-for-home-energy-credits/) - Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. They should know what these credits can do for them – and be careful of exaggerated claims companies trying to get their business may make. There are two tax
- [Tax Benefits Offset Cost of Making Businesses Accessible to People with Disabilities](https://vebcpa.com/2023/05/21/tax-benefits-offset-cost-of-making-businesses-accessible-to-people-with-disabilities/) - When employers hire people with disabilities or make their business accessible to employees and customers with disabilities, they may be eligible for certain tax benefits. These tax benefits encourage employers to hire qualified people with disabilities and offset some of the costs of providing accommodations. Disabled Access Credit The Disabled Access Credit is a non-refundable
- [Hobby or Business? Here's What to Know](https://vebcpa.com/2023/05/21/hobby-or-business-heres-what-to-know/) - Sometimes the line between having a hobby and running a business can be confusing. Knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation.
- [The Work Opportunity Tax Credit](https://vebcpa.com/2023/05/21/the-work-opportunity-tax-credit/) - Helping Businesses That Hire from Eligible Groups Finding work can be hard for anybody and certain groups face even bigger challenges. The Work Opportunity Tax Credit is extended through the end of 2025 to help employers that hire workers certified as members of these groups that face barriers to employment: People who receive: Long-term family
- [Missed the April 18 Filing Deadline? File Now](https://vebcpa.com/2023/04/21/missed-the-april-18-filing-deadline-file-now/) - The Internal Revenue Service today urged taxpayers who missed Tuesday’s April 18 tax-filing deadline to file as soon as possible. Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest. For struggling taxpayers unable to pay their tax bill, the IRS has several options available to
- [Tax-exempt Organizations Annual May Filing Deadline](https://vebcpa.com/2023/04/20/tax-exempt-organizations-annual-may-filing-deadline/) - The Internal Revenue Service reminds thousands of tax-exempt organizations of their May 15, 2023, filing deadline. The annual filing due date for certain returns filed by tax-exempt organizations is normally by the 15th day of the 5th month after the end of an organization's accounting period. Those operating on a calendar-year (CY) basis must file
- [IRS Reminder to Report All Gig Income](https://vebcpa.com/2023/03/25/irs-reminder-to-report-all-gig-income/) - The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations on income from the gig economy and service industry. Information available on IRS.gov and Instructions for Form 1040 and Form 1040-SR can help taxpayers understand and meet these reporting and tax requirements. Gig Economy Earnings Are Taxable Generally, income earned from the gig economy
- [Digital Asset Reporting, Foreign Revenue, and Foreign Assets](https://vebcpa.com/2023/03/25/digital-assets-foreign-revenue-foreign-assets/) - The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations on income from transactions from digital assets and foreign sources or holding certain foreign assets. Understand Digital Asset Reporting and Tax Requirements The IRS reminds taxpayers that there’s a question at the top of Forms 1040 and 1040-SR that asks about digital
- [Employee Retention Credit Claims](https://vebcpa.com/2023/03/25/employee-retention-credit-claims/) - In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams. Increased Scrutiny Follows Aggressive Promoters Making Offers Too Good to Be True For the start of the annual Dirty Dozen list
- [Fake Charities: Real Scams](https://vebcpa.com/2023/03/25/fake-charities-real-scams/) - Bogus charities are a perennial problem that gets bigger whenever a crisis or natural disaster strikes. Scammers set up these fake organizations to take advantage of the public’s generosity. They seek money and personal information, which can be used to further exploit victims through identity theft. Taxpayers who give money or goods to a charity
- [Over 72 in 2022? IRA Withdrawal is for You!](https://vebcpa.com/2023/03/25/over-72-in-2022-ira-withdrawal-is-for-you/) - The Internal Revenue Service reminds retirees who turned 72 during 2022 that, in most cases, Sunday, April 1, 2023, is the last day to begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans. The payments, called required minimum distributions (RMDs), are normally made by the end of the year. But anyone
- [Beware of Third-party Promoters for the Fuel Tax Credit](https://vebcpa.com/2023/03/25/beware-of-third-party-promoters-for-the-fuel-tax-credit/) - Improper credits continue to be an important area of focus for the IRS. The fuel tax credit is meant for off-highway business and farming use and, as such, is not available to most taxpayers. However, unscrupulous tax return preparers and promoters are enticing taxpayers to inflate their refunds by erroneously claiming the credit. The IRS
- [Tax Time Guide 2022](https://vebcpa.com/2023/02/25/tax-time-guide-2022/) - Things to Consider When Filing a 2022 Tax Return With the 2023 tax filing season in full swing, the Internal Revenue Service reminds taxpayers to gather their necessary information and visit IRS.gov for updated resources and tools to help with their 2022 tax returns. This news release is part of a series called the Tax
- [E-File for Businesses](https://vebcpa.com/2023/02/25/e-file-for-businesses/) - The Department of the Treasury and the Internal Revenue Service issued final regulations amending the rules for filing returns and other documents electronically (e-file). These regulations will require certain filers to e-file beginning in 2024. T.D. 9972 affects filers of partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain
- [The Credit for Other Dependents](https://vebcpa.com/2023/02/25/the-credit-for-other-dependents/) - Taxpayers with dependents who don’t qualify for the Child Tax Credit may be able to claim the Credit for Other Dependents. They can claim this credit in addition to the Child and Dependent Care Credit and the Earned Income Credit. Here’s more information to help taxpayers determine whether they’re eligible to claim the Credit for
- [EITC is a Major Tax Benefit](https://vebcpa.com/2023/02/25/eitc-is-a-major-tax-benefit/) - The EITC helps workers who earned $59,187 or less when they file their tax returns. Unfortunately, many people risk missing out on the credit because they don't know they’re eligible — especially people who had a major life change and may qualify for the first time this year. Other workers at risk for overlooking the
- [Understanding Business Travel Deductions](https://vebcpa.com/2023/02/25/understanding-business-travel-deductions/) - Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions. Here Are Some Tax Details All Business Travelers Should Know Business travel deductions are available when employees must travel away
- [California Storm Victims Qualify for Tax Relief](https://vebcpa.com/2023/01/21/california-storm-victims-qualify-for-tax-relief/) - California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have a
- [ANCHOR Property Tax Relief - NJ](https://vebcpa.com/2023/01/21/anchor-property-tax-relief-nj/) - More than two million New Jersey residents are eligible to receive up to $1,500 in property tax relief under the new ANCHOR program — and you may be one of them. To be eligible for this benefit, you must have occupied your primary residence on October 1st, 2019. You must also file (or be exempt
- [Tax Tips for Gig Economy Entrepreneurs and Workers](https://vebcpa.com/2023/01/21/tax-tips-for-gig-economy-entrepreneurs-and-workers/) - In recent years, the gig economy has changed how people do business and provide services. Taxpayers must report their gig economy earnings on a tax return – whether they earned that money through a part-time, temporary or side gig. The IRS’ Gig Economy Tax Center provides information and resources to help this group of entrepreneurs
- [IRS Reminds Employers of Jan. 31 Deadline for Form W-2 and Other Wage Statements](https://vebcpa.com/2023/01/21/irs-reminds-employers-of-jan-31-deadline-for-form-w-2-and-other-wage-statements/) - The Internal Revenue Service reminds employers and other businesses to file Tax Year 2022 Form W-2 and other wage statements by Jan. 31, 2023. Employers must file their copies of Form W-2, Wage and Tax Statement and Form W-3, Transmittal of Wage and Tax Statements with the Social Security Administration by Jan. 31. Additional information
- [Check Tax Withholding Now](https://vebcpa.com/2023/01/21/check-tax-withholding-now/) - The Internal Revenue Service reminds taxpayers who earn wages to use the Tax Withholding Estimator on IRS.gov now to adjust their 2023 withholding. People’s tax situations occasionally change through marriage or divorce, adding a child or having one move out on their own. Checking now and making necessary adjustments early in the year may help
- [Georgia, Alabama Storm Victims Qualify for Tax Relief](https://vebcpa.com/2023/01/21/georgia-alabama-storm-victims-qualify-for-tax-relief/) - Storm victims in parts of Georgia and Alabama now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that
- [Employers Must Identify and Notify NJ Employees Who May Qualify for the Earned Income Tax Credit](https://vebcpa.com/2022/11/20/employers-must-identify-and-notify-nj-employees-who-may-qualify-for-the-earned-income-tax-credit/) - All employers must give written notice to employees who may be eligible for the federal and/or New Jersey Earned Income Tax Credits (EITC). Between January 1 and February 15, you are required to give those employees the document listed in the following link. Provide the document with the Form W-2, Wage and Tax Statement that
- [Affordable New Jersey Communities for Homeowners and Renters (ANCHOR)](https://vebcpa.com/2022/11/20/affordable-new-jersey-communities-for-homeowners-and-renters-anchor/) - The deadline for filing your ANCHOR benefit application is January 31, 2023. New Jersey will begin paying ANCHOR benefits in the late Spring of 2023. ANCHOR payments will be paid in the form of a direct deposit or check, not as credits to property tax bills. Homeowners who filed a Homestead Benefit application last year
- [Congress Extends Expanded Eligibility for Health Insurance Premium Tax Credit until 2025](https://vebcpa.com/2022/11/20/congress-extends-expanded-eligibility-for-health-insurance-premium-tax-credit-until-2025/) - Congress has extended relief through 2025 for taxpayers who purchase health insurance on a Marketplace Exchange and want to take advantage of the Premium Tax Credit (PTC). The PTC is a refundable credit that helps eligible individuals and their families cover the premiums for health insurance purchased through a state-run exchange. An individual who qualifies
- [Not Too Much, Not Too Little](https://vebcpa.com/2022/11/20/not-too-much-not-too-little/) - Taxpayers Should Check if Their Tax Withholding is Just Right There are good surprises and there are bad surprises. Generally, a tax-related surprise is probably unwanted. To avoid tax surprises, people should review their tax withholding. There’s still time left in 2022 to make changes and see the benefit on their tax return next year.
- [RA Owners Age 70½ or Over: Qualified Charitable Distributions](https://vebcpa.com/2022/11/20/ra-owners-age-70½-or-over-qualified-charitable-distributions/) - Qualified Charitable Distributions Are Great Options for Making Tax-Free Gifts to Charity The Internal Revenue Service reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give
- [2023 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants](https://vebcpa.com/2022/10/24/2023-tax-counseling-for-the-elderly-and-volunteer-income-tax-assistance-program-grants/) - The Internal Revenue Service recently awarded $41 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide free federal tax return preparation. This year, the IRS awarded grants to 39 TCE and 309 VITA applicants. The IRS received 413 applications requesting over $56 million in funding.
- [NJ Tax Alert](https://vebcpa.com/2022/10/24/nj-tax-alert-2/) - Child Tax Credit The Division is introducing a new Child Tax Credit that reduces any tax owed and can result in an increased refund for a taxpayer. Beginning in Tax Year 2022, resident taxpayers with taxable income of $80,000 or less may qualify for a credit of a set amount for each child age 5
- [Providers to Receive 1099-Ks for Sales Over $600 in Early 2023](https://vebcpa.com/2022/10/24/providers-to-receive-1099-ks-for-sales-over-600-in-early-2023/) - The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year. There is no change to the taxability of income; the only change is
- [Considering Early Withdraws from Retirement Funds?](https://vebcpa.com/2022/10/24/considering-early-withdraws-from-retirement-funds/) - No matter how much people plan, unexpected events occur. Often, those events result in unplanned expenses. To cover these costs sometimes people, withdraw funds from their retirement savings early. While this may seem like an easy way to get cash quick, early withdrawals can come with heavy penalties and costly tax consequences. Here’s some important
- [2021 Child Tax Credit](https://vebcpa.com/2022/10/24/2021-child-tax-credit/) - The Internal Revenue Service reminds families that some taxpayers who claim at least one child as their dependent on their tax return may not realize they could be eligible to benefit from the Child Tax Credit (CTC). Eligible taxpayers who received advance Child Tax Credit payments last year should file a 2021 tax return to
- [$1.2 Billion in IRS Penalty Relief Refunds](https://vebcpa.com/2022/09/17/1-2-billion-in-irs-penalty-relief-refunds/) - $1.2 Billion in IRS Penalty Relief Refunds Coming for Certain 2019 and 2020 Tax Returns To help struggling taxpayers affected by the COVID-19 pandemic, the IRS recently issued Notice 2022-36, which provides penalty relief to most people and businesses who filed certain 2019 or 2020 returns late. To qualify for this relief, any eligible income
- [Know What’s Deductible After Buying A First Home](https://vebcpa.com/2022/09/17/know-whats-deductible-after-buying-a-first-home/) - Making the dream of owning a home a reality is a big step for many people. First-time homeowners should make themselves familiar with authorized deductions, programs that can assist with home ownership and the use of housing allowances that can be beneficial. When it comes to home ownership, the IRS considers a home to be
- [Business: Work Opportunity Tax Credit](https://vebcpa.com/2022/09/17/business-work-opportunity-tax-credit/) - Businesses hanging up their Help Wanted signs should be sure to check out the work opportunity tax credit. This credit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment. The credit has been extended through the end of 2025. The 10 targeted groups are: Temporary Assistance
- [Parents Boost Their Back-to-School Budget](https://vebcpa.com/2022/09/17/parents-boost-their-back-to-school-budget/) - Summer has slipped away and another school year has started. As kids head back to the classroom, parents are ticking items off the school supply list. If they want to boost their back-to-school budgets, parents and guardians should make sure they aren’t missing out on their 2021 refunds and tax credits. Many people don’t get
- [Understanding Federal Tax Obligations During Chapter 13 Bankruptcy](https://vebcpa.com/2022/09/17/understanding-federal-tax-obligations-during-chapter-13-bankruptcy/) - Bankruptcy is a last resort for taxpayers to get out of debt. For individuals, the most common type of bankruptcy is Chapter 13. This section of the bankruptcy law allows individuals and small business owners in financial difficulty to repay their creditors. Chapter 13 bankruptcy is only available to wage earners, the self-employed and sole
- [College Students Study Up On These Two Tax Credits](https://vebcpa.com/2022/08/21/college-students-study-up-on-tax-credits/) - Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education tax credits. The American opportunity tax credit and the lifetime learning credit can help offset education costs by reducing the
- [Teachers: Classroom Supplies May Be Tax Deductible](https://vebcpa.com/2022/08/21/teachers-classroom-supplies-may-be-tax-deductible/) - Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that weren’t reimbursed by their employer, a
- [What Business Owners Do When Closing Their Doors for Good](https://vebcpa.com/2022/08/21/what-business-owners-do-when-closing-their-doors-for-good/) - There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It’s also important to notify the IRS of their plans. Business owners must take these steps when closing a business: File a final tax return and related forms. The type of
- [What Businesses Should Know About Excise Tax](https://vebcpa.com/2022/08/21/what-businesses-should-know-about-excise-tax/) - Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services. Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal
- [Things to Know About Crowdfunding and Taxes](https://vebcpa.com/2022/08/21/things-to-know-about-crowdfunding-and-taxes/) - Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for gifts. It’s important to know that money raised through crowdfunding may be taxable. Money Raised May Be Considered a Gift Under federal tax law, gross income includes all income from any source, unless
- [Companies Who Promise to Eliminate Tax Debt Sometimes Leave Taxpayers High and Dry](https://vebcpa.com/2022/07/24/companies-who-promise-to-eliminate-tax-debt-sometimes-leave-taxpayers-high-and-dry/) - As the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bills might be tempted by businesses that advertise and offer to help them reduce their tax debt. These businesses, often called Offer in Compromise mills, make huge claims about reducing unpaid taxes for pennies on
- [What Taxpayers Need to Know About Business Related Travel Deductions](https://vebcpa.com/2022/07/24/what-taxpayers-need-to-know-about-business-related-travel-deductions/) - Business travel can be costly. Hotel bills, airfare or train tickets, cab fares, public transportation – it can all add up fast. The good news is business travelers may be able to offset some of those costs by claiming business travel deductions when they file their taxes. Here are some details about these valuable deductions
- [IRAs Are One Tool in Your Retirement Planning Toolbox](https://vebcpa.com/2022/07/24/iras-are-one-tool-in-your-retirement-planning-toolbox/) - There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker. Here are some
- [What Businesses Need to Know About Reporting Nonemployee Compensation](https://vebcpa.com/2022/07/24/what-businesses-need-to-know-about-reporting-nonemployee-compensation/) - When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation. Generally, payers must
- [Don't Miss Out On a Refund by Not Filing a 2021 Tax Return](https://vebcpa.com/2022/07/24/dont-miss-out-on-a-refund-by-not-filing-a-2021-tax-return/) - Some people may choose not to file a tax return because they didn't earn enough money to be required to file but may miss getting a refund if they don’t file. While the filing deadline is October 17, 2022, to file 2021 tax returns, the IRS strongly encourages individuals to consider filing electronically sooner, rather
- [NJ Tax Alert](https://vebcpa.com/2022/07/24/nj-tax-alert/) - Property Tax Relief 2019 ANCHOR Program A new Property Tax Relief Program is replacing the previous Homestead Benefit program. The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program will benefit a large number of homeowners and including tenants. Homeowner benefit amounts will be $1,500 for taxpayers with 2019 gross incomes up to $150,000
- [How to File a Final Tax Return for Someone Who Passed Away](https://vebcpa.com/2022/06/23/how-to-file-a-final-tax-return-for-someone-who-passed-away/) - When someone dies, their surviving spouse or representative files the deceased person’s final tax return. On the final tax return, the surviving spouse or representative will note that the person has died. The IRS doesn’t need any other notification of the death. Usually, the representative filing the final tax return is named in the person’s
- [Understand Eligibility for Credits and Deductions](https://vebcpa.com/2022/06/23/understand-eligibility-for-credits-and-deductions/) - Tax credits and deductions can help lower the amount of tax owed. All taxpayers should begin planning now to take advantage of the credits and deductions they are eligible for when they file their 2022 federal income tax return next year. Tips for Year-Round Tax Planning Adjusted Gross Income, or AGI, is a taxpayer’s total
- [New Workers Need to Know About Income Tax Withholding](https://vebcpa.com/2022/06/23/new-workers-need-to-know-about-income-tax-withholding/) - For many new grads and other people entering the workforce for the first time, filling out new hire paperwork can be confusing—what’s a W-4, anyway? New employees should ensure they understand their tax situation and do some planning now, so they’re in good shape at tax time next year. It’s important to know the correct
- [Tax Considerations for People Separating or Divorcing](https://vebcpa.com/2022/06/23/tax-considerations-for-people-separating-or-divorcing/) - When people go through a legal separation or divorce, the change in their relationship status also affects their tax situation. The IRS considers a couple married for filing purposes until they get a final decree of divorce or separate maintenance. Update Withholding When someone becomes divorced or separated, they usually need to file a new
- [The Enhanced Business Meal Deduction](https://vebcpa.com/2022/06/23/the-enhanced-business-meal-deduction/) - The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction. For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise,
- [Making 2022 Estimated Tax Payments](https://vebcpa.com/2022/06/24/making-2022-estimated-tax-payments/) - By law, everyone must pay tax as they earn income. Generally, taxpayers must pay at least 90 percent of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two. If they don’t, they may owe an estimated tax penalty when they file. Some taxpayers earn income not
- [New Jersey Tax Updates](https://vebcpa.com/2022/05/24/new-jersey-tax-updates/) - New Jersey has new taxes and existing taxes to be aware of. Recreational Cannabis Cannabis businesses must comply with New Jersey tax requirements, including the collection, reporting, and remitting of Sales & Use Tax and the new Social Equity Excise Fee. Consumer Facts Anyone age 21 or older may now legally purchase recreational cannabis and
- [Disaster Resources to Help Taxpayers Weather Summer Storms](https://vebcpa.com/2022/05/24/disaster-resources-to-help-taxpayers-weather-summer-storms/) - The arrival of summer also means the start of hurricane season. One way taxpayers can prepare for any type of natural disaster is by knowing what to do about important documents and paperwork that might be lost after a disaster. It’s also good for taxpayers to know how to find out if the IRS is
- [Tax Reminders for People Selling a Home](https://vebcpa.com/2022/05/24/tax-reminders-for-people-selling-a-home/) - A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when selling a home: Ownership and Use To claim the exclusion,
- [Wedding Planning Checklist](https://vebcpa.com/2022/05/24/wedding-planning-checklist/) - The summer wedding season is fast approaching. Wedding planning is often overwhelming but figuring out how marriage will affect a couple’s tax situation doesn’t have to be. Here are a few things couples should think about as they prepare for the big day. Name and Address Changes People who change their name after marriage should
- [Summer Tax Planning Makes Sense](https://vebcpa.com/2022/05/24/summer-tax-planning-makes-sense/) - Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes. However, summer is a great time to review withholding and see if summer plans will affect next year’s tax return. Below are some common summertime tax situations and tips to help taxpayers figure out if
- [Open and Carefully Read Mail from the IRS](https://vebcpa.com/2022/04/24/open-and-carefully-read-mail-from-the-irs/) - Here are six reasons you should open a letter received from the IRS via the USPS: They have a balance due. They are due a larger or smaller refund. The agency has a question about their tax return. They need to verify their identity. The agency needs additional information. The agency changed their tax return.
- [Penalty Relief Related to Claims for the Employee Retention Credit](https://vebcpa.com/2022/04/24/penalty-relief-related-to-claims-for-the-employee-retention-credit/) - The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the amount of a retroactively claimed employee retention tax credit (ERTC), but the taxpayer is unable to
- [What to Do if You Missed the April Tax Deadline](https://vebcpa.com/2022/04/24/what-to-do-if-you-missed-the-april-tax-deadline/) - The federal income tax deadline has passed for most individual taxpayers. However, some haven't filed their 2021 tax returns or paid their tax due. Some people may choose not to file a tax return because they didn't earn enough money to be required to file. Generally, they won't receive a penalty if they are owed
- [Internet Activities Protected From State Tax](https://vebcpa.com/2022/04/24/internet-activities-protected-from-state-tax/) - Public Law 86-272 can shield companies from state income tax liability when doing business over the internet. A business must have nexus with a state for the state to tax it. P.L. 86-272 protects some sellers from having income tax nexus. To help promote the uniform application of P.L. 86-272, the Multistate Tax Commission (MTC)
- [Many Tax Exempt Organizations Must File by May 16](https://vebcpa.com/2022/04/24/many-tax-exempt-organizations-must-file-by-may-16/) - The Internal Revenue Service reminds tax-exempt organizations that many have a filing deadline of May 16, 2022. Those that operate on a calendar year (CY) basis have certain annual information and tax returns they file with the IRS. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF) Form 990-N, Electronic Notice (e-Postcard)
- [Retirees: April 1 is Last Day to Start Taking Money Out of IRAs and 401(k)s](https://vebcpa.com/2022/03/26/retirees-april-1-is-last-day-to-start-taking-money-out-of-iras-and-401ks/) - Retirees who turned 72 during the last half of 2021 that, in most cases, Friday, April 1, 2022, is the last day to begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans. The payments, called required minimum distributions (RMDs), are normally made by the end of the year. But anyone
- [April Deadline: $1.5 billion in Refunds for Unfiled 2018 Federal Income Tax Return](https://vebcpa.com/2022/03/26/april-deadline-1-5-billion-in-refunds-for-unfiled-2018-federal-income-tax-return/) - Unclaimed income tax refunds totaling almost $1.5 billion may be waiting for an estimated 1.5 million taxpayers who did not file a 2018 Form 1040 federal income tax return, but people must act before the April tax deadline, according to the Internal Revenue Service. People need to act quickly. By law, there’s only a three-year
- [Can You Use that Durable Power of Attorney Before the IRS?](https://vebcpa.com/2022/03/26/can-you-use-that-durable-power-of-attorney-before-the-irs/) - Many taxpayers create durable powers of attorney for estate planning or other purposes. Durable powers of attorney are commonly used to confer authority to make healthcare and financial decisions for the “principal” (i.e., the individual granting the power). What most distinguishes a durable power of attorney from other types of powers of attorney is that
- [Avoid Tax Return Errors That Can Delay Processing](https://vebcpa.com/2022/03/26/avoid-tax-return-errors-that-can-delay-processing/) - The Internal Revenue Service reminded taxpayers how to avoid common errors on their tax returns. This filing season, the IRS is seeing signs of a number of common errors, including some taxpayers claiming incorrect amounts of the Recovery Rebate Credit and Child Tax Credit. To avoid errors on these common credits, there are some key
- [2021 Changes in Child Tax Credit](https://vebcpa.com/2022/02/20/2021-changes-in-child-tax-credit/) - Major changes in the 2021 child tax credit may complicate 2021 tax returns. Filers must deal with substantive changes to the credit, as well as substantially revamped tax forms and instructions. In substantive terms: The maximum amount of the 2021 child credit was increased from $2,000 to $3,000 for children under age 18, or $3,600
- [2022 Tax Change for People with Internet-Based Sales](https://vebcpa.com/2022/02/20/2022-tax-change-for-people-with-internet-based-sales/) - A reduction in the 2022 payment threshold determines when a third-party settlement organization has to file an IRS information return can mean some big tax changes for people using internet platforms to sell goods and services. TPSOs Will File Lots More Information Returns for 2022 A third-party settlement organization (TPSO) has always had to file
- [IRS Reminds Farming, Fishing Businesses of March 1 Tax Deadline](https://vebcpa.com/2022/02/20/irs-reminds-farming-fishing-businesses-of-march-1-tax-deadline/) - The Internal Revenue Service reminded those with income from a farming or fishing business they should file and pay their entire tax due on or before Tuesday, March 1, if they did not make estimated tax payments. Taxpayers can pay from their bank account using their Online Account or they can schedule payments in advance
- [Relief for Certain Partnerships Preparing Schedules K-2 and K-3 for 2021](https://vebcpa.com/2022/02/20/relief-for-certain-partnerships-preparing-schedules-k-2-and-k-3-for-2021/) - The IRS provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021. The new schedules K-2 and K-3
- [Report Tip Money as Income](https://vebcpa.com/2022/02/20/report-tip-money-as-income/) - For those working in the service industry, tips are often a vital part of their income. Like most forms of income, tips are taxable. Therefore, it’s also vital that people understand the tax obligations that come with tip income. Here’s some information to help taxpayers report tip income so they don’t receive a surprise tax
- [What to Remember When Preparing 2021 Tax Returns](https://vebcpa.com/2022/02/20/what-to-remember-when-preparing-2021-tax-returns/) - Now that the filing season has begun, there are several key items all taxpayers should keep in mind when filing their federal income tax returns this year. Here’s a checklist to help file an accurate tax return, avoid processing delays and speed up refund delivery. Use online resources before calling the IRS. The IRS urges
- [SBA Issues Year-End PPP Loan Forgiveness Report](https://vebcpa.com/2022/01/15/sba-issues-year-end-ppp-loan-forgiveness-report/) - The Small Business Administration (SBA) issued its year-end Payroll Protection Program (PPP) loan forgiveness report. The report indicates that overall: 81% of all PPP loans have submitted forgiveness applications Forgiveness has been requested for 85% of the total loan value of all PPP loans 80% of all PPP loans have been fully or partially forgiven
- [Reasons People Who Don’t Normally File Should File a 2021 Tax Return](https://vebcpa.com/2022/01/15/reasons-people-who-dont-normally-file-should-file-a-2021-tax-return/) - With tax-filing season is just around the corner, this is a good time for those who don’t normally file to consider the benefits of filing a 2021 tax return. Filing can help them claim a refundable tax credit or get an income tax refund. Taxpayer Considerations Find out the general reasons to file In most
- [The Difference Between Standard and Itemized Deductions](https://vebcpa.com/2022/01/15/the-difference-between-standard-and-itemized-deductions/) - Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. Due to all the tax law changes in recent years, including increases to the standard deduction, people who itemized in the past might want to switch
- [Taxpayers Must Report Gig Economy Earnings](https://vebcpa.com/2022/01/15/taxpayers-must-report-gig-economy-earnings/) - Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax returns. Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The IRS offers several resources to help gig economy taxpayers properly fulfill their tax responsibilities. Things Gig Workers Should
- [IRS FAQs for 2021 Recovery Rebate Credit](https://vebcpa.com/2022/01/15/irs-faqs-for-2021-recovery-rebate-credit/) - The Internal Revenue Service issued frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit. Individuals who did not qualify for, or did not receive, the full amount of the third Economic Impact Payment may be eligible to claim the 2021 Recovery Rebate Credit based on their 2021 tax year information. Individuals may have received
- [Gather All Year-End Income Documents](https://vebcpa.com/2022/01/15/gather-all-year-end-income-documents/) - As taxpayers are getting ready to file their taxes, the first thing they should do is gather their records. To avoid processing delays that may slow their refund, taxpayers should gather all year-end income documents before filing a 2021 tax return. It’s important for people to have all the necessary documents before starting to prepare
- [Tax Benefits of Making a Business Accessible](https://vebcpa.com/2021/12/15/tax-benefits-of-making-a-business-accessible/) - Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here’s an overview of the tax incentives designed to encourage employers to hire qualified people with disabilities and to offset some of the costs of providing accommodations. Disabled Access Credit The disabled access
- [Retiree Required Minimum Distribution](https://vebcpa.com/2021/12/15/retiree-required-minimum-distribution/) - The Internal Revenue Service reminds retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by Dec. 31. Required minimum distributions (RMDs) generally are minimum amounts that retirement plan account owners must withdraw annually starting with the year they reach 72 or, if later, the year they
- [Charitable Tax Benefit Available Through Dec. 31](https://vebcpa.com/2021/12/15/charitable-tax-benefit-available-through-dec-31/) - The special rule helps most people get a deduction of up to $600 for gifts to charity; the National Council of Nonprofits and Independent Sector highlight how donations can help the nation’s charitable community The Internal Revenue Service joined with several leading nonprofit groups to highlight a special tax provision that allows more people to
- [Small Security Measures Make a Big Difference](https://vebcpa.com/2021/12/15/small-security-measures-make-a-big-difference/) - Cybercrime is a constant concern in the online world which means everyone must be mindful of risks when they share devices, shop online and interact on social media. While this may seem overwhelming, it doesn’t have to be. A few small security measures can lower the risk of exposure to online safety threats. Beware of
- [Special Tax Deduction Give Up to $600 to Charity](https://vebcpa.com/2021/11/19/special-tax-deduction-give-up-to-600-to-charity/) - The Internal Revenue Service reminds 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 income tax return. Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions. But a temporary law change
- [Find Legitimate Charities](https://vebcpa.com/2021/11/19/find-legitimate-charities/) - When taxpayers decide to support a cause they care about, they want their donation to do as much good as possible. Doing some research can help ensure donations go to legitimate and qualified charities and help donors avoid scams. The IRS’s Tax Exempt Organization Search tool, is a great place to start. Here are some
- [Advertising and Marketing Costs May Be Tax Deductible](https://vebcpa.com/2021/11/19/advertising-and-marketing-costs-may-be-tax-deductible/) - The tax law allows small businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include expenses for advertising and marketing. Here are some details about this valuable tax deduction that can help small businesses save money on their taxes. Advertising and marketing costs must be ordinary
- [Taxability of Coronavirus State and Local Fiscal Recovery Funds](https://vebcpa.com/2021/11/19/taxability-of-coronavirus-state-and-local-fiscal-recovery-funds/) - Taxability and Reporting of Payments from Coronavirus State and Local Fiscal Recovery Funds The Internal Revenue Service provided answers regarding Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). These funds give eligible state and local governments a substantial infusion of resources to meet pandemic response needs. The answers are in FAQs (FS-2021-16) and detail
- [Starting a Business? Tax Tips](https://vebcpa.com/2021/11/19/starting-a-business-tax-tips/) - Here’s How Businesses Can Deduct Startup Costs From Their Federal Taxes When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business. Generally, the business can recover costs for assets through depreciation deductions. For costs paid or
- [NJ 2021 Real Property Tax Deduction for Seniors, Disabled, and Surviving Spouses](https://vebcpa.com/2021/11/19/nj-2021-real-property-tax-deduction-for-seniors-disabled-and-surviving-spouses/) - The State of New Jersey Department of the Treasury Division of Taxation released Income Guidelines to help define what income may be deducted or excluded from gross income when determining eligibility for the Real Property Tax Deduction. This program is for applicants who are age 65 and older/or permanently and totally disabled or blind and/or
- [Retirement Plans for 2022](https://vebcpa.com/2021/11/19/retirement-plans-for-2022/) - Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next year. Highlights of changes for 2022 The contribution limit for employees
- [Your Research Credit Claim Refund](https://vebcpa.com/2021/10/17/your-research-credit-claim-refund/) - The IRS has set forth the information that taxpayers will be required to include for a research credit claim for refund to be considered valid. Existing Treasury Regulations require that for a refund claim to be valid, it must set forth sufficient facts to apprise IRS of the basis of the claim. The Chief Counsel
- [Non-Traditional Families and Advance Child Tax Credit Payments](https://vebcpa.com/2021/10/17/non-traditional-families-and-advance-child-tax-credit-payments/) - Families come in all shapes and sizes – and some families may not realize they could receive advance payments of the 2021 child tax credit in the last months of this year. The IRS urges grandparents, foster parents or people caring for siblings or other relatives to check their eligibility. For tax year 2021, families
- [Avoid a Possible Tax Bill - Advance Child Tax Credits and Custody](https://vebcpa.com/2021/10/17/avoid-a-possible-tax-bill-advance-child-tax-credits-and-custody/) - Here’s how a taxpayer’s custody situation may affect their advance child tax credit payments Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on their
- [Big Business Video Chats with the IRS](https://vebcpa.com/2021/10/18/big-business-video-chats-with-the-irs/) - The Internal Revenue Service announced that beginning Oct. 18, the IRS’s large business division will accept all taxpayer requests to meet with IRS employees using secure videoconferencing. This step extends the practice used during the pandemic to accommodate taxpayers who sought more than meeting with an IRS employee over telephone calls. Video Meetings with LB&I
- [Taxpayer Rights: The Right to Finality](https://vebcpa.com/2021/10/18/taxpayer-rights-the-right-to-finality/) - Taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit. These taxpayers have the right to know when the IRS has finished the audit. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights. Here’s what taxpayers
- [IRS FAQs Are Not the Final Word; Just a Courtesy](https://vebcpa.com/2021/10/18/irs-faqs-are-not-the-final-word-just-a-courtesy/) - IRS Updates Process for Frequently Asked Questions on New Tax Legislation and Addresses Reliance Concerns The Internal Revenue Service is updating its process for certain frequently asked questions (FAQs) on newly enacted tax legislation. The IRS is updating this process to address concerns regarding transparency and the potential impact on taxpayers when these FAQs are
- [Tax Relief Now Available to Ida Victims in NY and NJ](https://vebcpa.com/2021/09/18/tax-relief-now-available-to-ida-victims-in-ny-and-nj/) - Victims of Hurricane Ida in parts of New York and New Jersey now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments. This is comparable to relief provided last week to Ida victims in Louisiana. The IRS is offering relief to any area designated by the Federal
- [Cost of Home Testing for COVID-19 is Eligible Medical Expense](https://vebcpa.com/2021/09/18/cost-of-home-testing-for-covid-19-is-eligible-medical-expense/) - The Internal Revenue Service reminds taxpayers today 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 medical savings accounts (Archer MSAs). That is because the cost to diagnose
- [Renewed Tax Credit Can Help Employers Hire Workers](https://vebcpa.com/2021/09/18/renewed-tax-credit-can-help-employers-hire-workers/) - With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. During National Small Business Week, the IRS is highlighting tax benefits and resources designed to help
- [Tax Benefits Help Individuals and Businesses Give to Charity](https://vebcpa.com/2021/09/18/tax-benefits-help-individuals-and-businesses-give-to-charity/) - Deductions Up to $600 Available for Cash Donations by Non-Itemizers The Internal Revenue Service explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, provides several provisions to help individuals and businesses
- [Correctly Identify Workers as Employees or Independent Contractors](https://vebcpa.com/2021/09/18/correctly-identify-workers-as-employees-or-independent-contractors/) - During National Small Business Week, the Internal Revenue Service reminds business owners that it’s critical to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered to be anyone who performs services, if the business can control what will be done and how it will be done. What
- [Qualify for the Home Office Deduction](https://vebcpa.com/2021/09/18/qualify-for-the-home-office-deduction/) - Many Americans have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction. This deduction allows qualifying taxpayers to deduct certain home expenses on their tax returns when they file their 2021 tax returns next year. Here are some things to help taxpayers understand the
- [The Advance Child Tax Credit Payments](https://vebcpa.com/2021/08/25/the-advance-child-tax-credit-payments/) - The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021. Here are some details to help people better understand these payments. Who is
- [Guidance for Employers Claiming the Employee Retention Credit](https://vebcpa.com/2021/08/25/guidance-for-employers-claiming-the-employee-retention-credit/) - The IRS issued further guidance on the Employee Retention Credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. Additionally, the IRS issued a safe harbor allowing employers to
- [Relief for Employers Claiming the Work Opportunity Tax Credit](https://vebcpa.com/2021/08/25/relief-for-employers-claiming-the-work-opportunity-tax-credit/) - The Internal Revenue Service announced it is providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC). The WOTC is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment, including Designated Community Residents or
- [Making 2021 Estimated Tax Payments](https://vebcpa.com/2021/08/25/making-2021-estimated-tax-payments/) - Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year. Taxpayers who earn a paycheck usually have their employer withhold tax from their checks. This
- [Understanding IRAs](https://vebcpa.com/2021/08/25/understanding-iras/) - Individual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security for their retirement. These accounts can be set up with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. Understand Retirement Savings Accounts Contribution. The money that someone puts into their IRA.
- [Protect Yourself From Scammers](https://vebcpa.com/2021/08/25/protect-yourself-from-scammers/) - Taxpayers Can Protect Themselves From Scammers by Knowing How the IRS Communicates If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS
- [The Forgotten Piece of Disaster Preparedness](https://vebcpa.com/2021/08/24/the-forgotten-piece-of-disaster-preparedness/) - After a natural disaster, having access to personal financial, insurance, medical and other records can help people starting the recovery process quickly. There are a few things taxpayers can do to help protect their financial safety in a disaster situation. Financial Preparedness Tips for Natural Disasters Update emergency plans. A disaster can strike at any
- [IRS 2021 Dirty Dozen Scams](https://vebcpa.com/2021/07/20/irs-2021-dirty-dozen-scams/) - The Internal Revenue Service today concludes the “Dirty Dozen” list of tax scams with a warning to taxpayers to watch out for schemes peddled by tax promoters, including syndicated conservation easements, abusive micro-captive insurance arrangements and other abusive arrangements. The IRS warns people to be on the lookout for promoters who peddle false hopes of
- [What You Do This Summer May Impact Your Taxes](https://vebcpa.com/2021/07/20/what-you-do-this-summer-may-impact-your-taxes/) - It’s summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during tax filing season. Getting Married Newlyweds should report any name change to the Social Security Administration.
- [Repaying Deferred Social Security Tax](https://vebcpa.com/2021/07/20/repaying-deferred-social-security-tax/) - The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax is due by December 31, 2021, and the remainder is due by
- [Payments for Deferred Tax Reported by Third Party Payers](https://vebcpa.com/2021/07/20/payments-for-deferred-tax-reported-by-third-party-payers/) - The Coronavirus, Aid, Relief and Economic Security Act – CARES Act – allowed employers to defer the deposit and payment of the employer’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. Here are some important dates for people to know: The deferral applies to those taxes for the
- [When it Comes to Tax Scams, Knowledge is Power](https://vebcpa.com/2021/06/24/when-it-comes-to-tax-scams-knowledge-is-power/) - It’s easy for us to think we wouldn’t fall for these types of cons, but strong emotions, such as fear, can drive many people to do things they otherwise wouldn’t. Consider how you might react to: A call from someone claiming to be from the IRS saying you had to pay your tax bill immediately
- [Nonemployee Compensation and Backup Withholding](https://vebcpa.com/2021/06/24/nonemployee-compensation-and-backup-withholding/) - By law, business taxpayers who pay or receive nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation. Generally, payers must file Form 1099-NEC by January 31. For 2021 tax returns there is no automatic 30-day extension to file Form 1099-NEC. However, an extension
- [The First Good Step of Tax Planning](https://vebcpa.com/2021/06/24/the-first-good-step-of-tax-planning/) - Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money
- [Review Eligibility for Credits and Deductions](https://vebcpa.com/2021/06/24/review-eligibility-for-credits-and-deductions/) - Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax returns, but early planning can help make filing their 2021 tax returns easier. Taxpayers should be prepared to claim tax credits and deductions. Here are a few facts about credits and deductions
- [Refund for Taxes Paid on 2020 Unemployment Compensation](https://vebcpa.com/2021/06/24/refund-for-taxes-paid-on-2020-unemployment-compensation/) - The IRS is reviewing tax returns filed before the American Rescue Plan of 2021 became law in March to determine the correct taxable amount of unemployment compensation and tax. For eligible taxpayers, this could result in a refund, a reduced balance due or no change to tax. IRS efforts to correct unemployment compensation overpayments will
- [Things Taxpayers Should Consider When Selling a House](https://vebcpa.com/2021/06/24/things-taxpayers-should-consider-when-selling-a-house/) - It’s important for taxpayers to understand how selling their home may affect their tax returns. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership and Use To claim the exclusion,
- [Health Savings Accounts 2022](https://vebcpa.com/2021/05/29/health-savings-accounts-2022/) - 2022 Cost-of-Living Adjustments On May 10, 2021 the Internal Revenue Service (IRS) released Revenue Procedure 2021-25 announcing cost-of-living adjustments (COLAs) applicable to Health Savings Accounts (HSAs) for 2022. After application of the COLA rules, changes for 2022 include an increase in the contribution limits applicable to individuals who have self only or family high-deductible health
- [The American Rescue Plan Includes Retroactive Tax Benefits](https://vebcpa.com/2021/05/28/the-american-rescue-plan-includes-retroactive-tax-benefits/) - The IRS reminds taxpayers who still haven’t filed, that several provisions of the American Rescue Plan affect their 2020 tax returns. One provision excludes up to $10,200 in unemployment compensation from income. Another provision benefits many people who purchased subsidized health coverage through either federal or state Health Insurance Marketplaces. The law also includes a
- [Claim Disaster Loss in Previous Tax Year](https://vebcpa.com/2021/05/29/claim-disaster-loss-in-previous-tax-year/) - Taxpayers may elect to claim a disaster loss for the tax year before the disaster. Benefits of 165(i) Election Why would a taxpayer elect to deduct disaster losses in the previous year? Often because the taxpayer hopes to receive a refund in the disaster year thanks to the reduction of tax liability in the previous
- [Sales and Use Tax Audits](https://vebcpa.com/2021/05/29/sales-and-use-tax-audits/) - Protect Your Business from Sales and Use Tax Risk Failure to accurately manage sales and use tax compliance is likely to have serious consequences for manufacturers and wholesalers, particularly in this post-Wayfair/economic nexus, increased remote and direct-to-consumer pandemic selling environment. Many manufacturers still don’t realize that they may be subject to complex sales and use
- [Give Employer a New W-4](https://vebcpa.com/2021/05/28/give-employer-a-new-w-4/) - Checking Withholding Can Help Taxpayers Decide If They Need to Give Their Employer a New W-4 All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use the IRS Tax Withholding Estimator to help decide if they
- [Where's My Refund?](https://vebcpa.com/2021/04/27/wheres-my-refund/) - Since many taxpayers have filed their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers. Getting a refund this year means there’s no need to adjust withholding for 2021 To help avoid a surprise next year, taxpayers should make changes now
- [IRS Suspends Requirement to Repay Excess Advance Payments of the 2020 Premium Tax Credit](https://vebcpa.com/2021/04/27/irs-suspends-requirement-to-repay-excess-advance-payments-of-the-2020-premium-tax-credit/) - The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance company on their behalf. These payments – which are called advance payments of the premium tax credit, advance
- [American Rescue Plan Tax Credits Available to Small Employers](https://vebcpa.com/2021/04/27/american-rescue-plan-tax-credits-available-to-small-employers/) - American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines; new fact sheet outlines details The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving
- [IRS Clarifies COVID-19 Relief for Van Pools](https://vebcpa.com/2021/04/27/irs-clarifies-covid-19-relief-for-van-pools/) - The IRS released Frequently Asked Questions (FAQ) to provide temporary relief to employers who operated van pools but experienced reduced ridership due to the Coronavirus (COVID-19) emergency. For this purpose, the emergency is considered to have begun on March 13, 2020. Van Pools Must Satisfy Certain Requirements For 2020, employers may exclude up to $270 per
- [Treasury Department and IRS Provide Safe Harbor for Small Businesses](https://vebcpa.com/2021/04/27/treasury-department-and-irs-provide-safe-harbor-for-small-businesses/) - Treasury Department and IRS provide safe harbor for small businesses to claim deductions relating to first-round Paycheck Protection Program loans The Treasury Department and the Internal Revenue Service issued Revenue Procedure 2021-20 for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they
- [Solo 401k Plans Benefit from SECURE Act](https://vebcpa.com/2021/03/24/solo-401k-plans-benefit-from-secure-act/) - An overlooked SECURE Act change is that businesses can adopt new qualified plans and make deductible contributions after the close of the tax year. They must act before the due date for filing the employer’s return (including extensions). That means for solo 401(k) plans, individuals can adopt a plan and make contributions by May 17,
- [Relief for FSAs](https://vebcpa.com/2021/03/24/relief-for-fsas/) - The IRS and Congress have provided COVID-19 relief for flexible spending account plans (FSAs). The new rules include: An unlimited carryover or 12-month grace period for unused amounts; Spend-down of unused health FSA benefits after mid-year participation termination; Mid-year election changes in 2021 are permitted. A plan is not required to provide this relief, and
- [Tax Implications of the American Rescue Plan Act of 2021](https://vebcpa.com/2021/03/24/tax-implications-of-the-american-rescue-plan-act-of-2021/) - Many of the tax provisions in the American Rescue Plan Act of 2021 are extensions of existing provisions and are meant to provide immediate assistance to individuals and businesses affected by the COVID-19 pandemic. With the focus on the pandemic, provisions generally apply only for 2021 and include tax implications for taxpayers, as follows: Additional
- [Recent Changes to Retirement Plans](https://vebcpa.com/2021/03/24/recent-changes-to-retirement-plans/) - The Internal Revenue Service reminds taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. A retirement plan account owner must normally begin taking an RMD annually starting the year he or she reaches 70 ½ or 72, depending on their birthdate and maybe the year they retire. Retirement plans requiring RMDs include
- [NJ Income Tax - Exempt (Nontaxable) Income](https://vebcpa.com/2021/03/24/nj-income-tax-exempt-nontaxable-income/) - Certain items of income are not subject to New Jersey tax and should not be included when you file a New Jersey return. Below is a partial list of such items. Social Security benefits; Railroad Retirement benefits (both Tier 1 and Tier 2); United States military pensions and survivor's benefit payments; Permanent and total disability,
- [Taxpayers Must Report Gig Economy Income on Their Tax Return](https://vebcpa.com/2021/02/27/taxpayers-must-report-gig-economy-income-on-their-tax-return/) - In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes. The bottom line is taxpayers must report gig economy income on their tax return. Here's a
- [New Law Provides Additional Flexibility for Health FSAs and Dependent Care Assistance Programs](https://vebcpa.com/2021/02/27/new-law-provides-additional-flexibility-for-health-fsas-and-dependent-care-assistance-programs/) - Employers may allow participants to carry over unused amounts The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under the COVID-related Taxpayer Certainty and Disaster Tax Relief Act of 2020, these plans now have additional discretion in 2021
- [Things Taxpayers Should Know When Choosing Between Standard and Itemized Deductions](https://vebcpa.com/2021/02/27/things-taxpayers-should-know-when-choosing-between-standard-and-itemized-deductions/) - Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions. The standard deduction may be quicker and easier, but, itemizing deductions may lower taxes
- [All Taxpayers Have the Right to Pay No More Than the Correct Amount of Tax](https://vebcpa.com/2021/02/27/all-taxpayers-have-the-right-to-pay-no-more-than-the-correct-amount-of-tax/) - When taxpayers complete their tax returns, they may discover they will owe taxes. By law, they have the right to pay no more than the correct amount of tax. This is one of ten Taxpayer Bill of Rights. These are fundamental rights taxpayers have when dealing with the IRS. One of which is the right to
- [IRS Issues Alert on Improper Corporate Domestic Production Activities Deduction Refund Claims](https://vebcpa.com/2021/02/27/irs-issues-alert-on-improper-corporate-domestic-production-activities-deduction-refund-claims/) - IRS officials issued an alert today concerning amended returns and claims for the Domestic Production Activities Deduction. This provision of tax law was repealed as part of the Tax Cuts and Jobs Act for taxable years after Dec. 31, 2017. In the wake of the repeal, the IRS has received a wave of questionable amended
- [Gather Tax Documents Now for Smooth Filing Later](https://vebcpa.com/2021/01/24/gather-tax-documents-now-for-smooth-filing-later/) - The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or a deduction or credit, appearing
- [Second Round of PPP Loans](https://vebcpa.com/2021/01/24/second-round-of-ppp-loans/) - The SBA and the Treasury announced that the Paycheck Protection Program (PPP) will re-open the week of January 11, 2021 for new borrowers and certain existing PPP borrowers. The announcement provides that to promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans today, Monday, January 11,
- [Speed Tax Refunds During the Pandemic](https://vebcpa.com/2021/01/24/speed-tax-refunds-during-the-pandemic/) - The Internal Revenue Service announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the
- [Employers Can Withhold, Make Payments of Deferred Social Security Taxes from 2020](https://vebcpa.com/2021/01/24/employers-can-withhold-make-payments-of-deferred-social-security-taxes-from-2020/) - The Internal Revenue Service released Notice 2021-11 addressing how employers who elected to defer certain employees’ taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year. In response to a presidential memorandum signed Aug. 8, 2020, Notice 2020-65 was issued on Aug. 28, 2020, giving employers
- [Things Taxpayers Should Consider as They Get Ready to File Taxes in 2021](https://vebcpa.com/2020/12/21/things-taxpayers-should-consider-as-they-get-ready-to-file-taxes-in-2021/) - When people get ready to file their federal tax returns there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any refund the taxpayer may receive. Here are some new key things people should consider when filing their 2020
- [Small Businesses Should Use the Right Form When Filing Employment Tax Returns](https://vebcpa.com/2020/12/21/small-businesses-should-use-the-right-form-when-filing-employment-tax-returns/) - Some small businesses pay employment tax quarterly while others may pay it just once a year. The IRS advises small business owners to review the rules for filing two commonly used employment tax returns. The two forms are: Form 941, Employer's Quarterly Federal Tax Return Form 944, Employer's Annual Federal Tax Return These two forms
- [Tax Benefits Help Individuals and Businesses Give to Charity During 2020](https://vebcpa.com/2020/12/21/tax-benefits-help-individuals-and-businesses-give-to-charity-during-2020/) - The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes four temporary tax changes that are designed to help people and businesses who give to charity this year. Here is a rundown of these key changes. New deduction for people who don’t itemize Individuals who elect to take the standard deduction generally
- [New 1099-NEC Nonemployee Compensation](https://vebcpa.com/2020/12/21/new-1099-nec-nonemployee-compensation/) - Starting tax year 2020, any business that pays at least $600 for services performed by a person who is not their employee is required to file the new Form 1099-NEC. Previously, nonemployee compensation was reported in Box 7 on Form 1099-MISC. Same Quick Deadline for Reporting Like Form 1099-MISC, Form 1099-NEC requires filing by January
- [Gift Cards Not Used to Make Tax Payments](https://vebcpa.com/2020/11/15/gift-cards-not-used-to-make-tax-payments/) - Gift cards are a popular and convenient gift for all occasions. They’re also a tool that scammers use to steal money from people. Scammers often target taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to send emails requesting gift card purchases for
- [IRS Resources to Help Small Business Owners](https://vebcpa.com/2020/11/15/irs-resources-to-help-small-business-owners/) - The IRS has a variety of resources to help small business owners, including veterans, understand their tax responsibilities. Small Business and Self-Employed Tax Center This page features links to useful tools and common IRS forms with instructions. Taxpayers can find help on topics such as starting or operating a business, recordkeeping, filing and paying taxes.
- [Deductibility of Payments by Partnerships and S Corps for State and Local Income Taxes](https://vebcpa.com/2020/11/15/deductibility-of-payments-by-partnerships-and-s-corps-for-state-and-local-income-taxes/) - The Internal Revenue Service (IRS) issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations. Specifically, the proposed regulations will clarify that State and local income taxes imposed on and paid by a partnership or S corporation on its income are allowed as a deduction by the partnership or S corporation in
- [How the CARES Act Changes Charitable Contributions](https://vebcpa.com/2020/11/15/how-the-cares-act-changes-charitable-contributions/) - Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to them, their charitable donations may be tax-deductible. These deductions basically reduce the amount of their taxable income. How the CARES Act Changes Deducting Charitable Contributions Made in 2020 Previously, charitable contributions could only be deducted if taxpayers itemized
- [IRS to Mask Key Business Details to Protect Taxpayers from Identity Theft](https://vebcpa.com/2020/11/15/irs-to-mask-key-business-details-to-protect-taxpayers-from-identity-theft/) - Moving to protect business taxpayers from identity theft, the Internal Revenue Service announced that, starting Dec. 13, it will begin masking sensitive data on business tax transcripts. The announcement provides 30 days for stakeholders to make any adjustments. The IRS began informing tax professionals of this change during the summer Nationwide Tax Forums. The agency
- [Correct COVID-19 Related Employment Tax Credits](https://vebcpa.com/2020/10/26/correct-covid-19-related-employment-tax-credits/) - The revised Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, allows employers to correct COVID-19 related employment tax credits and other tax relief related to COVID-19. Further Revisions Expected for Correction of Third Quarter Returns The first revision of Form 941-X to reflect COVID-19 tax relief occurred in July. Taxpayers should use the July 2020
- [November 10 is National EIP Registration Day](https://vebcpa.com/2020/10/26/november-10-is-national-eip-registration-day/) - The Internal Revenue Service set Nov. 10 as “National EIP Registration Day,” as the agency and partners across the country launch a final push to encourage everyone who doesn’t normally file a tax return to register to receive an Economic Impact Payment. “National EIP Registration Day” will take place just a few days ahead of
- [Help Taxpayers Avoid Post-Disaster Scams](https://vebcpa.com/2020/10/26/help-taxpayers-avoid-post-disaster-scams/) - The IRS reminds taxpayers that criminals and scammers often try to take advantage of generous taxpayers who want to help disaster victims. Everyone should be vigilant. These scams often pop up after a hurricane, wildfire or other disaster. How the scams start These disaster scams normally start with unsolicited contact. The scammer contacts their possible
- [SBA and Treasury Issue Simplified PPP Forgiveness Process for Loans of $50k or Less](https://vebcpa.com/2020/10/26/sba-and-treasury-issue-simplified-ppp-forgiveness-process-for-loans-of-50k-or-less/) - On October 8th, the SBA and Treasury rolled out a simpler PPP forgiveness process for loans $50,000 or less. Instructions for the new $50k PPP forgiveness form say it “requires fewer calculations and less documentation for eligible borrowers” and borrowers “are exempt from reductions in loan forgiveness amounts based on reductions in [FTE] employees or
- [Short-Term Rental Property Generated Passive Losses](https://vebcpa.com/2020/10/26/short-term-rental-property-generated-passive-losses/) - Real estate professionals who own short-term rental properties that are managed by a third party may find it more difficult to escape the grasp of the passive loss rules. A recent decision of the Ninth Circuit Court of Appeals contains bad news for owners who pay others to manage their short-term rentals of vacation homes,
- [Income Ranges for Determining IRA Eligibility Change for 2021](https://vebcpa.com/2020/10/26/income-ranges-for-determining-ira-eligibility-change-for-2021/) - The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted today on IRS.gov. Highlights of IRA Eligibility Changes for 2021 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs
- [IRS Highlights Employer Credits for Businesses](https://vebcpa.com/2020/09/26/irs-highlights-employer-credits-for-businesses/) - The Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19. These credits were specially created to help small business owners during this unprecedented time. Employee Retention Credit The Employee Retention Credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50%
- [IRS Reminds Taxpayers of the Home Office Deduction Rules](https://vebcpa.com/2020/09/26/irs-reminds-taxpayers-of-the-home-office-deduction-rules/) - The Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, the Tax Cuts and
- [IRS Provides Tax Relief for Victims of Hurricane Sally](https://vebcpa.com/2020/09/26/irs-provides-tax-relief-for-victims-of-hurricane-sally/) - Victims of Hurricane Sally that began on Sept. 14 now have until Jan. 15, 2021 to file various individual and business tax returns and make tax payments. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently, this includes Baldwin, Escambia and
- [Drought-stricken Farmers, Ranchers Have More Time to Replace Livestock](https://vebcpa.com/2020/09/26/drought-stricken-farmers-ranchers-have-more-time-to-replace-livestock/) - Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service. To qualify for relief, the farm or ranch must be in an applicable region. This is a county
- [IRS Provides Tax Relief for Victims of Oregon Wildfires](https://vebcpa.com/2020/09/26/irs-provides-tax-relief-for-victims-of-oregon-wildfires/) - Victims of the Oregon wildfires and straight-line winds that began on Sept. 7 now have until Jan. 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as
- [IRS Provides Final Regulations on Deductions for Estates](https://vebcpa.com/2020/09/26/irs-provides-final-regulations-on-deductions-for-estates/) - IRS provides final regulations on deductions for estates and non-grantor trusts, including excess deductions on termination The Internal Revenue Service today final regulations that provide guidance for decedents’ estates and non-grantor trusts clarifying that certain deductions of such estates and non-grantor trusts are not miscellaneous itemized deductions. The Tax Cuts and Jobs Acts (TCJA) prohibits individuals,
- [IRS Finalizes Regulations for 100 Percent Bonus Depreciation](https://vebcpa.com/2020/09/26/irs-finalizes-regulations-for-100-percent-bonus-depreciation/) - The Treasury Department and the Internal Revenue Service today released the last set of final regulations implementing the 100% additional first-year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. The 100% additional first-year depreciation deduction was created in
- [IRS Updates Procedures for Designating Taxpayer Disputes for Litigation](https://vebcpa.com/2020/08/25/irs-updates-procedures-for-designating-taxpayer-disputes-for-litigation/) - The Internal Revenue Service issued a memorandum that provides interim guidance to the agency’s compliance staff on requests to designate issues for litigation. Designation of issues for litigation, a decision that is made with the Office of Chief Counsel, limits a taxpayer’s opportunity to administratively resolve their case with the IRS Independent Office of Appeals. Disputes
- [Deadline to Return Distributions to Retirement Accounts Aug. 31](https://vebcpa.com/2020/08/25/deadline-to-return-distributions-to-retirement-accounts-aug-31/) - The Internal Revenue Service reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until Aug. 31 to rollover or repay the distribution to avoid paying taxes. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives RMDs during 2020 for IRAs
- [IRS Reminds People to Prepare for Natural Disasters](https://vebcpa.com/2020/08/25/irs-reminds-people-to-prepare-for-natural-disasters/) - The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans. A solid plan includes securing and duplicating essential documents, creating lists of property
- [Sales Tax and Surcharges for COVID-19 Precautions](https://vebcpa.com/2020/08/25/sales-tax-and-surcharges-for-covid-19-precautions/) - Some businesses have begun to include a surcharge for COVID-19 precaution and prevention costs (e.g., COVID-19 Fee, Coronavirus Fee, PPE Fee, Sanitation Fee, Cleaning Fee, etc.) on customers' invoices. Determining if the surcharge to cover COVID-19 costs, such as masks, gloves, and cleaning supplies, is subject to Sales Tax depends on whether the service provided
- [Unemployment Compensation Is Taxable](https://vebcpa.com/2020/08/25/unemployment-compensation-tax/) - With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year. By
- [13.9M Americans to Receive IRS Tax Refund Interest](https://vebcpa.com/2020/08/25/13-9m-americans-to-receive-irs-tax-refund-interest/) - This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds. The interest payments, averaging about $18, will be made to individual taxpayers who filed a 2019 return by this year’s July 15
- [Coronavirus Distributions and Adverse Financial Consequences](https://vebcpa.com/2020/07/25/coronavirus-distributions-and-adverse-financial-consequences/) - People whose adverse financial consequences count for getting a coronavirus-related distribution now include spouses and other household members. The IRS has also clarified with lots of examples the thorny intersection between recontributions, taxes, and amended returns. The new IRS guidance presents the rules set out in Act Sec. 2202 of the Coronavirus Aid, Relief, and
- [Tool Reimbursement, Rental Arrangements Were Abusive Tax Schemes](https://vebcpa.com/2020/07/25/tool-reimbursement-rental-arrangements-were-abusive-tax-schemes/) - Tool plans that claimed to pay employer reimbursements or rental fees to employees who used their own tools in their jobs were abusive tax schemes. The Tax Court imposed civil penalties on two executives of CMS, the company that developed the arrangements and falsely marketed them as accountable plans to reimburse employee expenses. Why Mischaracterize
- [Health Savings Accounts as Retirement Savings Plans](https://vebcpa.com/2020/07/25/health-savings-accounts-as-retirement-savings-plans/) - When people think of tax-free retirement savings, they think of IRAs and 401(k)s. The problem with those, however, is they are taxed. Either the distributions are taxed at retirement or the contributions are taxed when earned. Health Savings Accounts (HSAs) do not share that problem. HSAs do come with one big problem, however. You cannot
- [Teachers: School Expenses Might Be Tax Deductible](https://vebcpa.com/2020/07/28/teachers-school-expenses-might-be-tax-deductible/) - School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. Who is considered an eligible educator The taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide. They must also work at least 900 hours
- [Recapturing Excess Employment Tax Credits](https://vebcpa.com/2020/07/28/recapturing-excess-employment-tax-credits/) - The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. The regulations authorize the assessment of erroneous refunds of the credits paid under both the Families First Coronavirus Response Act (Families First Act) and Coronavirus
- [Keep Economic Impact Payment Notice with Tax Records](https://vebcpa.com/2020/06/27/keep-economic-impact-payment-notice-with-tax-records/) - People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received. For security reasons, the IRS mails this notice to each
- [Home Office Deduction Doesn’t Benefit Everyone Who Works from Home](https://vebcpa.com/2020/06/28/home-office-deduction-doesnt-benefit-everyone-who-works-from-home/) - People who are working from home in response to the coronavirus pandemic may be looking forward to claiming a home office tax deduction. However, most will be disappointed. No Home Office Deduction for Employees The home office deduction has always been a tough one for employees to claim. But now it is impossible. In the past, employees could claim a home
- [Coronavirus Insurance and Coverage Changes for HDHPs, HSAs, FSAs and HRAs](https://vebcpa.com/2020/06/28/coronavirus-insurance-and-coverage-changes-for-hdhps-hsas-fsas-and-hras/) - The Coronavirus Aid, Relief and Economic Security (CARES) Act was intended to provide relief in response to the COVID-19 (Coronavirus) crisis. However, some non-COVID related items were also buried in the bill. These include temporary and permanent changes to: High-deductible health plans (HDHPs), Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs) HDHP
- [SECURE Act: Lifetime Income Stream Disclosure](https://vebcpa.com/2020/06/28/secure-act-lifetime-income-stream-disclosure/) - The Setting Every Community Up for Retirement Enhancement (SECURE) Act requires 401(k) and other account-based plans to disclose the lifetime income stream employees can expect at retirement. Most employees under save, so this information should be a wake-up call for them. More diligent savers can learn if they are on the right track. This new
- [New Legislative & Regulatory Changes Affect Retirement Planning](https://vebcpa.com/2020/06/27/new-legislative-regulatory-changes-affect-retirement-planning/) - SECURE Act, CARES Act & IRS COVID-19 responses impact many taxpayers Many legislative and regulatory changes enacted in the past several months directly impact qualified retirement plans and are most helpful to many taxpayers but not all. Several of them require qualified plan administrators and plan participants to take them into account to ensure maximum
- [Gig Economy Tips Taxpayers Should Remember](https://vebcpa.com/2020/06/27/gig-economy-tips-taxpayers-should-remember/) - The gig economy, also called sharing or access economy, is an activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are some
- [Taxpayers Affected by COVID-19 Who Take Distributions or Loans From Retirement Plans](https://vebcpa.com/2020/06/27/taxpayers-affected-by-covid-19-who-take-distributions-or-loans-from-retirement-plans/) - The Internal Revenue Service released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. This includes expanding the categories of individuals eligible for these types of distributions and loans (referred to as “qualified individuals”) and providing
- [Social Security Benefits May Be Taxable](https://vebcpa.com/2020/06/27/social-security-benefits-may-be-taxable/) - Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don't include supplemental security income payments, which aren't taxable. The portion of benefits that are taxable depends on the taxpayer’s income and filing status. To find
- [July 15 Tax Payment Deadline Approaching](https://vebcpa.com/2020/06/27/july-15-tax-payment-deadline-approaching/) - As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020. This postponement provided temporary tax relief in response to the COVID 19 pandemic. Taxpayers who owe a
- [Economic Impact Payment FAQs](https://vebcpa.com/2020/05/31/economic-impact-payment-faqs/) - Many people have already received their Economic Impact Payment, and many more will be getting them soon. Whether it's already there or on the way, the payment brings questions from many people. Anyone who has questions can visit IRS.gov for updated FAQs about the Economic Impact Payment. Here are a few of the questions the
- [Coronavirus-related Paid Leave for Workers and Tax Credits for SMBs](https://vebcpa.com/2020/05/31/coronavirus-related-paid-leave-for-workers-and-tax-credits-for-smbs/) - Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage
- [Claim the Five-Year NOL Carryback Under the CARES Act](https://vebcpa.com/2020/05/31/claim-the-five-year-nol-carryback-under-the-cares-act/) - Taxpayers may now use a five-year carryback for net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020, compliments of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). In response, new IRS guidance: Extends the deadline for filing tentative refund claims for NOLs arising in 2018 tax years
- [CARES Act - Required Minimum Distribution Waiver for 2020](https://vebcpa.com/2020/05/31/cares-act-required-minimum-distribution-waiver-for-2020/) - For retirees, one of the beneficial features of the Coronavirus Aid, Relief, and Economic Security (CARES) Act is the waiver of required minimum distributions (RMDs) for 2020, even if you are unaffected by the coronavirus. Retirees can avoid liquidating assets at low prices and can mitigate frightening drops in their account balances. Retirees need to
- [PPP Loans for Independent Contractors and Sole Proprietors](https://vebcpa.com/2020/05/31/ppp-loans-for-independent-contractors-and-sole-proprietors/) - Payments that businesses make to independent contractors and self-employed workers are not payroll expenses that qualify for Paycheck Protection Program (PPP) loans. However, independent contractors and sole proprietors themselves are small businesses that can qualify for the loans. PPP Loans Aim to Help Small Business Survive Coronavirus Pandemic The PPP is a Small Business Administration (SBA) program that
- [CARES Act Gives Bonus Depreciation to QIP](https://vebcpa.com/2020/05/31/cares-act-gives-bonus-depreciation-to-qip/) - The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a technical correction that assigns a 15-year recovery period to qualified improvement property (QIP) placed in service after 2017. (Without the technical correction, a 39-year recovery period applied). Most post-2017 QIP retroactively qualifies for the bonus depreciation deduction. Any MACRS property with a recovery
- [Taxpayers Might Benefit from the Earned Income Tax Credit](https://vebcpa.com/2020/02/16/taxpayers-might-benefit-from-the-earned-income-tax-credit/) - The earned income tax credit benefits millions of taxpayers who qualify by putting more money in their pockets. This money can help with things like food, gas, clothing and even saving for a rainy day. Here’s some information for people who often miss out on claiming the credit: Native Americans: As with all taxpayers, Native
- [SECURE Act – Required Minimum Distribution Changes](https://vebcpa.com/2020/02/17/secure-act-required-minimum-distribution-changes/) - The SECURE Act as passed at the end of 2019 pushes back the beginning date for required minimum distributions (RMDs). It also replaces the life-expectancy distribution period for non-spouse designated beneficiaries with a 10-year distribution period. The first change makes it easier for retirees to keep their retirement assets undistributed and untaxed for a bit
- [Reporting QOF Investments](https://vebcpa.com/2020/02/17/reporting-qof-investments/) - Deferring Capital Gain with QOF Investments QOF investments offer taxpayers immediate tax savings—but more importantly, they also offer potentially extraordinary savings to long-term investors. QOFs are corporations or partnerships that are organized to invest in qualified opportunity zones (QOZ). The IRS has designated 8,764 low-income tracts as QOZs. Taxpayers may defer capital gains by rolling
- [New Form 1040-SR, Alternative Filing Option Available for Seniors](https://vebcpa.com/2020/02/16/new-form-1040-sr-alternative-filing-option-available-for-seniors/) - The Internal Revenue Service wants seniors to know about the availability of a new tax form, Form 1040-SR, featuring larger print and a standard deduction chart with a goal of making it easier for older Americans to read and use. The Bipartisan Budget Act of 2018 required the IRS to create a tax form for
- [IRS Launches Identity Theft Central](https://vebcpa.com/2020/02/16/irs-launches-identity-theft-central/) - The Internal Revenue Service today launched Identity Theft Central, designed to improve online access to information on identity theft and data security protection for taxpayers, tax professionals and businesses. Located on IRS.gov, Identity Theft Central is available 24/7 at irs.gov/identitytheft. It is a resource on how to report identity theft, how taxpayers can protect themselves
- [Gig Economy Work Can Affect a Taxpayer](https://vebcpa.com/2020/01/23/gig-economy-work-can-affect-a-taxpayer/) - Taxpayers who work in the gig economy need to understand how their work affects their taxes. A little pre-planning can help make sure gig economy workers are prepared when it’s time to file their tax return. What Is The Gig Economy? The gig economy is also referred to as the on-demand, sharing or access economy. People involved
- [Enforcement of Syndicated Conservation Easements](https://vebcpa.com/2020/01/20/enforcement-of-syndicated-conservation-easements/) - The IRS is increasing enforcement actions for syndicated conservation easement transactions including more coordinated examinations across IRS divisions and more criminal investigations. The goals of these audits may uncover billions of dollars of potentially inflated charitable contribution deductions for qualified conservation easements made through partnerships and limited liability companies (LLCs). What is a Deductible Conservation
- [IRS and Treasury Issue Guidance for Students with Discharged Student Loans and Their Creditors](https://vebcpa.com/2020/01/20/irs-and-treasury-issue-guidance-for-students-with-discharged-student-loans-and-their-creditors/) - The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school. Relief is also extended to any creditor that would otherwise be required to file information returns and
- [8th Amendment Lets IRS Deny Deductions for Legal Marijuana Business](https://vebcpa.com/2020/01/20/8th-amendment-lets-irs-deny-deductions-for-legal-marijuana-business/) - A Tax Court rejected a constitutional challenge to the law barring expense deductions for legal marijuana businesses. However, two judges embraced the taxpayer’s claim that IRC §280E could violate the 8th Amendment’s prohibition against excessive fines. Does IRC §280E Violate the 8th Amendment? Northern California Small Business Assistants, Inc., is a medical marijuana dispensary that operates legally under
- [Taxpayer First Act Affirms and Strengthens Administrative Appeal Rights](https://vebcpa.com/2020/01/20/taxpayer-first-act-affirms-and-strengthens-administrative-appeal-rights/) - Congress recently enacted legislation that formally requires the IRS to maintain its Office of Appeals. In addition to the “codification” of the Appeal’s Office, the TFA includes provisions that strengthen its independence and impartiality by: Specifying the manner of appointment and qualifications of the Chief of Appeals Limiting interaction with personnel from the Office of
- [IRS Considering Requests for Relief from Double Taxation Related to Repatriation](https://vebcpa.com/2020/01/20/irs-considering-requests-for-relief-from-double-taxation-related-to-repatriation/) - The IRS announced today that the agency has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from application of the repatriation tax under section 965, as amended by the Tax Cuts and Jobs Act (TCJA). The IRS has determined that in unique circumstances, such as
- [Regulations on the Foreign Tax Credit](https://vebcpa.com/2019/12/13/regulations-on-the-foreign-tax-credit/) - The Internal Revenue Service issued final regulations on the Foreign Tax Credit, a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign governments. The Tax Cuts and Jobs Act (TCJA) made major changes to the tax law, including revamping the U.S. international tax system.
- [Strong Passwords Can Protect Taxpayers from Identity Theft](https://vebcpa.com/2019/12/13/strong-passwords-can-protect-taxpayers-from-identity-theft/) - With millions of people logging in to websites and online accounts this holiday season, the IRS and the Security Summit partners remind taxpayers that common mistakes can increase their of risk having sensitive financial and tax data stolen by identity thieves. The Internal Revenue Service, state tax agencies and the nation’s tax industry remind taxpayers
- [Deadline for Employer Wage Statements](https://vebcpa.com/2019/12/13/deadline-for-employer-wage-statements/) - The Internal Revenue Service reminds employers and other businesses that wage statements and independent contractor forms have a Jan. 31 filing deadline. Before the Protecting Americans from Tax Hikes (PATH) Act, employers generally had a longer period of time to file these forms. But the 2015 law made a permanent requirement for employers to file
- [Teach Teens Online Safety](https://vebcpa.com/2019/12/13/teach-teens-online-safety/) - Adults teach their kids how to drive, balance a checkbook and cook. It’s also a good idea to teach younger users how to explore the internet with caution. All internet users should be mindful of risks people can take when they share devices, shop online and interact on social media. Teens and younger users – like others
- [What to Know About Getting a Tax Refund](https://vebcpa.com/2019/12/13/what-to-know-about-getting-a-tax-refund/) - Tax returns and tax refunds are unique and individual. This is something for taxpayers to remember next year when someone they know says or posts on social media about receiving a federal tax refund. Even though the IRS issues most refunds in less than 21 days, it’s possible a taxpayer’s refund may take longer. Several
- [Tax Exempt Organizations File e-file Forms](https://vebcpa.com/2019/12/13/tax-exempt-organizations-file-e-file-forms/) - The Internal Revenue Service said today that the Taxpayer First Act, enacted July 1, requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning after July 1, 2019. The following IRS forms are included in the mandate: Form 990, Return of Organization
- [US Military Member Tax Tips](https://vebcpa.com/2019/11/13/us-military-member-tax-tips/) - Several tax topics that affect current and former military personnel, as well as their families
- [Good Recordkeeping Is Good Business](https://vebcpa.com/2019/11/13/good-recordkeeping-is-good-business/) - Recordkeeping is essential for small business owners.
- [401k Contribution Limits for 2020](https://vebcpa.com/2019/11/13/401k-contribution-limits-for-2020/) - Guidance provides cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020
- [Syndicated Conservation Easements](https://vebcpa.com/2019/11/13/syndicated-conservation-easements/) - The IRS is conducting large-scale audits of land conservation transactions—targeting billions of dollars of potentially inflated deductions, hundreds of partnerships, and thousands of investors.
- [Small Business Home Office Deduction](https://vebcpa.com/2019/11/13/small-business-home-office-deduction/) - Taxpayers can take the home office deduction when they file their taxes if they use a portion of their home exclusively, and on a regular basis, for approved business purposes.
- [Earned Income Tax Credit Can Put Money in Taxpayers’ Pockets](https://vebcpa.com/2019/10/27/earned-income-tax-credit-can-put-money-in-taxpayers-pockets/) - The earned income tax credit benefits working people with low-to-moderate income reducing owed tax or giving a refund, even if they don’t owe any tax.
- [What Teachers Should Know About Deducting Out-of-Pocket Classroom Expenses](https://vebcpa.com/2019/10/27/what-teachers-should-know-about-deducting-out-of-pocket-classroom-expenses/) - Many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast.
- [Child Tax Credit Benefits Eligible Parents](https://vebcpa.com/2019/10/27/child-tax-credit-benefits-eligible-parents/) - Taxpayers who claim at least one child as their dependent on their tax return may be eligible to benefit from the child tax credit.
- [Know Your Filing Status](https://vebcpa.com/2019/10/27/know-your-filing-status/) - Knowing the correct filing status can help taxpayers determine several things about filing their tax return.
- [Follow These Steps After a Disaster to Reconstruct Records](https://vebcpa.com/2019/10/27/follow-these-steps-after-a-disaster-to-reconstruct-records/) - After a natural disaster, taxpayers may need records to help them prove their disaster-related losses for taxes, federal assistance or insurance.
- [Tax Treatment for Family Members Working in the Family Business](https://vebcpa.com/2019/10/27/tax-treatment-for-family-members-working-in-the-family-business/) - When including family members in business operations, certain tax treatments and employment tax rules apply.
- [Medical Expense Deduction for Genetic Testing](https://vebcpa.com/2019/09/21/medical-expense-deduction-for-genetic-testing/) - The IRS has identified a number of expenses as qualifying medical expenses for purposes of the itemized deduction for medical expenses
- [NJ Senior Freeze Property Tax Reimbursement](https://vebcpa.com/2019/09/21/nj-senior-freeze-property-tax-reimbursement/) - In NJ, the Senior Freeze Program reimburses eligible senior citizens and disabled persons for property tax or mobile home park site fee increases
- [IRS Settlement for Micro-Captive Insurance Schemes](https://vebcpa.com/2019/09/18/irs-settlement-for-micro-captive-insurance-schemes/) - Time-limited settlement offer for certain taxpayers under audit who participated in abusive micro-captive insurance transactions.
- [IRS Expands the Compliance Assurance Process for 2020](https://vebcpa.com/2019/09/18/irs-expands-the-compliance-assurance-process-for-2020/) - CAP employs real-time issue resolution, through transparent and cooperative interaction between taxpayers and the IRS, to improve federal tax compliance
- [Business Depreciation Ruling from the IRS](https://vebcpa.com/2019/09/18/business-depreciation-ruling-from-the-irs/) - Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets
- [Tax Tips to Help New Business Owners Succeed](https://vebcpa.com/2019/08/28/tax-tips-to-help-new-business-owners-succeed/) - Starting a business can be very rewarding. It can also be a little overwhelming. From business plans to market strategies, and even tax responsibilities… there are many things to consider. Here’s what new business owners can do to help get off to a good start. Choose a business structure. The form of business determines which
- [IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Filers](https://vebcpa.com/2019/08/28/irs-automatically-waives-estimated-tax-penalty-for-eligible-2018-filers/) - IRS waives the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver.
- [The Taxpayer First Act](https://vebcpa.com/2019/08/28/the-taxpayer-first-act/) - New rights for taxpayers.
- [Employer Benefit for Family and Medical Leave](https://vebcpa.com/2019/08/28/employer-benefit-for-family-and-medical-leave/) - Employers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. It’s called the employer credit for family and medical leave. Here are some facts about the credit to help employers find out if they might be able to claim it. To be
- [Health Reimbursement Arrangements](https://vebcpa.com/2019/08/28/health-reimbursement-arrangements/) - Individual coverage HRAs provide good coverage for employees. Excepted benefit HRAs allow employers a low-cost option for employees with few medical needs.
- [Section 267A Deduction Disallowance: Disregarded Payments](https://vebcpa.com/2019/07/26/section-267a-deduction-disallowance-disregarded-payments/) - A U.S. taxpayer that deducts a “disregarded payment” of interest or royalties to a related person may find its deduction disallowed under IRC §267A. Proposed Treasury regulations define “disregarded payments” as interest and royalty payments that are not taxable income to the recipient. Specifically, they are payments that: are not considered received by the recipient
- [IRS to Virtual Currency Owners: Pay Back Taxes](https://vebcpa.com/2019/07/26/irs-to-virtual-currency-owners-pay-back-taxes/) - The IRS is pursuing owners of virtual currency for back taxes.
- [Self Certifying Hardship When Missing IRA 60 Day Rollover Window](https://vebcpa.com/2019/07/26/self-certifying-hardship-when-missing-ira-60-day-rollover-window/) - Missed the 60 day window to return funds to your retirement vehicle? There are some reasons the IRS will find acceptible
- [Unintended Burden of Kiddie Tax on Low- and Middle- Income Families](https://vebcpa.com/2019/07/26/unintended-burden-of-kiddie-tax-on-low-and-middle-income-families/) - TJCA changes have made the Kiddie tax a burden to low- and middle-income families
- [199A Features Have a Big Impact on Retirement Accounts](https://vebcpa.com/2019/07/27/199a-features-have-a-big-impact-on-retirement-accounts/) - How much you earn and how you earn your money impacts what kind of retirement vehicle you should consider: Traditional IRA, Roth IRA.
- [New W4 for 2020](https://vebcpa.com/2019/07/26/new-w4-for-2020/) - How will the new 2020 W-4 change your withholdings?
- [Tax Tip: Year Round Tax Planning - Credit and Deduction Review](https://vebcpa.com/2019/07/26/tax-tip-year-round-tax-planning-credit-and-deduction-review/) - Thinking about taxes year long might make things easier at tax time
- [Millions more ITINs set to expire in 2019](https://vebcpa.com/2019/06/24/millions-more-itins-set-to-expire-in-2019/) - Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019 as the Internal Revenue Service continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year. “We urge taxpayers with expiring ITINs to take action and renew the number as soon as
- [Tax Transcript Tips for FAFSA 2019-2020 College Semesters](https://vebcpa.com/2019/06/27/tax-transcript-tips-for-fafsa-2019-2020-college-semesters/) - When filling out financial aid applications, students and families may need to get tax information to complete the Free Application for Federal Student Aid form. The IRS Data Retrieval Tool is available to use with the 2019‒2020 FAFSA Form. This tool is the fastest, most accurate way to input tax return information into the FAFSA
- [Educators Claim Deduction to Get Money Back for Classroom Expenses](https://vebcpa.com/2019/06/27/educators-claim-deduction-to-get-money-back-for-classroom-expenses/) - Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators. Here are some things to know about this deduction: Educators can deduct up to $250 of trade or business expenses that were not reimbursed. As teachers prepare
- [Members of the Armed Forces Entitled to Certain Tax Benefits](https://vebcpa.com/2019/06/24/members-of-the-armed-forces-entitled-to-certain-tax-benefits/) - Members of the military and their families often qualify for special tax benefits. For example, members of the armed forces don’t have to pay taxes on some types of income. In addition, special rules could lower the tax they owe or allow them more time to file and pay their federal taxes. Here are some
- [Charitable Contributions and State and Local Tax Credits](https://vebcpa.com/2019/06/12/charitable-contributions-and-state-and-local-tax-credits/) - A taxpayer making tax-deductible contributions must reduce federal charitable deduction by the amount of any state tax credit the taxpayer receives in return
- [Large Corporate Compliance Program](https://vebcpa.com/2019/05/19/large-corporate-compliance-program/) - Compliance oversight for LB&I’s largest corporate taxpayers.
- [Stock Redemptions Post-Termination Transition Period](https://vebcpa.com/2019/05/19/stock-redemptions-post-termination-transition-period/) - The IRS has issued guidance on treatment of cash distributions made when a former S corporation (now a C corporation) redeems stock during the post-termination transition period. Post-Termination Transition Period and Accumulated E&P Once S corporation status ends, C corporation rules generally apply. There are, however, special rules for distributions during a designated period after
- [2019 Fleet Average Valuation and Vehicle-Cents-Per Mile Number Released](https://vebcpa.com/2019/05/19/2019-fleet-average-valuation-and-vehicle-cents-per-mile-number-released/) - The IRS has released 2019 maximum vehicle fair market values for use with the vehicle cents-per-mile valuation rule and the fleet-average valuation rule.
- [S Corp Losses Not Deductible: Debt Didn't Run to Shareholder](https://vebcpa.com/2019/05/19/s-corp-losses-not-deductible-debt-didnt-run-to-shareholder/) - A real estate developer could not deduct a portion of his S corporation’s losses because there was no debt between the S Corp and the developer as shareholder.
- [IRS Highlights Importance of Payroll Tax Compliance](https://vebcpa.com/2019/04/13/irs-highlights-importance-of-payroll-tax-compliance/) - The Internal Revenue Service announced the results of a national two-week education and enforcement campaign to combat employment tax crimes featuring visits to nearly 100 businesses showing signs of potential serious noncompliance and taking several dozen legal actions against suspected criminals. Payroll taxes withheld by employers account for nearly 72 percent of all revenue collected
- [Safe Harbor for Trades of Player and Staff-member Contracts and Draft Picks](https://vebcpa.com/2019/04/13/safe-harbor-for-trades-of-player-and-staff-member-contracts-and-draft-picks/) - Ssafe harbor allows professional sports teams to treat certain player and staff-member contracts and draft picks as having a zero value
- [Some People Get More Time to File Without Asking](https://vebcpa.com/2019/04/13/some-people-get-more-time-to-file-without-asking/) - Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the IRS
- [ID Theft: What to Look For and What to Do](https://vebcpa.com/2019/04/13/id-theft-what-to-look-for-and-what-to-do/) - Tax-related identity theft occurs when a thief uses someone’s stolen Social Security number to file a tax return and claim a fraudulent refund.
- [Partnership Section 179 Expensing and the Active Trade or Business Requirement](https://vebcpa.com/2019/04/13/partnership-section-179-expensing/) - A partnership may elect to expense property under IRC §179 only if the partnership uses the property predominantly (more than 50%) in the active conduct of a trade or business. The determination of whether the partnership is actively conducting a business is made by taking into account the activities of all partners. Deduction Limited to Taxable Income
- [New Jersey Completely Overhauls Corporation Business Tax Act](https://vebcpa.com/2019/04/13/new-jersey-completely-overhauls-corporation-business-tax-act/) - Overhaul of the New Jersey's net operating loss (NOL) carryforward rules
- [Deferral of Gains for Investments in a Qualified Opportunity Fund](https://vebcpa.com/2019/04/21/deferral-of-gains-for-investments-in-a-qualified-opportunity-fund/) - The proposed regulations allow deferral of all or part of a gain invested in a Qualified Opportunity Fund (QO Fund) that would otherwise be includible income.
- [Highly Compensated Employees](https://vebcpa.com/2019/03/14/highly-compensated-employees/) - In November 2018, the IRS announced an increase in the dollar threshold for determining who is a highly compensated employee which will affect 401(k) plan’s nondiscrimination testing. A 401(k) plan administrator conducting nondiscrimination testing must identify highly compensated employees for the year being tested. But highly compensated employee status for a testing year is not
- [Protect Personal, Financial and Tax Information](https://vebcpa.com/2019/03/14/protect-personal-financial-and-tax-information/) - The Internal Revenue Service urges taxpayers to protect the security of their personal, financial and tax information. Con artists use scams and schemes to steal personal information and money from unsuspecting victims, particularly during tax time. This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an
- [Beware of Fake Charities](https://vebcpa.com/2019/03/14/beware-of-fake-charities/) - The Internal Revenue Service encourages taxpayers to be alert to scam groups masquerading as charitable organizations. Using a tax deduction as bait, these fake charities often lure victims into making ineligible donations, ultimately leaving the unsuspecting donor in the lurch. “Scam artists commonly use charities as a cover to lure honest people into providing money
- [$1.4 Billion Waiting for Individuals Who Have Not Filed](https://vebcpa.com/2019/03/14/1-4-billion-waiting-for-individuals-who-have-not-filed/) - Refunds of $1.4 billion waiting to be claimed by individuals who have not filed federal income tax returns for 2015 Unclaimed income tax refunds totaling almost $1.4 billion may be waiting for an estimated 1.2 million taxpayers who did not file a 2015 Form 1040 federal income tax return, according to the Internal Revenue Service.
- [Limited Moving Expense Deduction](https://vebcpa.com/2019/03/14/limited-moving-expense-deduction/) - IRS Issues 2018 Version of Publication 969 on HSAs, HRAs, Health FSAs, and MSAs The IRS has substantially revised Publication 521 (Moving Expenses) to reflect limitations on the moving expense deduction and the exclusion for moving expense reimbursements imposed by the Tax Cuts and Jobs Act. Those limitations suspended the deduction and exclusion for an
- [70.5 Year Olds Must Receive Retirement Plan Payments by April 1](https://vebcpa.com/2019/03/14/70-5-year-olds-must-receive-retirement-plan-payments-by-april-1/) - Seniors who turned 70½ last year must start receiving retirement plan payments by April 1 The Internal Revenue Service reminds taxpayers that, in most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans. This
- [Business: Temporary 100 Percent Expensing](https://vebcpa.com/2019/02/13/business-temporary-100-percent-expensing/) - The law increases the bonus depreciation percentage from 50 percent to 100 percent for qualified property acquired and placed in service after September 27, 2017, and before January 1, 2023. The bonus depreciation percentage for qualified property that a taxpayer acquired before September 28, 2017, and placed in service before January 1, 2018, remains at 50 percent.
- [Like-Kind Exchanges of Real Property](https://vebcpa.com/2019/02/13/like-kind-exchanges-of-real-property/) - Generally, if a taxpayer exchanges business or investment property solely for business or investment property of a like or similar kind, they don’t need to recognize a gain or loss. However, TCJA now limits like-kind exchange treatment only to certain exchanges of real property and not to exchanges of personal or intangible property. An exchange
- [Larger Paychecks, Not Refunds, Treasury Spokesperson Says](https://vebcpa.com/2019/02/19/larger-paychecks-not-refunds-treasury-spokesperson-says/) - The average refund amount at the beginning of the 2019 tax filing season was smaller than this time period last year, a new IRS report shows. However, most taxpayers are seeing tax reform’s benefits in larger paychecks rather than refunds, a Treasury spokesperson said on February 15. Tax Refunds The average refund for the first
- [Murphy Announces Vision for State’s Tax Incentive Programs](https://vebcpa.com/2019/02/19/murphy-announces-vision-for-states-tax-incentive-programs/) - Incentives to be Capped and Targeted Toward High-Growth Industries Governor Phil Murphy released his plans in January for developing capped and targeted tax incentive programs as part of his economic development vision, with a focus on innovative, high-growth sectors and world-class communities. “I believe there is a role for tax incentives in economic development, but
- [New Jersey Opportunity Zones](https://vebcpa.com/2019/02/20/new-jersey-opportunity-zones/) - What are Opportunity Zones? Opportunity Zones were enacted as part of the 2017 federal Tax Cuts and Jobs Act and are designed to drive long-term capital investments into low-income rural and urban communities. This federal capital gains tax incentive encourages private investors to support investments in designated low-income distressed communities (Opportunity Zone census tracts) through
- [Business Tax Miscellaneous Provisions](https://vebcpa.com/2019/02/13/business-tax-miscellaneous-provisions/) - Opportunity Zones Opportunity Zones are an economic development tool to spur tax-favored investments in distressed communities throughout the country and in U.S. territories. Recently enacted provision (Section 1400Z-2) provides certain benefits for investment in these opportunity zones through investment in qualified opportunity funds. Qualified Opportunity Funds must be either a partnership or corporation organized for
- [TCJA Tax Law Changes Hampered by Federal Shutdown](https://vebcpa.com/2019/01/25/tcja-tax-law-changes-hampered-by-federal-shutdown/) - Any filing season that involves new tax law typically requires the IRS to determine what new data must be collected on a tax return and how that data will interact with other return data or processing. It might require the addition or revision of line items on a return, or the creation/revision of a schedule
- [IRS Waives Penalty for Taxpayers Who Paid at Least 85 Percent](https://vebcpa.com/2019/01/18/irs-waives-penalty-for-taxpayers-who-paid-at-least-85-percent/) - IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018 The Internal Revenue Service announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is
- [Qualified Business Income Deductions](https://vebcpa.com/2019/01/18/qualified-business-income-deductions/) - Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction). The new QBI
- [DOL: ERISA Preempts State Laws - Nonbinding Information Letter](https://vebcpa.com/2019/01/19/dol-erisa-preempts-state-laws-nonbinding-information-letter/) - The DOL has made available an information letter confirming that state laws requiring written consent before amounts are withheld from employees’ wages are preempted under ERISA § 514(a), which generally preempts state laws that “relate to” ERISA plans. The letter was issued to a representative of the American Council of Life Insurers that asked whether
- [2018 Maximums for Valuing an Employer-Provided Vehicle Personal Use](https://vebcpa.com/2019/01/19/2018-maximums-for-valuing-an-employer-provided-vehicle-personal-use/) - The IRS set the maximum values that limit use of the cents-per-mile and fleet-average valuation rules for employer-provided vehicles first made available to employees for personal use in calendar year 2018. The cents-per-mile rule determines the value of personal use by multiplying the business standard mileage rate (54.5 cents per mile for 2018) by the
- [House Rental Tax in New Jersey](https://vebcpa.com/2018/12/11/house-rental-tax-in-new-jersey/) - So you thought that renting your house on AirBnB sounded like a great way to earn some extra income. Did you consider the tax implications? New Jersey Tax on Transient Accommodations Every person who charges for the rental of a transient accommodation is a seller and must register with the State for the collection and remittance
- [New ABLE Account Benefits](https://vebcpa.com/2018/12/18/new-able-account-benefits/) - The Internal Revenue Service wants to remind those with disabilities that the Tax Cuts and Jobs Act (2017) made major changes to Achieving a Better Life Experience (ABLE) accounts. Eligible individuals may now put more money into their ABLE account and also roll money from their qualified tuition programs (529 plans) into their ABLE accounts.
- [IRS Guidance on New Tax Benefit for Stock Options](https://vebcpa.com/2018/12/18/irs-guidance-on-new-tax-benefit-for-stock-options/) - For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the
- [Applications Now Open for NJ Film Tax Credit Program](https://vebcpa.com/2018/12/18/applications-now-open-for-nj-film-tax-credit-program/) - Film and television production companies can now apply for tax credits through the New Jersey Film Tax Credit Program, the New Jersey Economic Development Authority (NJEDA) announced. As part of the Garden State Film and Digital Jobs Act signed by Governor Phil Murphy earlier this year, the program is designed to spur economic growth and
- [Employee Achievement Award Rules](https://vebcpa.com/2018/12/18/employee-achievement-award-rules/) - The IRS reminds employers that last year’s Tax Cuts and Jobs Act made changes to several programs that can affect an employer's bottom line and its employees' deductions. This includes employee achievement awards. Here are some facts about these changes: Under previous law: Employers could deduct the cost of certain employee achievement awards. Deductible awards
- [Determining Nondeductible Amount of Parking Fringe Expenses](https://vebcpa.com/2018/12/18/determining-nondeductible-amount-of-parking-fringe-expenses/) - IRS issues guidance for determining nondeductible amount of parking fringe expenses and unrelated business taxable income; provides penalty relief to tax-exempt organizations The Internal Revenue Service issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules assist taxpayers in determining the amount
- [Wrongful Incarceration Exclusion Reminder](https://vebcpa.com/2018/12/18/wrongful-incarceration-exclusion-reminder/) - Wrongfully-incarcerated individuals, wishing to take advantage of the special retroactive tax exclusion, usually must file refund claims by Monday, Dec. 17, 2018, according to the Internal Revenue Service. The income tax exclusion applies to any civil damages, restitution or other monetary award received in connection with their incarceration. This means that an eligible wrongfully-incarcerated individual
- [First Plug-in Electric Vehicle Manufacturer Crosses 200,000 Sold Threshold](https://vebcpa.com/2018/12/18/first-plug-in-electric-vehicle-crosses-threshold/) - The IRS announced today that Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018.This triggers a phase out of the tax credit available for purchasers of new Tesla plug-in electric vehicles beginning Jan. 1, 2019. Qualifying vehicles by the manufacturer are
- [Three Common Types of IRS Tax Penalties](https://vebcpa.com/2018/06/13/three-common-types-of-irs-tax-penalties/) - Around this time of year, many people have filed and forgotten about their 2017 tax returns. But you could get an abrupt reminder in the form of an IRS penalty.
- [Put More Money Into ABLE Accounts](https://vebcpa.com/2018/06/18/put-more-money-into-able-accounts/) - People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service.
- [Taxpayer Bill of Rights: Ten Rights for All Taxpayers](https://vebcpa.com/2018/05/16/taxpayer-bill-of-rights-ten-rights-for-all-taxpayers/) - America’s taxpayers have specific rights when they interact with the IRS. These ten rights are known collectively as the Taxpayer Bill of Rights.
- [Small business accounting method changes under TCJA](https://vebcpa.com/2018/08/13/small-business-accounting-method-changes-under-tcja/) - The Internal Revenue Service issued guidance on new tax law changes that allow small business taxpayers with average annual gross earnings of $25 million or less in the prior three-year period to use the cash method of accounting.
- [Get an Early Tax Refund by Adjusting Your Withholding](https://vebcpa.com/2018/05/14/get-an-early-tax-refund-by-adjusting-your-withholding/) - Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash.
- [Deducting Home Equity Interest Under the Tax Cuts and Jobs Act](https://vebcpa.com/2018/06/13/deducting-home-equity-interest-under-the-tax-cuts-and-jobs-act/) - Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some longstanding deductions. In response, the IRS recently clarified that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible.
- [4 Questions to Ask Before Hiring Household Help](https://vebcpa.com/2018/07/13/4-questions-to-ask-before-hiring-household-help/) - When you hire someone to work in your home, you may become an employer and have tax obligations such as withholding and SS and FICA and possibly federal and state unemployment insurance.
- [Distinctive Features of Roth IRAs](https://vebcpa.com/2018/08/13/distinctive-features-of-roth-iras/) - Roth IRAs can offer income and estate tax benefits that are preferable to those offered by traditional IRAs. A Roth IRA may offer a greater opportunity to build up tax-advantaged funds.
- [Depreciation limits on luxury automobiles](https://vebcpa.com/2018/11/16/depreciation-limits-on-luxury-automobiles/) - The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017.
- [Small business, self-employed should plan now for new changes](https://vebcpa.com/2018/10/15/small-business-self-employed-should-plan-now-for-new-changes/) - With just a few months left in tax year 2018, the Internal Revenue Service today urges small business owners to learn about how the new tax law changes may affect them.
- [Earned Sick Leave: What NJ employers need to know](https://vebcpa.com/2018/11/16/earned-sick-leave-what-nj-employers-need-to-know/) - Most New Jersey employers are now required to provide employees with earned sick leave.
- [Tax Advantages of a 529 Savings Plan](https://vebcpa.com/2018/09/16/tax-advantages-of-a-529-savings-plan/) - 529 plans are generally state-sponsored, and the savings-plan option offers the opportunity to potentially build up a significant college nest egg because of tax-deferred compounding.
- [New tax law revised family tax credits](https://vebcpa.com/2018/11/16/new-tax-law-revised-family-tax-credits/) - More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service.
- [100-percent depreciation deduction benefits business taxpayers](https://vebcpa.com/2018/10/15/100-percent-depreciation-deduction-benefits-business-taxpayers/) - Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service.
- [Tax law changes may affect business owners](https://vebcpa.com/2018/10/16/tax-law-changes-may-affect-business-owners/) - The Internal Revenue Service reminds business owners that tax reform legislation passed last December affects nearly every business.
- [Dynasty Trusts More Valuable Than Ever](https://vebcpa.com/2018/03/14/dynasty-trusts-more-valuable-than-ever/) - The Tax Cuts and Jobs Act (TCJA), signed into law this past December, affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts. Exemption changes Let’s start with the TCJA. It doesn’t repeal the estate tax, as had been discussed before
- [Business Owners: Bonus Depreciation](https://vebcpa.com/2018/03/14/business-owners-bonus-depreciation/) - Every company needs to upgrade its assets occasionally, whether desks and chairs or a huge piece of complex machinery. But before you go shopping this year, be sure to brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act (TCJA) passed late last year. Old law Qualified new
- [Taxpayers with undisclosed foreign assets urged to come forward](https://vebcpa.com/2018/03/14/taxpayers-with-undisclosed-foreign-assets-urged-to-come-forward/) - The Internal Revenue Service announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting taxpayers, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes. “Taxpayers have had several
- [Guard personal, financial, tax info](https://vebcpa.com/2018/03/14/guard-personal-financial-tax-info/) - The Internal Revenue Service today urged taxpayers to remain vigilant in protecting their personal and tax information. Scams and schemes using the IRS as a lure can take on many variations, so practicing personal information security is vital. The IRS also reminds taxpayers to help protect themselves against identity theft by reviewing safety tips offered
- [Dealing in the Sharing Economy](https://vebcpa.com/2018/08/13/dealing-in-the-sharing-economy/) - If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing economy. An emerging area of activity in the past few years, the sharing economy has changed
- [Facts to help taxpayers understand IRAs](https://vebcpa.com/2018/09/18/facts-to-help-taxpayers-understand-iras/) - Individual Retirement Arrangements – better known simply as IRAs – are accounts into which someone can deposit money to provide financial security when they retire. A taxpayer can set up an IRA with a: bank or other financial institution life insurance company mutual fund stockbroker Terms and definitions related to IRAs Traditional IRA: Contributions to
- [Taxable vs. Tax-advantaged: Where to Hold Investments](https://vebcpa.com/2018/11/16/taxable-vs-tax-advantaged-where-to-hold-investments/) - When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts. Know the rules Some investments, such as fast-growing stocks, can generate substantial capital gains,
- [IRS Criminal Investigation releases Fiscal Year 2018 Annual Report](https://vebcpa.com/2018/11/16/irs-criminal-investigation-releases-fiscal-year-2018-annual-report/) - The Internal Revenue Service today released the Criminal Investigation Division’s (CI) annual report, reflecting significant accomplishments and criminal enforcement actions taken in fiscal year 2018. “This report shows that as financial crime has evolved and proliferated around the world, so have IRS Criminal Investigation special agents and their abilities to track the proceeds of financial
- [Tax reform affects if and how taxpayers itemize their deductions](https://vebcpa.com/2018/11/16/tax-reform-affects-if-and-how-taxpayers-itemize-their-deductions/) - Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions. This means that many individuals
- [Small businesses expense more expand bonus depreciation](https://vebcpa.com/2018/11/16/small-businesses-expense-more-expand-bonus-depreciation/) - The Internal Revenue Service reminds small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service. The Tax Cuts and Jobs Act (TCJA), passed in December
- [Plan now to use Health Flexible Spending Arrangements](https://vebcpa.com/2018/11/16/plan-now-to-use-health-flexible-spending-arrangements/) - The Internal Revenue Service reminds eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2019. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how
- [Your gift means a great deal - make sure it's real](https://vebcpa.com/2018/11/16/your-gift-means-a-great-deal-make-sure-its-real/) - Want to check on an organization’s tax-exempt status? Try the IRS Tax Exempt Organization Search (TEOS) tool. [youtube https://www.youtube.com/watch?v=V4uD0htKKkk]
- [Changes to real estate rehabilitation tax credit](https://vebcpa.com/2018/10/17/changes-to-real-estate-rehabilitation-tax-credit/) - The rehabilitation tax credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule: The credit is 20 percent of the taxpayer’s qualifying costs for rehabilitating a building. The credit doesn’t apply to the
- [Low-income housing units offered to displaced victims recent disasters](https://vebcpa.com/2018/10/16/low-income-housing-units-offered-to-displaced-victims-recent-disasters/) - Low-income housing units nationwide may be offered to displaced victims of Hurricanes Michael and Florence, other recent disasters The Internal Revenue Service has provided temporary relief from certain requirements of the Internal Revenue Code to allow owners and operators of low-income housing projects located anywhere in the United States and its territories to provide temporary
- [Are You a Member of the Sandwich Generation?](https://vebcpa.com/2018/10/15/are-you-a-member-of-the-sandwich-generation/) - If you’re currently taking care of your children and elderly parents, count yourself among those in the "Sandwich Generation." Although it may be personally gratifying to help your parents, it can be a financial burden and affect your own estate plan. Here are some critical steps to take to better manage the situation. Identify key
- [Retirees: Avoid a surprise tax bill](https://vebcpa.com/2018/09/17/retirees-avoid-a-surprise-tax-bill/) - With tax reform bringing major changes for the year ahead, the Internal Revenue Service today urged retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov. The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most
- [Extended deadlines tax relief for victims of Hurricane Florence](https://vebcpa.com/2018/09/17/extended-deadlines-tax-relief-for-victims-of-hurricane-florence/) - Hurricane Florence victims in parts of North Carolina and elsewhere have until Jan. 31, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance.
- [TCJA Draws a Silver Lining Around the Individual AMT](https://vebcpa.com/2018/09/16/tcja-draws-a-silver-lining-around-the-individual-amt/) - The Tax Cuts and Jobs Act (TCJA) didn’t eliminate the individual alternative minimum tax (AMT). But the law did draw a silver lining around it. Revised rules now lessen the likelihood that many taxpayers will owe substantial taxes under the AMT for 2018 through 2025. Parallel universe Think of the AMT as a parallel universe
- [Taxpayers have more time to challenge levy](https://vebcpa.com/2018/08/13/taxpayers-have-more-time-to-challenge-levy/) - The IRS reminds individuals and businesses that they have additional time to file an administrative claim or bring a civil action for wrongful levy or seizure. Tax reform legislation enacted in December extended the time limit from nine months to two years. Here are some facts about levies and the extension of time to file
- [Your Exposure to the Estate Tax and Gift Tax](https://vebcpa.com/2018/08/13/your-exposure-to-the-estate-tax-and-gift-tax/) - When Congress was debating tax law reform last year, there was talk of repealing the federal estate and gift taxes. As it turned out, rumors of their demise were highly exaggerated. Both still exist and every taxpayer with a high degree of wealth shouldn’t let either take their heirs by surprise. Exclusions and exemptions For
- [Retirees can visit IRS.gov for helpful tools and resources](https://vebcpa.com/2018/07/13/retirees-can-visit-irs-gov-for-helpful-tools-and-resources/) - Retirement can affect someone’s tax situation. Anyone who has retired recently — or who plans to retire soon — can visit IRS.gov for information that can help them prepare for filing their taxes next year. Here are some tools and resources for retirees, all available on IRS.gov: Individual Retirement Arrangement FAQs – Withdrawals Publication 915,
- [Veterans owed refunds for overpayments](https://vebcpa.com/2018/07/13/veterans-owed-refunds-for-overpayments/) - Veterans owed refunds for overpayments attributable to disability severance payments should file amended returns to claim tax refunds The Internal Revenue Service today is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to
- [IRS offers summer tips for temporary jobs, marriage, deductions and credits](https://vebcpa.com/2018/07/13/irs-offers-summer-tips-for-temporary-jobs-marriage-deductions-and-credits/) - Before starting a summer job, taking a vacation or sending the kids off to camp, the Internal Revenue Service wants taxpayers to know that some summertime activities may qualify for tax credits or deductions. The IRS also recommends that taxpayers check the amount of their withholding taxes now to help avoid surprises next filing season.
- [Don't Let the Kiddie Tax Play Costly Games with You](https://vebcpa.com/2018/07/13/dont-let-the-kiddie-tax-play-costly-games-with-you/) - It’s not uncommon for parents, grandparents and others to make financial gifts to minors and young adults. Perhaps you want to transfer some appreciated stock to a child or grandchild to start them on their journey toward successful wealth management. Or maybe you simply want to remove some assets from your taxable estate or shift
- [2 Million ITINs to Expire This Year](https://vebcpa.com/2018/06/18/2-million-itins-to-expire-this-year/) - With more than 2 million Individual Taxpayer Identification Numbers (ITINs) set to expire at the end of 2018, the Internal Revenue Service today urged affected taxpayers to submit their renewal applications soon to beat the rush and avoid refund delays next year. In the third year of the renewal program, the IRS has increased staffing
- [Watch for Scams During Hurricane Season](https://vebcpa.com/2018/06/18/watch-for-scams-during-hurricane-season/) - With hurricane season running through November 30, taxpayers should remember that criminals and scammers often try to take advantage of generous taxpayers who want to help disaster victims. Everyone should be vigilant, because scams often pop up after a hurricane. These disaster scams normally start with unsolicited contact in several ways. The scammer contacts their
- [Disaster Readiness Guidance During National Hurricane Preparedness Week](https://vebcpa.com/2018/05/14/disaster-readiness-guidance-during-national-hurricane-preparedness-week/) - The IRS reminds taxpayers who may be impacted by hurricanes and other natural disasters that now is a good time to begin preparing for one. National Hurricane Preparedness Week runs from May 6-12. The IRS also wants taxpayers to know that the agency is here to help, including offering a special toll-free hotline for those
- [Seasonal, Part-year Workers Urged to Check Tax Withholding Amount](https://vebcpa.com/2018/05/14/seasonal-part-year-workers-urged-to-check-tax-withholding-amount/) - The Internal Revenue Service today encouraged taxpayers who work seasonal jobs or are employed part of the year to visit the Withholding Calculator and perform a “paycheck checkup.” The Tax Cuts and Jobs Act made changes to the tax law, including increasing the standard deduction, eliminating personal exemptions, increasing the child tax credit, limiting or
- [Foreign Accounts Call for Specific Reporting Requirements](https://vebcpa.com/2018/05/14/foreign-accounts-call-for-specific-reporting-requirements/) - In an increasingly globalized society, many people choose to open offshore accounts to deposit a portion of their wealth. When doing so, it’s important to follow the IRS’s strict foreign accounts reporting requirements. In a nutshell, if you have a financial interest in or signature authority over any foreign accounts, including bank accounts, brokerage accounts,
- [Inflation Adjustments Under Recently Enacted Tax Law](https://vebcpa.com/2018/04/14/inflation-adjustments-under-recently-enacted-tax-law/) - The Internal Revenue Service has updated the tax year 2018 annual inflation adjustments to reflect changes from the Tax Cuts and Jobs Act (TCJA). The tax year 2018 adjustments are generally used on tax returns filed in 2019. The tax items affected by TCJA for tax year 2018 of greatest interest to most taxpayers include
- [Combat Zone Tax Benefits](https://vebcpa.com/2018/04/14/combat-zone-tax-benefits/) - Combat zone tax benefits now available to Armed Forces members who served in the Sinai Peninsula; IRS accepting retroactive tax refund claims back to 2015 U.S. Armed Forces members who served in the Sinai Peninsula of Egypt may qualify for combat zone tax benefits retroactive to June 2015, according to the Internal Revenue Service. Under
- [The New Deal on Employee Meals and Entertainment](https://vebcpa.com/2018/04/14/the-new-deal-on-employee-meals-and-entertainment/) - Years and years ago, the notion of having a company cafeteria or regularly catered meals was generally feasible for only the biggest of businesses. But, more recently, employers providing meals to employees has become somewhat common for many midsize to large companies. A recent tax law change, however, may curtail the practice. As you’re likely
- [Child Credit to Get Even More Valuable](https://vebcpa.com/2018/04/14/child-credit-to-get-even-more-valuable/) - The child credit has long been a valuable tax break. But, with the passage of the Tax Cuts and Jobs Act (TCJA) late last year, it’s now even better — at least for a while. Here are some details that every family should know. Amount and limitations For the 2017 tax year, the child credit
- [Things to Remember when Considering Early Withdrawals from Retirement Plans](https://vebcpa.com/2018/03/15/things-to-remember-when-considering-early-withdrawals-from-retirement-plans/) - Many taxpayers may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. They would owe this tax on top of other income tax they may have to pay. Here are a few key points to know: Early withdrawals. An
- [Popular Tax Benefits Retroactively Renewed for 2017](https://vebcpa.com/2018/02/22/popular-tax-benefits-retroactively-renewed-for-2017/) - The Internal Revenue Service today said that it is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into law. The Bipartisan Budget Act, enacted on Feb. 9, renewed for tax year 2017 a wide range of individual and business tax benefits that had expired at the end of
- [Scam Alert IRS Watch Out for Erroneous Refunds](https://vebcpa.com/2018/02/19/scam-alert-irs-watch-out-for-refunds/) - The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed. Following up on a Security Summit alert issued Feb. 2, the IRS issued this additional warning
- [The Earned Income Tax Credit](https://vebcpa.com/2018/02/19/the-earned-income-tax-credit/) - The earned income tax credit is a benefit for working people with low and moderate incomes. To qualify, taxpayers must meet certain requirements and file a tax return, even if they don’t owe any tax or aren’t required to file. Here are some things taxpayers should know about the EITC: It’s Important to Review Eligibility
- [When an Elderly Parent Might Qualify as Your Dependent](https://vebcpa.com/2018/02/19/when-an-elderly-parent-might-qualify-as-your-dependent/) - It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for an adult-dependent exemption to deduct up to $4,050 for each person claimed on your 2017 return. Basic qualifications For you to qualify for the adult-dependent exemption, in most cases your parent must have less
- [Making 2017 Retirement Plan Contributions in 2018](https://vebcpa.com/2018/02/19/making-2017-retirement-plan-contributions-in-2018/) - The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans. For example, if you qualify, you can make a deductible contribution to a traditional IRA right up until the April
- [Grandparents Caring for Grandchildren Should Check](https://vebcpa.com/2018/01/24/grandparents-caring-for-grandchildren-should-check/) - Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit (EITC). The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents who care for children are often not
- [Many Hurricane Victims Qualify](https://vebcpa.com/2018/01/24/many-hurricane-victims-qualify/) - Many Hurricane Victims Qualify for Earned Income Tax Credit; Special Method Can Aid Workers Whose Income Dropped The IRS is urging victims of last year’s hurricanes, especially those who lived in areas affected by Hurricanes Harvey, Irma and Maria, to see if they qualify for the Earned Income Tax Credit (EITC). According to the IRS,
- [Special Rules Help Many with Disabilities](https://vebcpa.com/2018/01/24/special-rules-help-many-with-disabilities/) - IRS: Special Rules Help Many with Disabilities Qualify for Earned Income Tax Credit The Internal Revenue Service wants taxpayers with disabilities and parents of children with disabilities to be aware of the Earned Income Tax Credit (EITC) and correctly claim it if they qualify. The IRS says that many with disabilities miss out on this
- [IRS Urges Travelers Requiring Passports to Pay Back Taxes](https://vebcpa.com/2018/01/16/irs-urges-travelers-requiring-passports-to-pay-back-taxes/) - The Internal Revenue Service today strongly encouraged taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy. This month, the IRS will begin implementation of new procedures affecting individuals with “seriously delinquent tax debts.” These new
- [Nine Facts About the Adoption Credit](https://vebcpa.com/2018/01/13/nine-facts-about-the-adoption-credit/) - Adoptive parents around the country may qualify for a tax credit. Parents who either adopted a child or tried to adopt a child may claim the adoption credit. Here are nine things you should know about this credit. Credit. The credit is nonrefundable. This means the credit may only reduce a taxpayer’s tax liability to zero. If
- [Help Prevent Tax Identity Theft By Filing Early](https://vebcpa.com/2018/01/13/help-prevent-tax-identity-theft-by-filing-early/) - If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 17 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 15. But there’s another date you should keep in mind:
- [Highlights of the New Tax Reform Law](https://vebcpa.com/2018/01/13/highlights-of-the-new-tax-reform-law/) - The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are

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- [Personal Tax](https://vebcpa.com/category/personal-tax/) - Personal Tax impacts everyone. Let Vernoia, Enterline + Brewer, CPA LLC help you navigate and plan.
- [Retirement Planning](https://vebcpa.com/category/personal-tax/retirement-planning/) - Planning for retirement is a primary consideration for individuals.
- [Charitable Donations](https://vebcpa.com/category/personal-tax/charitable-donations/) - You are a giving person, let Vernoia, Enterline + Brewer, CPA LLC help you make it count.
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## Tags

- [Tax Cuts and Jobs Act](https://vebcpa.com/tag/tax-cuts-and-jobs-act/)
- [TCJA](https://vebcpa.com/tag/tcja/)
- [filing early](https://vebcpa.com/tag/filing-early/)
- [identity theft](https://vebcpa.com/tag/identity-theft/)
- [adoption tax credit](https://vebcpa.com/tag/adoption-tax-credit/)
- [FAST Act](https://vebcpa.com/tag/fast-act/)
- [passport](https://vebcpa.com/tag/passport/)
- [tax debt](https://vebcpa.com/tag/tax-debt/)
- [ACTC](https://vebcpa.com/tag/actc/)
- [child with disability](https://vebcpa.com/tag/child-with-disability/)
- [Disability](https://vebcpa.com/tag/disability/)
- [Earned income tax credit](https://vebcpa.com/tag/earned-income-tax-credit/)
- [EITC](https://vebcpa.com/tag/eitc/)
- [irs](https://vebcpa.com/tag/irs-2/)
- [SNAP](https://vebcpa.com/tag/snap/)
- [hurricane](https://vebcpa.com/tag/hurricane/)
- [Hurricane Harvey](https://vebcpa.com/tag/hurricane-harvey/)
- [Hurricane Irma](https://vebcpa.com/tag/hurricane-irma/)
- [Hurricane Maria](https://vebcpa.com/tag/hurricane-maria/)
- [grandchildren](https://vebcpa.com/tag/grandchildren/)
- [grandparents](https://vebcpa.com/tag/grandparents/)
- [IRA](https://vebcpa.com/tag/ira/)
- [Roth IRA](https://vebcpa.com/tag/roth-ira/)
- [adult-dependent](https://vebcpa.com/tag/adult-dependent/)
- [exemption](https://vebcpa.com/tag/exemption/)
- [tax refunds](https://vebcpa.com/tag/tax-refunds/)
- [Bipartisan Budget Act](https://vebcpa.com/tag/bipartisan-budget-act/)
- [foreclosure](https://vebcpa.com/tag/foreclosure/)
- [Mortgage insurance](https://vebcpa.com/tag/mortgage-insurance/)
- [qualified tuition](https://vebcpa.com/tag/qualified-tuition/)
- [early withdrawal](https://vebcpa.com/tag/early-withdrawal/)
- [Retirement Planning](https://vebcpa.com/tag/retirement-planning/)
- [child credit](https://vebcpa.com/tag/child-credit/)
- [child tax credit](https://vebcpa.com/tag/child-tax-credit/)
- [business entertainment](https://vebcpa.com/tag/business-entertainment/)
- [business meals](https://vebcpa.com/tag/business-meals/)
- [sinai peninsula](https://vebcpa.com/tag/sinai-peninsula/)
- [veterans](https://vebcpa.com/tag/veterans/)
- [inflation adjustments](https://vebcpa.com/tag/inflation-adjustments/)
- [medical savings account](https://vebcpa.com/tag/medical-savings-account/)
- [withholding](https://vebcpa.com/tag/withholding/)
- [disclose foreign assets](https://vebcpa.com/tag/disclose-foreign-assets/)
- [FBAR](https://vebcpa.com/tag/fbar/)
- [FinCEN](https://vebcpa.com/tag/fincen/)
- [electronic backup](https://vebcpa.com/tag/electronic-backup/)
- [emergency plan](https://vebcpa.com/tag/emergency-plan/)
- [emergency preparedness](https://vebcpa.com/tag/emergency-preparedness/)
- [tax tips](https://vebcpa.com/tag/tax-tips/)
- [Taxpayer Bill of Rights](https://vebcpa.com/tag/taxpayer-bill-of-rights/)
- [deductions](https://vebcpa.com/tag/deductions/)
- [home equity](https://vebcpa.com/tag/home-equity/)
- [IRS penalty](https://vebcpa.com/tag/irs-penalty/)
- [ABLE](https://vebcpa.com/tag/able/)
- [Saver's Credit](https://vebcpa.com/tag/savers-credit/)
- [natural disaster](https://vebcpa.com/tag/natural-disaster/)
- [Individual Taxpayer Identification Numbers](https://vebcpa.com/tag/individual-taxpayer-identification-numbers/)
- [ITINs](https://vebcpa.com/tag/itins/)
- [kiddie tax](https://vebcpa.com/tag/kiddie-tax/)
- [gardener](https://vebcpa.com/tag/gardener/)
- [household employee](https://vebcpa.com/tag/household-employee/)
- [housekeeper](https://vebcpa.com/tag/housekeeper/)
- [landscaping](https://vebcpa.com/tag/landscaping/)
- [nanny](https://vebcpa.com/tag/nanny/)
- [tax credits](https://vebcpa.com/tag/tax-credits/)
- [annuity](https://vebcpa.com/tag/annuity/)
- [pensions](https://vebcpa.com/tag/pensions/)
- [Social Security](https://vebcpa.com/tag/social-security/)
- [estate tax](https://vebcpa.com/tag/estate-tax/)
- [gift tax](https://vebcpa.com/tag/gift-tax/)
- [access economy](https://vebcpa.com/tag/access-economy/)
- [airbnb](https://vebcpa.com/tag/airbnb/)
- [gig](https://vebcpa.com/tag/gig/)
- [lyft](https://vebcpa.com/tag/lyft/)
- [on-demand](https://vebcpa.com/tag/on-demand/)
- [sharing economy](https://vebcpa.com/tag/sharing-economy/)
- [uber](https://vebcpa.com/tag/uber/)
- [cash method](https://vebcpa.com/tag/cash-method/)
- [cost capitalization](https://vebcpa.com/tag/cost-capitalization/)
- [levy](https://vebcpa.com/tag/levy/)
- [seized assets](https://vebcpa.com/tag/seized-assets/)
- [seizure](https://vebcpa.com/tag/seizure/)
- [alternative minimum tax](https://vebcpa.com/tag/alternative-minimum-tax/)
- [AMT](https://vebcpa.com/tag/amt/)
- [inflation-adjusted AMT exemption](https://vebcpa.com/tag/inflation-adjusted-amt-exemption/)
- [maximum regular tax](https://vebcpa.com/tag/maximum-regular-tax/)
- [529 savings account](https://vebcpa.com/tag/529-savings-account/)
- [college funding](https://vebcpa.com/tag/college-funding/)
- [disaster relief](https://vebcpa.com/tag/disaster-relief/)
- [FEMA](https://vebcpa.com/tag/fema/)
- [pension](https://vebcpa.com/tag/pension/)
- [retirees](https://vebcpa.com/tag/retirees/)
- [caregiver](https://vebcpa.com/tag/caregiver/)
- [caretaker](https://vebcpa.com/tag/caretaker/)
- [deduction](https://vebcpa.com/tag/deduction/)
- [Depreciation](https://vebcpa.com/tag/depreciation/)
- [taxpayers](https://vebcpa.com/tag/taxpayers/)
- [self-employment tax](https://vebcpa.com/tag/self-employment-tax/)
- [small business owner](https://vebcpa.com/tag/small-business-owner/)
- [emergency housing](https://vebcpa.com/tag/emergency-housing/)
- [low-income housing](https://vebcpa.com/tag/low-income-housing/)
- [business owner](https://vebcpa.com/tag/business-owner/)
- [rehabilitation tax credit](https://vebcpa.com/tag/rehabilitation-tax-credit/)
- [charitable giving](https://vebcpa.com/tag/charitable-giving/)
- [charity](https://vebcpa.com/tag/charity/)
- [Select Check](https://vebcpa.com/tag/select-check/)
- [TEOS](https://vebcpa.com/tag/teos/)
- [Flexible Spending Account](https://vebcpa.com/tag/flexible-spending-account/)
- [FSA](https://vebcpa.com/tag/fsa/)
- [expensing changes](https://vebcpa.com/tag/expensing-changes/)
- [Section 179 expensing](https://vebcpa.com/tag/section-179-expensing/)
- [luxury automobiles](https://vebcpa.com/tag/luxury-automobiles/)
- [CI](https://vebcpa.com/tag/ci/)
- [Criminal Investigation Division](https://vebcpa.com/tag/criminal-investigation-division/)
- [municipal bonds](https://vebcpa.com/tag/municipal-bonds/)
- [mutual funds](https://vebcpa.com/tag/mutual-funds/)
- [benefits](https://vebcpa.com/tag/benefits/)
- [payroll](https://vebcpa.com/tag/payroll/)
- [sick leave](https://vebcpa.com/tag/sick-leave/)
- [earned sick leave](https://vebcpa.com/tag/earned-sick-leave/)
- [electric car](https://vebcpa.com/tag/electric-car/)
- [vehicle credit](https://vebcpa.com/tag/vehicle-credit/)
- [Form 1040X](https://vebcpa.com/tag/form-1040x/)
- [Incarceration Exclusion PATH Act](https://vebcpa.com/tag/incarceration-exclusion-path-act/)
- [wrongful incarceration](https://vebcpa.com/tag/wrongful-incarceration/)
- [privately-held corporations](https://vebcpa.com/tag/privately-held-corporations/)
- [stock options](https://vebcpa.com/tag/stock-options/)
- [RSUs](https://vebcpa.com/tag/rsus/)
- [restricted stock units](https://vebcpa.com/tag/restricted-stock-units/)
- [New Jersey Film Tax Credit Program](https://vebcpa.com/tag/new-jersey-film-tax-credit-program/)
- [Garden State Film and Digital Media Jobs Act](https://vebcpa.com/tag/garden-state-film-and-digital-media-jobs-act/)
- [employee achievement awards](https://vebcpa.com/tag/employee-achievement-awards/)
- [transportation fringe benefit](https://vebcpa.com/tag/transportation-fringe-benefit/)
- [parking expenses](https://vebcpa.com/tag/parking-expenses/)
- [unrelated business taxable income](https://vebcpa.com/tag/unrelated-business-taxable-income/)
- [UBTI](https://vebcpa.com/tag/ubti/)
- [rental house](https://vebcpa.com/tag/rental-house/)
- [transient accommodations](https://vebcpa.com/tag/transient-accommodations/)
- [tax penalty](https://vebcpa.com/tag/tax-penalty/)
- [tax relief](https://vebcpa.com/tag/tax-relief/)
- [estimated tax](https://vebcpa.com/tag/estimated-tax/)
- [QBI](https://vebcpa.com/tag/qbi/)
- [REIT](https://vebcpa.com/tag/reit/)
- [ERISA](https://vebcpa.com/tag/erisa/)
- [fleet average rule](https://vebcpa.com/tag/fleet-average-rule/)
- [general valuation rule](https://vebcpa.com/tag/general-valuation-rule/)
- [annual lease valuation rule](https://vebcpa.com/tag/annual-lease-valuation-rule/)
- [cents-per-mile rule](https://vebcpa.com/tag/cents-per-mile-rule/)
- [Tax](https://vebcpa.com/tag/tax/)
- [TCJA guidance](https://vebcpa.com/tag/tcja-guidance/)
- [bonus depreciation](https://vebcpa.com/tag/bonus-depreciation/)
- [opportunity zones](https://vebcpa.com/tag/opportunity-zones/)
- [qualified opportunity fund](https://vebcpa.com/tag/qualified-opportunity-fund/)
- [QOF](https://vebcpa.com/tag/qof/)
- [IRS levy](https://vebcpa.com/tag/irs-levy/)
- [tax reform](https://vebcpa.com/tag/tax-reform/)
- [opportunity zone](https://vebcpa.com/tag/opportunity-zone/)
- [phishing scams](https://vebcpa.com/tag/phishing-scams/)
- [unclaimed tax returns](https://vebcpa.com/tag/unclaimed-tax-returns/)
- [401(k)](https://vebcpa.com/tag/401k/)
- [hsa](https://vebcpa.com/tag/hsa/)
- [publication 521](https://vebcpa.com/tag/publication-521/)
- [simplified employee pension](https://vebcpa.com/tag/simplified-employee-pension/)
- [SEP](https://vebcpa.com/tag/sep/)
- [savings incentive match plans for employees](https://vebcpa.com/tag/savings-incentive-match-plans-for-employees/)
- [SIMPLE](https://vebcpa.com/tag/simple/)
- [IRA trustee](https://vebcpa.com/tag/ira-trustee/)
- [payroll tax](https://vebcpa.com/tag/payroll-tax/)
- [partnership taxable income](https://vebcpa.com/tag/partnership-taxable-income/)
- [qualified opportunity zone](https://vebcpa.com/tag/qualified-opportunity-zone/)
- [qo fund](https://vebcpa.com/tag/qo-fund/)
- [Corporate Business Tax](https://vebcpa.com/tag/corporate-business-tax/)
- [CBT](https://vebcpa.com/tag/cbt/)
- [corporate tax](https://vebcpa.com/tag/corporate-tax/)
- [Large Corporate Compliance](https://vebcpa.com/tag/large-corporate-compliance/)
- [post-termination transition period](https://vebcpa.com/tag/post-termination-transition-period/)
- [accumulated adjustments account](https://vebcpa.com/tag/accumulated-adjustments-account/)
- [accumulated earnings and profits](https://vebcpa.com/tag/accumulated-earnings-and-profits/)
- [vehicle fair market values](https://vebcpa.com/tag/vehicle-fair-market-values/)
- [S Corp](https://vebcpa.com/tag/s-corp/)
- [C Corp](https://vebcpa.com/tag/c-corp/)
- [ITIN](https://vebcpa.com/tag/itin/)
- [military tax benefits](https://vebcpa.com/tag/military-tax-benefits/)
- [bitcoin](https://vebcpa.com/tag/bitcoin/)
- [virtual currency](https://vebcpa.com/tag/virtual-currency/)
- [credits](https://vebcpa.com/tag/credits/)
- [2020 W-F](https://vebcpa.com/tag/2020-w-f/)
- [Traditional IRA](https://vebcpa.com/tag/traditional-ira/)
- [waiver](https://vebcpa.com/tag/waiver/)
- [penalty](https://vebcpa.com/tag/penalty/)
- [business structure](https://vebcpa.com/tag/business-structure/)
- [corporate entity](https://vebcpa.com/tag/corporate-entity/)
- [family leave](https://vebcpa.com/tag/family-leave/)
- [medical leave](https://vebcpa.com/tag/medical-leave/)
- [ACA](https://vebcpa.com/tag/aca/)
- [HRA](https://vebcpa.com/tag/hra/)
- [preexisting conditions](https://vebcpa.com/tag/preexisting-conditions/)
- [CAP](https://vebcpa.com/tag/cap/)
- [Compliance Assurance Process](https://vebcpa.com/tag/compliance-assurance-process/)
- [tax scam](https://vebcpa.com/tag/tax-scam/)
- [property tax](https://vebcpa.com/tag/property-tax/)
- [New Jersey](https://vebcpa.com/tag/new-jersey/)
- [medical expenses](https://vebcpa.com/tag/medical-expenses/)
- [genetic testing](https://vebcpa.com/tag/genetic-testing/)
- [family business](https://vebcpa.com/tag/family-business/)
- [qualified joint venture](https://vebcpa.com/tag/qualified-joint-venture/)
- [tax filing status](https://vebcpa.com/tag/tax-filing-status/)
- [dependent](https://vebcpa.com/tag/dependent/)
- [teachers](https://vebcpa.com/tag/teachers/)
- [Retirement](https://vebcpa.com/tag/retirement/)
- [home office deduction](https://vebcpa.com/tag/home-office-deduction/)
- [bookkeeping](https://vebcpa.com/tag/bookkeeping/)
- [recordkeeping](https://vebcpa.com/tag/recordkeeping/)
- [military tax](https://vebcpa.com/tag/military-tax/)
- [Syndicated Conservation Easements](https://vebcpa.com/tag/syndicated-conservation-easements/)
- [tax exempt organizations](https://vebcpa.com/tag/tax-exempt-organizations/)
- [electronic filing](https://vebcpa.com/tag/electronic-filing/)
- [form 8872](https://vebcpa.com/tag/form-8872/)
- [form 990](https://vebcpa.com/tag/form-990/)
- [tax returns](https://vebcpa.com/tag/tax-returns/)
- [phishing](https://vebcpa.com/tag/phishing/)
- [data protection](https://vebcpa.com/tag/data-protection/)
- [scams](https://vebcpa.com/tag/scams/)
- [PATH Act](https://vebcpa.com/tag/path-act/)
- [security](https://vebcpa.com/tag/security/)
- [tax fraud](https://vebcpa.com/tag/tax-fraud/)
- [Foreign Tax Credit](https://vebcpa.com/tag/foreign-tax-credit/)
- [GILTI](https://vebcpa.com/tag/gilti/)
- [Transition Tax](https://vebcpa.com/tag/transition-tax/)
- [charitable deductions](https://vebcpa.com/tag/charitable-deductions/)
- [marijuana](https://vebcpa.com/tag/marijuana/)
- [Taxpayer First Act](https://vebcpa.com/tag/taxpayer-first-act/)
- [Office of Appeals](https://vebcpa.com/tag/office-of-appeals/)
- [federal student loans](https://vebcpa.com/tag/federal-student-loans/)
- [discharged student loans](https://vebcpa.com/tag/discharged-student-loans/)
- [repatriation tax](https://vebcpa.com/tag/repatriation-tax/)
- [gig economy](https://vebcpa.com/tag/gig-economy/)
- [rideshare](https://vebcpa.com/tag/rideshare/)
- [1040-SR](https://vebcpa.com/tag/1040-sr/)
- [non-profit](https://vebcpa.com/tag/non-profit/)
- [SECURE Act](https://vebcpa.com/tag/secure-act/)
- [Required Minimum Distribution](https://vebcpa.com/tag/required-minimum-distribution/)
- [designated beneficiaries](https://vebcpa.com/tag/designated-beneficiaries/)
- [net operating losses](https://vebcpa.com/tag/net-operating-losses/)
- [CARES Act](https://vebcpa.com/tag/cares-act/)
- [required mimimum distribution](https://vebcpa.com/tag/required-mimimum-distribution/)
- [Paycheck Protection Program](https://vebcpa.com/tag/paycheck-protection-program/)
- [PPP](https://vebcpa.com/tag/ppp/)
- [qualified improvement property](https://vebcpa.com/tag/qualified-improvement-property/)
- [QIP](https://vebcpa.com/tag/qip/)
- [Lifetime Income Stream Equivalent](https://vebcpa.com/tag/lifetime-income-stream-equivalent/)
- [work from home](https://vebcpa.com/tag/work-from-home/)
- [recontributions](https://vebcpa.com/tag/recontributions/)
- [accountable plan](https://vebcpa.com/tag/accountable-plan/)
- [CMS Tool Program](https://vebcpa.com/tag/cms-tool-program/)
- [health plans](https://vebcpa.com/tag/health-plans/)
- [retirement plans](https://vebcpa.com/tag/retirement-plans/)
- [HDHP](https://vebcpa.com/tag/hdhp/)
- [educators](https://vebcpa.com/tag/educators/)
- [tax credit](https://vebcpa.com/tag/tax-credit/)
- [Families First Act](https://vebcpa.com/tag/families-first-act/)
- [RMD](https://vebcpa.com/tag/rmd/)
- [Litigation](https://vebcpa.com/tag/litigation/)
- [TFA](https://vebcpa.com/tag/tfa/)
- [reconstructing records](https://vebcpa.com/tag/reconstructing-records/)
- [disaster-loss workbook](https://vebcpa.com/tag/disaster-loss-workbook/)
- [COVID-19 Fee](https://vebcpa.com/tag/covid-19-fee/)
- [surcharge](https://vebcpa.com/tag/surcharge/)
- [unemployment](https://vebcpa.com/tag/unemployment/)
- [unemployment compensation](https://vebcpa.com/tag/unemployment-compensation/)
- [disability benefits](https://vebcpa.com/tag/disability-benefits/)
- [tax refund](https://vebcpa.com/tag/tax-refund/)
- [interest](https://vebcpa.com/tag/interest/)
- [paid sick leave credit](https://vebcpa.com/tag/paid-sick-leave-credit/)
- [family leave credit](https://vebcpa.com/tag/family-leave-credit/)
- [COVID-19](https://vebcpa.com/tag/covid-19/)
- [home office](https://vebcpa.com/tag/home-office/)
- [Hurricane Sally](https://vebcpa.com/tag/hurricane-sally/)
- [farm aid](https://vebcpa.com/tag/farm-aid/)
- [farm relief](https://vebcpa.com/tag/farm-relief/)
- [Oregon fires](https://vebcpa.com/tag/oregon-fires/)
- [economic impact payment](https://vebcpa.com/tag/economic-impact-payment/)
- [fraud](https://vebcpa.com/tag/fraud/)
- [PPP forgiveness](https://vebcpa.com/tag/ppp-forgiveness/)
- [passive loss](https://vebcpa.com/tag/passive-loss/)
- [ira eligibility](https://vebcpa.com/tag/ira-eligibility/)
- [business tax](https://vebcpa.com/tag/business-tax/)
- [self-employed tax](https://vebcpa.com/tag/self-employed-tax/)
- [Form 1099-NEC](https://vebcpa.com/tag/form-1099-nec/)
- [deferred tax collection](https://vebcpa.com/tag/deferred-tax-collection/)
- [tax filing](https://vebcpa.com/tag/tax-filing/)
- [SBA](https://vebcpa.com/tag/sba/)
- [tax exemptions](https://vebcpa.com/tag/tax-exemptions/)
- [premium tax credit](https://vebcpa.com/tag/premium-tax-credit/)
- [APTC](https://vebcpa.com/tag/aptc/)
- [American Rescue Plan](https://vebcpa.com/tag/american-rescue-plan/)
- [vanpool](https://vebcpa.com/tag/vanpool/)
- [W4](https://vebcpa.com/tag/w4/)
- [Health Savings Accounts](https://vebcpa.com/tag/health-savings-accounts/)
- [Pandemic Losses](https://vebcpa.com/tag/pandemic-losses/)
- [Disaster Losses](https://vebcpa.com/tag/disaster-losses/)
- [sales and use tax audit](https://vebcpa.com/tag/sales-and-use-tax-audit/)
- [tax scams](https://vebcpa.com/tag/tax-scams/)
- [dirty dozen](https://vebcpa.com/tag/dirty-dozen/)
- [house sales](https://vebcpa.com/tag/house-sales/)
- [summer day camp](https://vebcpa.com/tag/summer-day-camp/)
- [part-time work](https://vebcpa.com/tag/part-time-work/)
- [deferred tax](https://vebcpa.com/tag/deferred-tax/)
- [third-party payer aggregate](https://vebcpa.com/tag/third-party-payer-aggregate/)
- [Employee Retention Credit](https://vebcpa.com/tag/employee-retention-credit/)
- [Simple IRA](https://vebcpa.com/tag/simple-ira/)
- [advance child tax credit payments](https://vebcpa.com/tag/advance-child-tax-credit-payments/)
- [WOTC](https://vebcpa.com/tag/wotc/)
- [Work Opportunity Tax Credit](https://vebcpa.com/tag/work-opportunity-tax-credit/)
- [cash donations](https://vebcpa.com/tag/cash-donations/)
- [independent contractor](https://vebcpa.com/tag/independent-contractor/)
- [misclassified worker](https://vebcpa.com/tag/misclassified-worker/)
- [Temporary Assistance for Needy Families](https://vebcpa.com/tag/temporary-assistance-for-needy-families/)
- [TANF](https://vebcpa.com/tag/tanf/)
- [Empowerment Zones](https://vebcpa.com/tag/empowerment-zones/)
- [Hurricane Ida](https://vebcpa.com/tag/hurricane-ida/)
- [research credit](https://vebcpa.com/tag/research-credit/)
- [LB&I taxpayers](https://vebcpa.com/tag/lbi-taxpayers/)
- [big business taxpayers](https://vebcpa.com/tag/big-business-taxpayers/)
- [IRS FAQs](https://vebcpa.com/tag/irs-faqs/)
- [tax-exempt](https://vebcpa.com/tag/tax-exempt/)
- [small business](https://vebcpa.com/tag/small-business/)
- [advertising deductions](https://vebcpa.com/tag/advertising-deductions/)
- [coronavirus](https://vebcpa.com/tag/coronavirus/)
- [SLFR](https://vebcpa.com/tag/slfr/)
- [start-ups](https://vebcpa.com/tag/start-ups/)
- [start-up costs](https://vebcpa.com/tag/start-up-costs/)
- [real property tax deduction](https://vebcpa.com/tag/real-property-tax-deduction/)
- [donations](https://vebcpa.com/tag/donations/)
- [tax deduction](https://vebcpa.com/tag/tax-deduction/)
- [tax season](https://vebcpa.com/tag/tax-season/)
- [Recovery Rebate Credit](https://vebcpa.com/tag/recovery-rebate-credit/)
- [standard deduction](https://vebcpa.com/tag/standard-deduction/)
- [itemized deductions](https://vebcpa.com/tag/itemized-deductions/)
- [education credits](https://vebcpa.com/tag/education-credits/)
- [tax preparation](https://vebcpa.com/tag/tax-preparation/)
- [tips](https://vebcpa.com/tag/tips/)
- [K-2](https://vebcpa.com/tag/k-2/)
- [K-3](https://vebcpa.com/tag/k-3/)
- [fishing](https://vebcpa.com/tag/fishing/)
- [farming](https://vebcpa.com/tag/farming/)
- [estimated taxes](https://vebcpa.com/tag/estimated-taxes/)
- [TPSO](https://vebcpa.com/tag/tpso/)
- [internet sales](https://vebcpa.com/tag/internet-sales/)
- [credit for other dependents](https://vebcpa.com/tag/credit-for-other-dependents/)
- [durable power of attorney](https://vebcpa.com/tag/durable-power-of-attorney/)
- [durable powers of attorney](https://vebcpa.com/tag/durable-powers-of-attorney/)
- [reporting requirements](https://vebcpa.com/tag/reporting-requirements/)
- [charities](https://vebcpa.com/tag/charities/)
- [irs letters](https://vebcpa.com/tag/irs-letters/)
- [tax deadline](https://vebcpa.com/tag/tax-deadline/)
- [first time penalty abatement program](https://vebcpa.com/tag/first-time-penalty-abatement-program/)
- [selling your house](https://vebcpa.com/tag/selling-your-house/)
- [marriage](https://vebcpa.com/tag/marriage/)
- [joint tax returns](https://vebcpa.com/tag/joint-tax-returns/)
- [day camp](https://vebcpa.com/tag/day-camp/)
- [cannabis](https://vebcpa.com/tag/cannabis/)
- [real estate tax](https://vebcpa.com/tag/real-estate-tax/)
- [homestead benefit credits](https://vebcpa.com/tag/homestead-benefit-credits/)
- [deceased taxes](https://vebcpa.com/tag/deceased-taxes/)
- [employee withholding](https://vebcpa.com/tag/employee-withholding/)
- [divorce](https://vebcpa.com/tag/divorce/)
- [custody](https://vebcpa.com/tag/custody/)
- [offer in compromise](https://vebcpa.com/tag/offer-in-compromise/)
- [OIC](https://vebcpa.com/tag/oic/)
- [travel expenses](https://vebcpa.com/tag/travel-expenses/)
- [backup withholding](https://vebcpa.com/tag/backup-withholding/)
- [nonemployee compensation](https://vebcpa.com/tag/nonemployee-compensation/)
- [inheritance tax](https://vebcpa.com/tag/inheritance-tax/)
- [shutting down a small business](https://vebcpa.com/tag/shutting-down-a-small-business/)
- [closing a business](https://vebcpa.com/tag/closing-a-business/)
- [crowdfunding](https://vebcpa.com/tag/crowdfunding/)
- [fundraising](https://vebcpa.com/tag/fundraising/)
- [excise tax](https://vebcpa.com/tag/excise-tax/)
- [teaching expenses](https://vebcpa.com/tag/teaching-expenses/)
- [deductible expensese](https://vebcpa.com/tag/deductible-expensese/)
- [refunds](https://vebcpa.com/tag/refunds/)
- [non-deductible](https://vebcpa.com/tag/non-deductible/)
- [bankruptcy](https://vebcpa.com/tag/bankruptcy/)
- [1099-K](https://vebcpa.com/tag/1099-k/)
- [1099K](https://vebcpa.com/tag/1099k/)
- [new jersey tax](https://vebcpa.com/tag/new-jersey-tax/)
- [nj tax](https://vebcpa.com/tag/nj-tax/)
- [TCE](https://vebcpa.com/tag/tce/)
- [VITA](https://vebcpa.com/tag/vita/)
- [Tax Counseling for the Elderly](https://vebcpa.com/tag/tax-counseling-for-the-elderly/)
- [QCD](https://vebcpa.com/tag/qcd/)
- [Qualified Charitable Distributions](https://vebcpa.com/tag/qualified-charitable-distributions/)
- [anchor](https://vebcpa.com/tag/anchor/)
- [homestead](https://vebcpa.com/tag/homestead/)
- [Health Insurance Premium Tax Credit](https://vebcpa.com/tag/health-insurance-premium-tax-credit/)
- [California](https://vebcpa.com/tag/california/)
- [e-file](https://vebcpa.com/tag/e-file/)
- [business travel deductions](https://vebcpa.com/tag/business-travel-deductions/)
- [digital assets](https://vebcpa.com/tag/digital-assets/)
- [foreign revenue](https://vebcpa.com/tag/foreign-revenue/)
- [foreign assets](https://vebcpa.com/tag/foreign-assets/)
- [ERC](https://vebcpa.com/tag/erc/)
- [charity scams](https://vebcpa.com/tag/charity-scams/)
- [fuel tax credit](https://vebcpa.com/tag/fuel-tax-credit/)
- [clean energy tax credit](https://vebcpa.com/tag/clean-energy-tax-credit/)
- [solar panels](https://vebcpa.com/tag/solar-panels/)
- [hobby](https://vebcpa.com/tag/hobby/)
- [The Work Opportunity Tax Credit](https://vebcpa.com/tag/the-work-opportunity-tax-credit/)
- [home sales](https://vebcpa.com/tag/home-sales/)
- [tax withholding estimator](https://vebcpa.com/tag/tax-withholding-estimator/)
- [tax appeals](https://vebcpa.com/tag/tax-appeals/)
- [schemes](https://vebcpa.com/tag/schemes/)
- [extension](https://vebcpa.com/tag/extension/)
- [late payment](https://vebcpa.com/tag/late-payment/)
- [summer camp](https://vebcpa.com/tag/summer-camp/)
- [home improvements](https://vebcpa.com/tag/home-improvements/)
- [energy efficiency](https://vebcpa.com/tag/energy-efficiency/)
- [freelancer](https://vebcpa.com/tag/freelancer/)
- [quarterly taxes](https://vebcpa.com/tag/quarterly-taxes/)
- [inflation reduction act](https://vebcpa.com/tag/inflation-reduction-act/)
- [home energy audits](https://vebcpa.com/tag/home-energy-audits/)
- [homeowner](https://vebcpa.com/tag/homeowner/)
- [homeowner tax deductions](https://vebcpa.com/tag/homeowner-tax-deductions/)
- [mortgage interest credit](https://vebcpa.com/tag/mortgage-interest-credit/)
- [homeowners assistance fund](https://vebcpa.com/tag/homeowners-assistance-fund/)
- [energy credits](https://vebcpa.com/tag/energy-credits/)
- [clean energy](https://vebcpa.com/tag/clean-energy/)
- [clean electricity](https://vebcpa.com/tag/clean-electricity/)
- [zero-emission](https://vebcpa.com/tag/zero-emission/)
- [tax-exempt status](https://vebcpa.com/tag/tax-exempt-status/)
- [senior freeze](https://vebcpa.com/tag/senior-freeze/)
- [energy investment credit](https://vebcpa.com/tag/energy-investment-credit/)
- [Employee Pension](https://vebcpa.com/tag/employee-pension/)
- [Incentive Match Plan](https://vebcpa.com/tag/incentive-match-plan/)
- [educational assistance programs](https://vebcpa.com/tag/educational-assistance-programs/)
- [workers student loans](https://vebcpa.com/tag/workers-student-loans/)
- [Energy Star](https://vebcpa.com/tag/energy-star/)
- [energy-saving requirements](https://vebcpa.com/tag/energy-saving-requirements/)
- [starting a business](https://vebcpa.com/tag/starting-a-business/)
- [scammers](https://vebcpa.com/tag/scammers/)
- [clean vehicle credits](https://vebcpa.com/tag/clean-vehicle-credits/)
- [IRS Energy Credits Online](https://vebcpa.com/tag/irs-energy-credits-online/)